Mortgage Calculator

See the real cost of homeownership. Calculate monthly payments including principal, interest, property taxes, insurance, HOA fees, and PMI.

Estimated Monthly Payment

$5,455/month

⚠️ Includes PMI (down payment less than 20%)

Home Price$600,000

Down Payment$30,000 (5.0%)

💡 Tip: 20% down payment eliminates PMI ($20,000 in this case)

Loan Term

Interest Rate (Annual %)7.00%

Current market range: 6-8%

Annual Property Tax$12,000

Greater Boston average: ~2% of home value annually

Annual Homeowners Insurance$1,500

Typical range: $1,000-$2,500/year

Monthly HOA/Condo Fee$300

Condo/townhouse fees

Monthly Payment Breakdown

Principal & Interest$3,792

Property Tax$1,000

Insurance$125

HOA/Condo Fee$300

PMI (required)$238

0.5% annual rate on loan amount (down payment under 20%)

Total Monthly Payment$5,455

How It Works

This calculator estimates your monthly housing payment based on the home price, down payment, interest rate, and loan term. It includes:

Principal & Interest: Your base mortgage payment
Property Tax: Annual taxes divided by 12 months
Insurance: Homeowners insurance monthly cost
HOA Fees: Monthly community or condo fees if applicable
PMI: Private mortgage insurance if down payment is less than 20%

Disclaimer: This is an estimation tool. Actual payments may vary based on your lender, credit score, location, and local regulations. For accurate quotes, speak with a mortgage professional.