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Mortgage Calculator

Estimate a monthly mortgage payment including principal, interest, property tax, home insurance, and HOA dues.

Reviewed 2026-06-18 · Formula and example verified by the CalcPilot Editorial Team

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Enter your numbers

Estimated monthly housing payment

$2,875.44
Estimated loan amount
$360,000.00
Monthly principal and interest
$2,275.44
Monthly property tax
$450.00
Monthly home insurance
$150.00
Monthly HOA dues
$0.00
Interest over the full term
$459,160.16

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Quick answer

How do you calculate Mortgage Payment?

Use Monthly payment = Principal and interest + Property tax / 12 + Insurance / 12 + HOA dues. Enter the matching values above to calculate the result instantly.

What it measures

Understanding Mortgage Payment

Estimate a monthly mortgage payment including principal, interest, property tax, home insurance, and HOA dues. A useful mortgage estimate goes beyond principal and interest. Property tax, homeowners insurance, association dues, and mortgage insurance where applicable can materially change the cash required each month. The full-term interest figure also shows why a lower payment from a longer term is not automatically the cheaper choice.

Interpretation

What the result means

The headline result is an estimated recurring housing payment under fixed-rate, level-payment assumptions. The breakdown separates financing cost from property-related carrying costs.

Action

How to use it

Compare the result with take-home pay and a complete ownership budget that includes maintenance, utilities, repairs, closing cash, and an emergency reserve. Run higher-rate and higher-tax scenarios before setting a price ceiling.

Limits

What it leaves out

The estimate excludes private mortgage insurance, lender fees, prepaid escrow, changing taxes or premiums, adjustable rates, points, and local lending rules. It is educational, not a loan offer or approval.

The math

Mortgage Payment formula

Monthly payment = Principal and interest + Property tax / 12 + Insurance / 12 + HOA dues

Worked example

Example calculation

A $450,000 home has a $90,000 down payment, a 30-year mortgage at 6.5%, $5,400 annual tax, and $1,800 annual insurance.
Calculation
P&I on $360,000 + $450 tax + $150 insurance
Result
About $2,875 per month before HOA

Step by step

How to use this calculator

  1. 1Enter home price, down payment, mortgage interest rate, loan term in years, annual property tax, annual home insurance, monthly hoa dues.
  2. 2Keep every input on the same time period and measurement basis.
  3. 3Review the result, then change one assumption at a time to test scenarios.

Decision support

When this calculator is useful

  • Home purchase planning
  • Comparing down payments
  • Testing mortgage terms

Common questions

Frequently asked questions

Which inputs should I use for Mortgage Payment?

Use home price, down payment, mortgage interest rate, loan term in years, annual property tax, annual home insurance, monthly hoa dues, measured from the same source and period. Include only values that match the definitions shown beside each field.

Why might two Mortgage Payment calculations differ?

The systems or accounting policies may define home price, down payment, mortgage interest rate, loan term in years, annual property tax, annual home insurance, monthly hoa dues differently. Compare the time period, scope, source, and treatment of exceptional items before comparing results.

How often should I recalculate Mortgage Payment?

Recalculate when any input changes materially and on the same reporting cadence used for the decision. Save the source and date of each input so the trend remains comparable.

Can I use Mortgage Payment by itself?

No single metric captures the full decision. Use the result with the related measures, assumptions, and limitations shown on this page.

Calculation reviewed: 2026-06-18. CalcPilot uses the formula shown above and tests representative values during the production build. See our methodology and correction policy.

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