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Mortgage payment calculator
See the whole monthly payment, not just principal and interest. Enter a price, down payment and rate, and the calculator adds property tax, insurance, PMI and HOA dues.
Adjust taxes, insurance and HOA
- Principal and interest$0
- Property tax$0
- Home insurance$0
- Mortgage insurance$0
- HOA dues$0
All figures are estimates for planning only. Property tax is estimated at 1.15% and home insurance at 0.30% of the home’s value per year; HOA dues and mortgage insurance are also estimates. Actual figures vary by property, coverage and lender. Enter your own figures where you know them. Not a quote or a commitment to lend.
How to read your payment
Lenders talk about four letters: PITI, for principal, interest, taxes and insurance. Principal and interest is the loan itself, fixed for the life of a fixed-rate mortgage. Taxes and insurance are collected each month into an escrow account, and they can change from year to year as your tax bill and premium change.
In California the tax piece is predictable. Proposition 13 sets the base levy at 1% of your purchase price and limits increases in assessed value to 2% a year, but local bonds and assessments add to that, which is why this calculator starts at about 1.15%. Insurance is less predictable. Premiums have climbed across the state, and homes in high fire-risk areas can cost much more to insure than the starting estimate here.
Lowering the payment
The biggest levers are the rate and the down payment. Reaching 20% down removes PMI on a conventional loan. A lower rate can come from buying points at closing or from a temporary buydown paid by the seller. If you already own a home and want cash for a project, compare the cost of a HELOC against a refinance; keeping a low first mortgage often wins.
Other calculators: how much house you can afford, amortization schedule, biweekly payments and refinance break-even.
Questions people ask
What is included in a mortgage payment?
Principal and interest on the loan, plus the escrow items most lenders collect monthly: property tax and homeowners insurance. Add private mortgage insurance on a conventional loan with less than 20% down, and HOA dues if the home has them, which you pay to the association directly.
How accurate is this mortgage payment calculator?
The principal and interest figure is exact for the rate and term you enter. Taxes, insurance and PMI are estimates. For a real number with today’s rate and itemized closing costs, use our live rate pricer.
Why does California property tax use about 1.15%?
Proposition 13 sets the base levy at 1% of the purchase price, and most areas add voter-approved bonds and special assessments on top. A new buyer typically pays somewhere between 1.1% and 1.3% of the price in the first year. Your title company can quote the exact rate for an address.
When does PMI go away?
On a conventional loan you can ask to remove PMI once the balance reaches 80% of the original value, and it ends automatically at 78%. FHA mortgage insurance works differently; see our FHA page.