Mortgage
How much will a home really cost me each month?
A mortgage payment is more than paying back the loan: most people also pay property taxes, home insurance and sometimes extra fees each month. This calculator adds it all up so there are no surprises.
How to use this calculatorShowHide
- Step 1: Enter the home price and how much you'll pay upfront (your down payment).
- Step 2: Enter the mortgage interest rate and length — 30 years is most common.
- Step 3: Fill in taxes, insurance and HOA fees if you know them (the defaults are typical estimates), then see your full monthly payment.
What you'll need
- The home price and your down payment
- A mortgage rate — from a lender quote or a mortgage-rate website
- Property tax and insurance estimates — listed on most home-sale websites
Don't know a number? Leave the example value in, or tap the ⓘ next to it. New to this? Read the Beginner's Guide →
Total monthly payment
$2,950.44
For a $400,000 home with $40,000 down at 6.5%, your all-in monthly payment is about $2,950, of which $2,275 is the loan itself. Because you're putting down less than 20%, you'll pay PMI of $150.00 a month until about Mar 2035. Over 30 years, owning this home costs about $1,064,514 including the down payment.
- Loan amount
- $360,000.00
- 90.0% loan-to-value
- Total interest
- $459,164.00
- Payoff date
- Jan 2056
- PMI drops off
- Mar 2035
- after 9 years, 1 month · $16,350 total
- Total cost of ownership
- $1,064,514
- down payment + loan + tax, insurance, HOA, PMI
What this means
In plain English
When you buy a home, your monthly payment usually includes more than the loan:
- Principal & interest — paying back the loan
- Property tax — charged by your local government
- Homeowners insurance — required by the lender
- HOA dues — if your neighborhood or building has them
- PMI — an extra fee if you put down less than 20%
This calculator adds them all up so you know the real monthly cost.
When to use it
- Working out how much home you can afford
- Comparing different down payments or interest rates
- Finding out when PMI will go away
Example
A $400,000 home with 10% down ($40,000) at 6.5% for 30 years:
- Loan payment: $2,275.44
- Property tax (1.2% a year): $400.00
- Insurance ($1,500 a year): $125.00
- PMI: $150.00
That's about $2,950 a month in total — almost $700 more than the loan payment alone. PMI stops after about 9 years, once you've paid the loan down to 78% of the home's price.
Watch out for
Budgeting for the loan payment only. Taxes, insurance and PMI can add hundreds of dollars a month, and taxes and insurance usually go up over time. Lenders look at the full payment — so should you.
The math (optional)
Monthly payment = loan payment + tax ÷ 12 + insurance ÷ 12 + HOA + PMI
- The loan payment uses the same formula as the Loan calculator:
P × r ÷ (1 − (1 + r)^−n). - PMI = loan amount × PMI rate ÷ 12. It applies while you owe more than 80% of the home's value, and this calculator removes it once your balance reaches 78% — the point where U.S. lenders must cancel it.