Estimate your monthly payment, total interest and payoff date in seconds.
20.0% of the home price
Optional: PMI, HOA and extra payments
PMI is added only when your down payment is under 20%.
P&I is the loan payment only. Total Monthly Payment adds property tax, home insurance, and any PMI and HOA fees you enter. Closing costs are not included.
Quick answer: on a $300,000 home with 20% down ($60,000), a 6.5% rate and a 30-year term, principal and interest is about $1,517 a month. With $3,000 a year in property tax and $1,200 in insurance, the total comes to about $1,867 a month. Change any number above to see your own result.
Buying a home is one of the biggest financial decisions most people make, and knowing your real monthly payment before you sign anything matters. Whether you are a first-time buyer comparing lenders, refinancing, or running numbers on a rental property, this free calculator gives you an instant estimate. It works on any device and needs no sign-up.
Enter the home price, down payment, interest rate and loan term. Then add property tax and home insurance and, if they apply to you, a PMI rate, monthly HOA fees and an extra monthly payment. The calculator shows:
Where: P = Monthly Principal & Interest payment, L = Loan Amount, c = Monthly Interest Rate (annual rate ÷ 12), n = Total Number of Monthly Payments.
Multiply the figure for your rate and term by your loan amount divided by 100,000. For example, a $240,000 loan at 6.5% over 30 years is 2.4 × $632 ≈ $1,517. These are principal and interest only.
| Interest rate | 15-year | 20-year | 30-year |
|---|---|---|---|
| 4.0% | $740 | $606 | $477 |
| 4.5% | $765 | $633 | $507 |
| 5.0% | $791 | $660 | $537 |
| 5.5% | $817 | $688 | $568 |
| 6.0% | $844 | $716 | $600 |
| 6.5% | $871 | $746 | $632 |
| 7.0% | $899 | $775 | $665 |
| 7.5% | $927 | $806 | $699 |
| 8.0% | $956 | $836 | $734 |
The table below shows estimated principal and interest payments at a 6.5% fixed rate, calculated with the same formula as the calculator above. Taxes, insurance, PMI and HOA fees are not included.
| Loan Amount | 30-Year Term (P&I) | 15-Year Term (P&I) | Total Interest (30-yr) |
|---|---|---|---|
| $100,000 | $632 | $871 | $127,544 |
| $150,000 | $948 | $1,307 | $191,317 |
| $200,000 | $1,264 | $1,742 | $255,089 |
| $240,000 | $1,517 | $2,091 | $306,107 |
| $300,000 | $1,896 | $2,613 | $382,633 |
| $400,000 | $2,528 | $3,484 | $510,178 |
| $500,000 | $3,160 | $4,356 | $637,722 |
A standard payment has four parts, known as PITI. Many buyers also pay PMI and HOA fees on top.
This is the balance you owe the bank. Each month a portion of your payment reduces it, slowly building your home equity. Early in the loan, only a small slice of your payment goes toward principal.
The fee the lender charges for the use of its money. In the first years of a 30-year loan, most of your payment is interest. That is why paying extra toward principal early can save so much.
Property taxes are set by your local government and are often collected monthly by your lender, held in escrow, and paid on your behalf. Use the Property Tax / Year field in the calculator.
Homeowners insurance protects you and the lender if the property is damaged. Like taxes, it is often bundled into your monthly payment through escrow. Use the Home Insurance / Year field.
Private mortgage insurance (PMI) may apply when your down payment is under 20% on a conventional loan. HOA fees are charged by a homeowners association and are paid on top of your mortgage. This calculator lets you add both in the optional fields.
Small rate differences compound over 30 years. Here is a $300,000 loan over 30 years at different rates (principal and interest only):
| Interest rate | Monthly P&I | Total interest |
|---|---|---|
| 5.5% | $1,703 | $313,212 |
| 6.0% | $1,799 | $347,515 |
| 6.5% | $1,896 | $382,633 |
| 7.0% | $1,996 | $418,527 |
| 7.5% | $2,098 | $455,152 |
Moving from 6.5% to 7.5% adds about $201 to your monthly payment. The live “What If the Rate Changes?” table above does the same comparison for your own numbers.
Extra money sent toward principal shortens the loan and cuts the interest you pay, because every extra dollar stops accruing interest for the rest of the term. Enter an amount in the Extra Payment / Month field to see your own payoff date. Here is a $300,000 loan at 6.5% over 30 years:
| Extra per month | Paid off in | Total interest | You save |
|---|---|---|---|
| None | 30 years | $382,633 | n/a |
| +$100 | 26 years | $321,639 | $60,994 and 4 years |
| +$200 | 23 years 1 month | $279,185 | $103,448 and 6 years 11 months |
On a $300,000 loan at 6.5%, a 15-year term has a payment of about $2,613 a month versus $1,896 for a 30-year term, roughly $717 more each month. In exchange, you pay about $212,235 less in interest over the life of the loan and build equity faster. The 30-year term has the lower payment and is easier to qualify for, but costs far more in interest. The “Compare Loan Terms” table above shows this for your own loan.
On a U.S. conventional loan with less than 20% down, lenders usually require PMI. It protects the lender, not you. The cost is quoted as a percentage of the loan per year and varies with your credit score and down payment, so ask your lender for a real quote.
Example: a $300,000 home with 5% down ($15,000) leaves a $285,000 loan. At a 0.5% PMI rate, PMI is about $118.75 a month. With 6.5% over 30 years, principal and interest is about $1,801, so the total with PMI plus $350 a month for tax and insurance is about $2,270.
Under the U.S. Homeowners Protection Act, borrowers can generally request removal of PMI once the balance reaches 80% of the home’s original value, and it must end automatically at 78% if payments are current. Rules and exceptions vary by loan and lender. This calculator stops PMI when your balance reaches 78% of the home price you entered. In the example above, that happens after about 11 years and 3 months, and total PMI paid is about $16,000. FHA loans use a different charge, called MIP.
Here is how the numbers play out in sample buying scenarios (6.5% fixed rate, 30-year term, principal and interest only):
| Scenario | Home Price | Down Payment | Est. Monthly P&I |
|---|---|---|---|
| First-time buyer, starter home | $220,000 | $11,000 (5%) | $1,321 |
| Family home, 20% down | $350,000 | $70,000 (20%) | $1,770 |
| Upgrade home, suburban area | $450,000 | $90,000 (20%) | $2,275 |
| Investment / rental property | $275,000 | $55,000 (20%) | $1,391 |
Investment properties often require a larger down payment and may carry a higher rate than a primary residence; these figures are for illustration only. Buying to rent? The ROI calculator helps you judge the return.
| Loan Type | Pros | Cons |
|---|---|---|
| Fixed Rate | Predictable payments; peace of mind. | Rates may be higher initially. |
| Adjustable Rate (ARM) | Lower rates in early years. | Payments can rise if rates rise. |
| FHA Loan (U.S.) | Lower down payment: as low as 3.5% for borrowers who meet FHA credit score requirements. | Requires mortgage insurance premiums (MIP), and loan limits apply. |
| VA Loan (U.S.) | Often no down payment for eligible veterans, service members and certain surviving spouses. | Eligibility required; a VA funding fee usually applies. |
This calculator uses a fixed-rate loan. FHA and VA programs are specific to the United States. Requirements change, so confirm current rules with an approved lender.
Understanding your mortgage payment before you start house hunting puts you in a stronger negotiating position and helps you avoid financial stress down the road. Use the calculator above to test different home prices, down payments, rates and extra payments until you find a monthly payment that fits comfortably within your budget, and always get pre-approved before making an offer.