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Estimate a home loan payment with principal, interest, taxes, insurance, PMI, HOA fees, and optional extra principal.
A mortgage calculator estimates the monthly cost of buying or refinancing a home. The core payment is principal and interest: the amount that pays down the loan and the interest charged by the lender. A realistic housing payment often goes beyond that, so this calculator also includes property tax, homeowners insurance, private mortgage insurance, HOA fees, and optional extra principal. Use it to compare down payments, terms, and rates before you request quotes or make an offer.
Start with the purchase price or the estimated value of the home you want to refinance.
Use either the dollar field or the percent field. They stay linked so you can quickly compare 5%, 10%, and 20% down scenarios.
Use the quoted fixed interest rate and the loan term in years. Try 30 years and 15 years to see the trade-off between monthly payment and total interest.
Property tax and homeowners insurance are annual inputs. PMI and HOA are monthly inputs because lenders and associations usually quote them that way.
The headline payment includes principal, interest, taxes, insurance, PMI, and HOA. The breakdown shows which part drives the payment.
Add a monthly extra payment to see how much interest it saves and how much sooner the mortgage is paid off.
loan amount = home price - down payment r = annual interest rate / 12 / 100 n = loan term in years x 12 principal & interest payment: M = P x r(1+r)^n / ((1+r)^n - 1) estimated monthly payment: total = M + property tax/12 + insurance/12 + PMI + HOA example: $450,000 home, 20% down -> P = $360,000 6.75% for 30 years -> M = $2,334.95 $5,400 tax + $1,800 insurance per year -> $600/month estimated total = $2,934.95/month
The principal-and-interest portion uses the same fixed-payment annuity math as a standard amortizing loan. Taxes, insurance, PMI, and HOA fees do not reduce the loan balance, so they are added after the mortgage payment is calculated. Those costs can change over time, so the result is an estimate rather than a lender quote.
Reference: Microsoft Support - PMT function
| Scenario | Estimated payment |
|---|---|
$450,000 home - 20% down - 6.75% - 30 years | $2,934.95/mo Includes $2,334.95 principal and interest plus $600/month for estimated tax and insurance. |
$350,000 home - 5% down - 6.85% - 30 years | $2,833.74/mo Low down payment example with $180/month PMI added to tax and insurance. |
$400,000 home - 20% down - 6.25% - 15 years | $3,285.42/mo Higher monthly payment, but far less total interest than a 30-year term. |
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