Mortgage Payment Calculator

Example

Example inputs: $450,000 home price, $90,000 down payment, 6.50% APR, 30-year term, $5,400/yr property taxes, $1,800/yr insurance, $0 HOA, and 0.60% PMI rate. Use this to sanity-check what you can afford and compare scenarios (rate, down payment, taxes, and insurance).

Example output (estimate)

Mortgage payment calculator inputs to double-check

• Taxes and insurance are annual figures; confirm the local numbers.
• PMI rate depends on credit score and loan type; use a conservative estimate.
• HOA dues vary by property; include them if applicable.
• Down payment affects PMI and loan size; test 5%, 10%, 20% scenarios.

Match your loan estimate

• Compare P&I to the Loan Estimate principal and interest line.
• Use the same tax and insurance figures your lender quoted.
• If PMI or mortgage insurance is separate, add it to match the estimate.

How lenders use this number

• Combine PITI + HOA + PMI for housing payment in DTI checks.
• Stress tests may use higher rates or taxes than your initial estimate.
• Escrow rules can change cash-to-close and early monthly payments.

Payment levers to test

• Down payment: higher down payment lowers principal and may remove PMI.
• Rate: compare offers 0.25%-0.50% apart for monthly impact.
• Term: 15-year vs 30-year tradeoff between payment and total interest.
• Taxes/insurance: local estimates can move the total more than rate changes.

DTI and affordability checks

• Use the total housing payment (PITI + HOA + PMI) in your DTI estimate.
• Test a higher tax or insurance estimate to reduce surprise increases.
• Compare a 15-year vs 30-year term to see the cash flow tradeoff.

Cash-to-close vs monthly cost

Lowering the rate with points can reduce the payment but increase upfront cash. Compare the monthly savings to the points cost and your expected time in the home.

Common pitfalls

• Taxes and insurance are annual numbers here; the calculator converts them to monthly.
• PMI is a simplified estimate and can differ by loan program, credit score, and lender policy.
• Escrow rules vary; lenders may require reserves that affect cash-to-close and early payments.
• If you have an adjustable-rate loan (ARM), payments can change; this page assumes fixed-rate payments.

Escrow and PMI estimate ranges

Escrow amounts can change after closing due to tax assessments and insurance renewals. PMI can vary widely by credit score, loan type, and lender. If you're close to a threshold, test a higher tax/insurance and PMI rate to avoid surprises.

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