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Mortgage Calculator

This calculator is an educational tool to help you estimate monthly payments, total interest, and the impact of extra payments on your loan. Results are illustrative and do not account for all loan fees, lender-specific costs, or changes in property taxes and insurance over time.

Enter your home price, down payment, interest rate, and loan term to estimate your monthly mortgage payment and total interest cost over the life of the loan. Optional fields for property tax, insurance, HOA, and PMI allow for a more complete picture of your total monthly housing expense. Results include a full annual amortization schedule showing how your loan balance and implied equity change each year.

Loan Details

Optional: Monthly Costs

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Property tax rates vary significantly by state and county. The national average is roughly 1.0% of home value annually. New Jersey and Illinois average over 2.0%, while Hawaii and Alabama average below 0.5%. Your county assessor's website is the most reliable source for your specific rate.
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Homeowners Association (HOA) fees are mandatory monthly charges in planned communities, condos, and townhomes. They typically cover shared amenity maintenance, exterior upkeep, and community services. Fees range from $50/mo for basic subdivisions to $1,000+/mo for high-amenity buildings. Not all properties have an HOA — leave blank if yours does not.
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Home insurance typically costs between 0.25% and 1.0% of your home's value per year, with the national average around 0.5%. Coastal properties, older homes, and high-risk areas tend to fall on the higher end. The default shown reflects 0.5% of the home price entered.
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Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. It protects the lender — not you — in the event of default. PMI is automatically removed once your loan balance reaches 80% of the original home value.

Disclaimer: This tool is for illustrative and educational purposes only and does not constitute personalized financial, legal, or tax advice. Actual loan costs will vary based on lender, loan type, credit profile, and local tax rates.

Your Estimate

Loan Balance & Cumulative Cost Over Time

Results assume a fixed interest rate and standard monthly amortization. Property taxes and insurance are estimated based on inputs and may change over time. PMI is modeled as removed once the loan balance reaches 80% of the original home price.

Annual Amortization Schedule

Implied Equity reflects mortgage paydown from the original purchase price only. It does not account for changes in the market value of the home and should not be interpreted as an estimate of proceeds from a sale.