Mortgage Calculator
Estimate your monthly mortgage payment, including principal, interest, taxes, and insurance.
Default: 7.40% (30-yr fixed, as of October 2026 — Freddie Mac PMMS via FRED). Edit to match your own quote.
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Last reviewed: July 3, 2026 · By the askdoss Editorial Team. This is a planning estimate, not financial advice or a quote.
This mortgage calculator estimates your monthly home-loan payment before you talk to a lender. Enter a home price, down payment, loan term, and interest rate, and it returns an estimated monthly payment broken into its parts: principal, interest, property taxes, homeowners insurance, and — if your down payment is under 20% — private mortgage insurance (PMI). It’s built for home shoppers who want a realistic monthly-cost ballpark, buyers comparing a 15-year vs. 30-year loan, and anyone checking how a change in rate or down payment moves the payment. It is an estimate for planning, not a loan offer or a quote.
How this calculator works
Your estimated payment is the sum of four parts, often abbreviated PITI: Principal, Interest, Taxes, and Insurance.
- Principal and interest (P&I) are calculated with the standard fixed-rate amortization formula:
M = P × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ]
where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Early payments are mostly interest; later payments are mostly principal, though the total monthly P&I stays flat on a fixed-rate loan.
- Property taxes are estimated as an annual percentage of the home’s value, divided into 12 monthly amounts and usually collected in escrow.
- Homeowners insurance is an annual premium, also split monthly and typically escrowed.
- PMI applies only when your down payment is below 20% (loan-to-value above 80%). It’s charged as an annual percentage of the loan amount and drops off once you reach the equity threshold.
Default assumptions (source current figures before relying on them):
- Interest rate: If you don’t enter your own rate, use the current market average as a starting point. As of July 2026, the average 30-year fixed rate was about 6.4% (Freddie Mac PMMS, week of July 2, 2026 — 6.43%), with daily lender averages in the ~6.4%–6.5% range (Bankrate, July 3, 2026 — 6.54%; NerdWallet, July 3, 2026 — 6.38%). Your actual rate depends on credit, down payment, and loan type. As of July 2026.
- PMI: typically 0.46%–1.5% of the loan amount per year, driven mainly by credit score and down payment (Bankrate — PMI basics; NerdWallet PMI calculator). As of July 2026.
- Property tax and homeowners insurance: these vary widely by state, county, and property. Enter figures for your specific location rather than relying on a national default; the tool’s defaults are placeholders, not local rates.
How to read your result
The headline number is your estimated total monthly payment (PITI). The breakdown shows how much goes to each part:
- Principal + interest — the loan repayment itself. This is fixed on a fixed-rate loan.
- Taxes + insurance — escrow items that can rise over time as assessments and premiums change, so your real payment may drift upward even on a “fixed” loan.
- PMI — shown only if your down payment is under 20%; it falls off once you build enough equity.
What is NOT included in this estimate:
- Closing costs (typically a few percent of the loan, paid up front).
- HOA or condo fees, where applicable.
- Maintenance, repairs, and utilities.
- One-time or variable costs such as points, moving, or supplemental assessments.
- Rate changes on adjustable-rate loans — this tool models fixed-rate payments.
Treat the result as a planning estimate. A lender’s Loan Estimate is the authoritative figure.
Rate note: the calculator’s default interest rate is refreshed automatically from public data (Freddie Mac Primary Mortgage Market Survey, via the FRED API) and the figures cited on this page are reviewed on a monthly-to-quarterly cadence, so a default rate never goes silently stale. Any rate is a starting assumption — your actual rate comes from a lender’s Loan Estimate.
Frequently Asked Questions
How much house can I afford?
A common guideline is keeping total housing costs at or below roughly 28% of gross monthly income, and total debt payments under about 36% (the “28/36 rule”). Use the calculator to work backward: adjust the home price until the estimated PITI fits your budget. Affordability also depends on your down payment, debts, and the rate you qualify for.
Is PMI required?
PMI is generally required on conventional loans when your down payment is below 20% (loan-to-value above 80%). It’s not a permanent charge: lenders must automatically cancel it once your balance reaches 78% of the home’s original value, and you can often request removal earlier at 80% (Bankrate — PMI basics). Government-backed loans (FHA, VA) handle mortgage insurance differently.
15-year vs. 30-year: which should I choose?
A 30-year loan spreads payments out, so the monthly payment is lower but you pay more total interest. A 15-year loan has higher monthly payments but a lower rate and far less total interest. Run both in the calculator to compare the monthly payment and lifetime cost against your budget.
What is escrow?
Escrow is an account your lender uses to collect and pay your property taxes and homeowners insurance on your behalf, bundled into your monthly payment. Because tax and insurance amounts change, your escrow portion — and total payment — can be adjusted year to year.
How do interest rates affect my payment?
Rates directly change the interest portion of your payment: even a small rate move can shift the monthly cost by a meaningful amount, and a larger amount over the life of the loan. Enter different rates to see the impact for your specific price and term.
Does this include property taxes and insurance?
Yes — the estimate rolls in property taxes, homeowners insurance, and PMI (when applicable) alongside principal and interest. Because tax and insurance rates vary by location, enter your local figures for the most accurate result rather than relying on defaults.
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