What is included in a monthly mortgage payment?

Principal and interest on the loan, plus, for most homeowners, property tax and homeowners insurance collected through an escrow account. Mortgage insurance (PMI) is added when less than 20% is put down, and HOA dues are usually paid separately.

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Q: When does PMI go away?

On a conventional loan, PMI ends automatically once the balance is scheduled to reach 78% of the home's original value, and you can ask your lender to remove it at 80%. FHA mortgage insurance follows different rules.

Q: How much house can I afford?

A common lender guide is the 28/36 rule: housing costs up to 28% of your gross monthly income, and all debt payments, housing included, up to 36%. Lenders also look at credit, savings and the loan type.

Q: Is a 15-year or 30-year mortgage better?

A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan keeps the payment lower, and you can still pay extra principal to finish early.

What a house would really cost you each month: the loan payment plus property tax, insurance, PMI and HOA dues.

Home price ($) Down payment ($) Down payment (%) Interest rate (%) Use the rate you've been quoted. Loan term Property tax (% of price a year) Homeowners insurance ($ a year) PMI (% of loan a year) Only with less than 20% down. HOA dues ($ a month) Extra toward principal ($ a month) Optional: see how much sooner it's paid off.

Estimated monthly payment —

Principal & interest: —
Property tax: —
Homeowners insurance: —
PMI: —
HOA dues: —

Loan amount: —
Total interest: —
Loan plus interest: —
Paid off: —

Same house, different terms

At the same rate. Shorter loans usually get a lower rate too, so ask your lender for each.

Term	Principal & interest	Monthly with taxes & insurance	Total interest

Year-by-year payoff

Year	Principal paid	Interest paid	Balance at year end

How much house can I afford?

Lenders often use the 28/36 guide: housing up to 28% of gross income, and all debt payments, the house included, up to 36%. This uses the down payment, rate, term and costs above.

Will the payment fit your paychecks?

IncomeSync projects every paycheck in your household after taxes, lines your bills up against them, and shows what's left, so you can see a mortgage payment next to the money that actually comes in. Your data stays on your computer.

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How this calculator works

The loan payment is a standard fixed-rate payment: the same principal and interest every month, mostly interest at first and mostly principal by the end.
Property tax and insurance are spread over 12 months, the way a lender's escrow account collects them. Tax rates vary a lot by county; your listing or county assessor shows the real number.
PMI is added when the down payment is under 20%, and stops once the balance reaches 78% of the price, as the law requires for conventional loans. FHA, VA and USDA loans have their own fees.
It doesn't include closing costs, utilities or upkeep. A common rule of thumb is to set aside 1% to 2% of the home's value a year for repairs.
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Common questions

What's included in a monthly mortgage payment?

Principal and interest on the loan, plus, for most homeowners, property tax and homeowners insurance collected through escrow. PMI is added with less than 20% down, and HOA dues are usually paid separately.

When does PMI go away?

On a conventional loan, it ends automatically once the balance is scheduled to reach 78% of the home's original value, and you can ask your lender to remove it at 80%. Extra principal gets you there sooner.

Is a 15-year or 30-year mortgage better?

A 15-year loan costs more each month but usually has a lower rate and far less total interest. A 30-year loan keeps the payment lower, and you can still pay extra to finish early. The table above shows both for your numbers.

How do I know what my take-home pay will be?

Lenders use income before taxes, but you pay the mortgage from what lands in your account. The paycheck calculator shows take-home pay for every state.

An estimate for planning, not a loan offer or financial advice. Your lender's Loan Estimate shows the actual terms.