Monthly Mortgage Payment Calculator
Find the monthly cost of any home price before you start booking showings.
What This Calculator Does
Type in a home price and pick a loan type. Add your down payment, the rate and the term. Then layer on HOA dues, insurance and property tax. What comes back is the full monthly payment a lender would quote: principal and interest, taxes and insurance held in escrow, any HOA dues, and either PMI or the mortgage insurance that comes with an FHA loan. You also see the payment after mortgage insurance drops off. With an FHA upfront premium or a VA funding fee, you choose whether to finance it within the loan or pay it when you close, and a warning appears when the loan amount exceeds what FHA allows, or past the conforming ceiling, for Miami-Dade, Broward or Palm Beach.
Who Is This For
Built for buyers narrowing a target price range and owners comparing loan terms, as well as anyone looking for a firm monthly number before making an offer.
How It Works
Begin with the purchase price and loan type, then enter your down payment, your lender's quoted rate and the term. Know your property tax rate, yearly insurance premium or monthly HOA dues? Fill those in too. A blank field stays out of the total; the calculator doesn't count it as zero. Putting down under 20% on a conventional loan? Enter the PMI quote you got, or leave the box empty to use a published estimate. Then press Calculate. Your loan breakdown shows up under Your mortgage, ready to download as a PDF.
Frequently Asked Questions
What's included in the monthly payment?
It combines principal and interest with your property tax and home insurance, then adds any HOA dues and mortgage insurance: PMI when a conventional loan starts below 20% down, and MIP on all FHA loans. VA loans put no mortgage insurance in the monthly bill. This number leaves out closing costs, upkeep or utilities.
What's the lowest down payment for each loan type?
Conventional loans start at 3% down, open only to buyers who qualify. FHA requires 3.5% down with a credit score of 580 or above, and 10% down with a score of 500–579. VA loans need no down payment. Put 20% down on a conventional loan and you pay no PMI.
When does mortgage insurance end?
Conventional PMI ends under federal law when your balance is scheduled to fall to 78% of what the home was worth when you took out the loan, or halfway through the term. FHA MIP lasts 11 years if you put down 10% or more. With less than 10% down, it stays for the life of the loan. The calculator shows what you'll pay after it ends.
What are the upfront FHA premium and the VA funding fee?
The FHA upfront premium is 1.75% of the loan amount. The VA funding fee is a single upfront charge, and its size depends on your down payment and whether you've already used the benefit before. Veterans who are exempt don't pay it. Both are usually rolled into the loan, which nudges the monthly payment up a little. You can also pay either at closing.
What if my loan is over the limit?
The calculator still shows the payment even when the loan is over the limit. Past the conforming limit, a conventional loan becomes a jumbo loan, and each lender writes its own rules. Go past the FHA limit and FHA insurance is no longer available on the loan. The calculator also shows the down payment you'd need to come in under the limit. With full VA entitlement, VA's loan limit doesn't apply.
Is a 15-year or 30-year term better for me?
Neither wins by default. A 15-year loan costs more each month but less in total interest. A 30-year loan lowers the monthly payment and leaves more room in your monthly cash flow. Weigh both against your budget and your goals.