Tools
Mortgage Payment Calculator
Most payment calculators show only principal and interest. This one estimates the complete monthly housing payment, itemizes every component, and shows what extra principal would do to your payoff date.
Quick Answer
A mortgage payment is the sum of principal and interest on the loan plus property taxes, homeowners insurance, any mortgage insurance, and association dues — the figure lenders call PITI. Principal and interest are fixed by the loan amount, rate, and term, while the escrow components move with local tax rates and insurance costs. Estimating only principal and interest is the most common reason a budget misses by hundreds of dollars per month.
Purchase
= $150,000
Loan terms
Ownership costs
Estimated monthly housing payment
$4,630
Principal, interest, taxes, insurance, HOA, and mortgage insurance as entered.
Payment breakdown
- Principal & interest
- $3,792.41
- Property taxes
- $687.50
- Homeowners insurance
- $150.00
- HOA
- $0.00
- Mortgage insurance
- $0.00
- Total housing payment
- $4,629.91
Loan amount
$600,000
Down payment
$150,000 (20.0%)
Loan term
30 years
Rate entered
6.500%
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Assumptions used
- A fixed interest rate for the full term. Adjustable-rate loans behave differently.
- Property taxes and homeowners insurance stay flat. In reality both usually rise over time.
- Mortgage insurance, when entered, is modeled for the entire term. Many programs allow it to be removed once equity requirements are met.
- Example values are pre-filled to demonstrate the tool. They are not current market rates or actual quotes.
- The payoff and interest-saved figures assume every extra principal payment is made on schedule.
Results are estimates for educational purposes only and are based on the information and assumptions entered. They are not a loan approval, commitment to lend, or rate quote. Actual loan terms, payments, eligibility, taxes, insurance, and other costs may differ.
This calculator does not estimate an interest rate from your credit score and does not evaluate eligibility for any loan program.
Cascada Mortgage Advisors, Inc. DBA HomeFlow (NMLS #2470941, CA DRE #02206556) is a licensed mortgage broker, not a direct lender. Any interest rate you enter is your own assumption, not a HomeFlow rate.
What this calculator does
It takes a purchase price and a down payment, derives the loan amount, and applies the standard fixed-rate amortization formula to produce a monthly principal and interest figure. It then adds monthly property taxes, homeowners insurance, HOA dues, and mortgage insurance to estimate the full housing payment a lender would look at.
How the calculation works
Monthly principal and interest uses the fixed-rate formula M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. Annual taxes and insurance are divided by twelve. HOA and mortgage insurance are added as entered. At a 0% rate the formula reduces to the loan amount divided by the number of payments.
- Loan amount = home price − down payment
- Monthly taxes = annual property taxes ÷ 12
- Monthly insurance = annual homeowners insurance ÷ 12
- Total housing payment = P&I + taxes + insurance + HOA + mortgage insurance
What the result means
The headline figure is an estimate of what leaves your account each month for housing, assuming taxes and insurance are escrowed. Extra principal, when entered, is applied every month after interest accrues, which shortens the term and reduces total interest. The amortization schedule shows exactly how the split between interest and principal shifts over time.
Important limitations
The model assumes a fixed rate held to maturity and flat taxes and insurance, neither of which is realistic over thirty years. It does not price a loan, estimate a rate from your credit profile, include closing costs or prepaid escrow deposits, or model mortgage insurance removal. VA loans generally carry no monthly mortgage insurance but do have a funding fee that this calculator does not model.