House Payment Calculator: Your Full Monthly Housing Cost

A lender quote often shows principal and interest first, but that is not what leaves your bank account each month. This house payment calculator adds property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues so you can see the full monthly housing cost before you commit.

How to use this calculator

1. Home price and down payment. Enter the purchase price and your down payment as a percent. The tool works out the loan amount for you.
2. Rate and term. Use the interest rate (not the APR) and the term in years from your Loan Estimate. If you are still shopping, use a current quote.
3. Property tax. Enter the yearly bill. Look on the listing, the county tax bill or, if you already own, your annual escrow statement. A new purchase can be reassessed, so the seller’s bill may be too low.
4. Homeowners insurance. Enter the yearly premium from a quote or your declarations page.
5. HOA dues. Enter the monthly amount from the HOA’s budget or disclosure documents. Leave it at $0 if there is no HOA.
6. PMI rate. If you put down less than 20%, enter a yearly PMI rate. The default of 0.5% is only an example; your Loan Estimate shows the real dollar amount, so adjust the rate until it matches.

How this calculator works

The tool first finds the loan amount, then the standard fixed-rate payment for principal and interest. It adds PMI only when the down payment is under 20%, and divides yearly tax and insurance by 12.

Loan = Home price × (1 − Down payment % ÷ 100)
P&I = Loan × r ÷ (1 − (1 + r)^−n)    where r = rate ÷ 100 ÷ 12, n = years × 12
PMI = Loan × PMI rate ÷ 100 ÷ 12     (only if down payment < 20%)
Total = P&I + PMI + Annual tax ÷ 12 + Annual insurance ÷ 12 + Monthly HOA

If the rate is 0%, principal and interest is simply the loan divided by the number of months.

Worked examples

These are hypothetical examples. The default inputs are made-up numbers, not typical prices for any area.

Example 1 (default inputs). A $350,000 home with 10% down, a 6.5% rate on a 30-year loan, $4,200 a year in property tax, $2,000 a year in insurance, no HOA and a 0.5% PMI rate.

• Loan: $350,000 × 0.90 = $315,000
• Principal and interest: about $1,991.01
• PMI: $315,000 × 0.5% ÷ 12 = $131.25
• Property tax: $4,200 ÷ 12 = $350.00
• Insurance: $2,000 ÷ 12 = $166.67
• HOA: $0
• Total: about $2,638.93 a month

Example 2 (20% down, with an HOA). Same home, rate and term, but 20% down and $250 a month in HOA dues.

• Loan: $350,000 × 0.80 = $280,000
• Principal and interest: about $1,769.79
• PMI: $0, because the down payment is 20%
• Property tax $350.00, insurance $166.67, HOA $250.00
• Total: about $2,536.46 a month

The bigger down payment cuts the loan payment by about $221 and removes PMI, but the HOA dues eat up most of that saving.

What your result means

The total is the money you should expect to spend on the house every month before repairs and utilities. Principal and interest stay the same on a fixed-rate loan. Tax and insurance can rise each year, and if they are paid through escrow your servicer will raise your payment to match. PMI is temporary on most conventional loans. HOA dues usually rise over time.

Rules that change the answer

• PMI cancellation. For conventional loans, the CFPB explains you can request PMI removal in writing when your balance is scheduled to reach 80% of the home’s original value, and it generally ends automatically at 78% if you are current (CFPB).
• Escrow cushion. Federal rules let a servicer hold a cushion of up to one-sixth of the yearly escrow payments, about two months (12 CFR 1024.17). A shortage can push your payment above this estimate. Our guide to the mortgage escrow account explains how this works.
• Property tax rules vary by state. Exemptions and assessment caps can lower your bill. See how property taxes work for the basics.
• Loan type. FHA, VA and USDA loans have their own mortgage insurance or fee rules, which this tool does not model.

Common mistakes

• Using the seller’s old property tax bill when the home will be reassessed after the sale.
• Typing the APR instead of the interest rate.
• Forgetting HOA dues because they are not in the mortgage payment.
• Leaving PMI at the example rate instead of matching the Loan Estimate.
• Treating this total as your whole housing budget. Repairs, maintenance and utilities come on top; see our home maintenance budget guide.

Limits and when to get help

This tool assumes a fixed-rate loan with level payments. It does not handle adjustable rates, interest-only loans, points, up-front mortgage insurance, flood insurance or escrow shortages. It is an educational estimate, not a loan offer. For exact numbers, ask your lender for a Loan Estimate, call the county tax office about the bill after a sale, and ask your insurance agent for a firm quote.