Mortgage Payment Calculator
See your full monthly payment including principal, interest, taxes, insurance, HOA, and PMI. Get an amortization breakdown and total interest paid over the life of the loan.
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What goes into a mortgage payment
Most people think of a mortgage payment as principal and interest only. In reality, the monthly amount your lender collects usually includes four or five components, and the extras add up fast.
Principal and interest is the loan repayment itself, calculated from your loan amount, rate, and term. Property taxes and homeowners insurance are collected monthly and held in escrow, then paid on your behalf when they come due. PMI applies when you put less than 20% down and stays until you build roughly 20% equity. HOA dues are paid separately in most cases but still count toward what a lender uses to qualify you.
When you are comparing homes, compare the total payment, not the sales price. A cheaper home in a high-tax county with an HOA can cost more per month than a pricier home without either.