Mortgage Calculator
Your full monthly cost of owning a home β principal, interest, taxes, insurance, HOA and PMI β with a Pro mode for extra payments, bi-weekly schedules, buydowns and side-by-side scenarios.
Loan
Rates as of Oct 22, 2026 (Freddie Mac PMMS)
Monthly costs
How this calculator works
The estimate starts from the home price, down payment, interest rate and loan term, then adds the carrying costs that make up a real monthly housing payment:
- Principal & interest: the base mortgage payment, amortized over the term (equal installments when the rate is 0)
- Property tax: the annual bill divided by 12 β pre-filled from the MLS listing on property pages, or estimated from the town's effective rate
- Insurance: homeowners insurance, defaulting to about 0.25% of the price per year
- HOA fees: monthly condo or community fees if applicable
- PMI: private mortgage insurance while the down payment is under 20%, removed once the balance reaches 80% of the price
Switch to Pro for extra principal payments (monthly, yearly or one-time), a bi-weekly schedule, seller-funded temporary buydowns (1-0, 2-1, 3-2-1), balloon and interest-only periods, points and closing costs, interest-free loans with a fee (shown as an effective APR), and a Compare tab that holds up to three scenarios. The default rate is the latest Freddie Mac weekly average.
Common questions
What is PMI?
Private mortgage insurance protects the lender when you put less than 20% down. It is added to the monthly payment, typically 0.3β1% of the loan amount per year (this calculator uses 0.5% by default), and it drops off once the balance falls to 80% of the home's value.
What is a 2-1 buydown?
A temporary, seller-funded rate reduction: your payment is calculated 2 points below the note rate in year one and 1 point below in year two, then returns to the full rate. The seller deposits the difference into an escrow account at closing; the calculator shows each year's payment and the seller's total cost.
How do extra payments help?
Anything you pay above the scheduled amount goes straight to principal, so less interest accrues every month after. Even a modest extra monthly, yearly or one-time payment, or a bi-weekly schedule (13 full payments a year), can take years off the loan and save tens of thousands in interest.
What's included in the monthly payment?
Principal and interest on the loan, property tax (annual bill divided by 12), homeowners insurance, HOA or condo fees if any, and PMI when the down payment is under 20%. Utilities, maintenance and mortgage closing costs are not part of the monthly figure.
Disclaimer: This is an estimation tool. Actual payments vary with your lender, credit score, property, and local regulations; tax and insurance figures are estimates unless noted as coming from the listing. For an accurate quote, speak with a mortgage professional.