Mortgage Payment Calculator
Estimate your monthly mortgage payment including principal and interest, property taxes, homeowners insurance and HOA fees.
Mortgage Details
Your Mortgage Estimate
Monthly Payment Breakdown
How to Use the Mortgage Payment Calculator
Enter the home price, down payment, mortgage interest rate, loan term, property tax, homeowners insurance, and HOA fees. Realtolic instantly estimates your monthly mortgage payment and provides a detailed breakdown of your housing costs.
Mortgage Payment Example
For example, a $500,000 home with a 20% down payment gives you a $400,000 mortgage. At a 7% interest rate for 30 years, the principal and interest payment is about $2,661 per month. With an estimated 1.2% annual property tax ($500/month) and $1,800 annual homeowners insurance ($150/month), the estimated total monthly payment is about $3,311, before any HOA fees.
How Is a Mortgage Payment Calculated?
Your monthly mortgage payment is mainly based on the loan amount, interest rate, and loan term. Your total housing payment may also include property taxes, homeowners insurance, and HOA fees. A larger down payment reduces the amount you need to borrow, while a lower interest rate can reduce your monthly principal and interest payment.
What’s Included in Your Monthly Mortgage Payment?
Principal: the amount you borrowed. Interest: the cost of borrowing money. Property taxes: taxes charged by local government. Homeowners insurance: coverage for your home. HOA fees: monthly association fees when applicable.
Mortgage Payment Calculator FAQs
How much mortgage can I afford?
The mortgage you can afford depends on your income, monthly debts, down payment, interest rate, property taxes, insurance, and other housing costs.
How is a monthly mortgage payment calculated?
A mortgage payment is calculated using the loan amount, interest rate, and loan term. Property taxes, homeowners insurance, and HOA fees may increase your total monthly housing payment.
Does a larger down payment lower my mortgage payment?
Yes. A larger down payment reduces your loan amount, which generally lowers your monthly principal and interest payment and may also reduce or eliminate mortgage insurance.
What is included in a monthly mortgage payment?
A monthly mortgage payment may include principal, interest, property taxes, homeowners insurance, mortgage insurance, and HOA fees depending on the property and loan.
How does the interest rate affect my mortgage payment?
A higher mortgage interest rate generally increases your monthly principal and interest payment and the total interest paid over the life of the loan. A lower rate generally reduces both.
Can I calculate extra mortgage payments?
Yes. Enter an extra monthly payment in the calculator to estimate how additional payments may reduce total interest and help pay off your mortgage sooner.
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