Mortgage Calculator
Estimate your monthly mortgage payment, including taxes, insurance and HOA fees.
Estimated monthly payment
2,523
Loan amount
3,20,000
Total interest
4,08,142
Total paid (P&I)
7,28,142
Paid off by
—
Monthly payment breakdown
Principal & interest: 2,023
Property tax: 400
Insurance: 100
HOA: 0
Estimate your full monthly mortgage payment — principal, interest, property taxes, home insurance, and HOA fees — not just the bare loan repayment that a simple amortisation calculator gives you.
Adjusting the down payment, interest rate, or loan term updates every figure instantly, making it easy to compare how different scenarios affect what you'd actually pay each month.
What makes up the monthly payment
| Component | Goes to | Changes over time? |
|---|---|---|
| Principal | Reducing the loan balance | Grows every month |
| Interest | The lender | Shrinks every month |
| Property tax | Local government | Reassessed periodically |
| Home insurance | Insurer | Renewed annually |
| Mortgage insurance (PMI) | Insurer, protecting the lender | Drops off near 20% equity |
| HOA / maintenance fees | The association | Set by the association |
Principal and interest are fixed on a fixed-rate loan; everything else can and does move. Budget for the total, not just P&I.
Costs this doesn't show
- Closing costs — typically 2–5% of the purchase price, paid up front.
- Maintenance — a common rule of thumb is 1% of the home's value per year, averaged over time.
- Utilities, often substantially higher than in a rental of the same size.
- The opportunity cost of the down payment, which is no longer invested elsewhere.
- Selling costs, if there's any chance of moving within a few years — agent fees alone can consume several years of equity build-up.
How much house you can actually afford
Lenders commonly work to a 28/36 guideline: housing costs under 28% of gross monthly income, and total debt payments under 36%. Being approved for the maximum is not the same as it being wise — approval is based on your ability to pay, not on what leaves room for everything else.
Model the payment at a rate one or two points above today's if you're considering a variable rate, and check that it still works. That's the scenario that catches people out.
Frequently asked questions
- What's the difference between this and a plain loan calculator?
- This includes the recurring costs of homeownership — taxes, insurance, HOA — alongside principal and interest, giving a more realistic total monthly outlay.
- How much does a larger down payment actually save?
- A larger down payment reduces the loan principal directly, which lowers both the monthly principal-and-interest payment and the total interest paid over the loan term.
- Does this include PMI (private mortgage insurance)?
- Add PMI as part of the insurance figure if your down payment is under 20%, since it's typically required until you reach that equity threshold.
- Is a 15-year mortgage better than a 30-year one?
- A 15-year term costs far less in total interest and usually carries a lower rate, but the monthly payment is much higher. A 30-year gives flexibility — you can always overpay a 30-year loan, but you can't underpay a 15-year one.
- Should I pay points to lower my rate?
- It depends how long you'll keep the loan. Divide the cost of the points by the monthly saving to find the break-even month. If you're likely to move or refinance before then, points aren't worth it.
Read more on this
- How loan interest actually worksWhy your early repayments barely touch the principal, what a 'flat rate' quote is really costing you, and how to compare two loan offers on the number that matters.
- Prepaying your home loan vs investing: the math and trade-offsShould you use spare savings to prepay a mortgage or invest in index funds? How to evaluate guaranteed returns, tax deductions, and liquidity.
- How EMI is actually calculated, with a worked exampleThe EMI formula broken down term by term, a full worked example on a real loan amount, and why stretching the tenure can quietly cost you far more in interest.