Free Mortgage Payment Calculator
Estimate your monthly mortgage payment with this free calculator. Enter the home price, down payment, interest rate, and loan term to see your principal and interest payment. Add property taxes, homeowner's insurance, PMI, and HOA fees to get a complete monthly housing cost estimate.
Frequently asked questions
How do I calculate a mortgage payment?
Mortgage P&I = Loan Amount Ă— [r(1+r)^n] / [(1+r)^n - 1], where r is the monthly interest rate and n is the number of monthly payments. Add taxes, insurance, and PMI for the full payment.
What is PMI?
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home's purchase price. It typically costs 0.5–1% of the loan amount per year.
What is a good mortgage interest rate?
A good rate depends on market conditions, your credit score, loan type, and term. As of 2026, 30-year fixed rates are in the 6–7% range for well-qualified borrowers.