Mortgage payment calculator.

See the whole monthly cost of a home: principal and interest, property taxes, homeowners insurance, HOA dues, and mortgage insurance when you put down less than 20%.

The home and the loan

Under 20% of the price usually means PMI on a conventional loan.

Example: 7.40% is the 30-year fixed Freddie Mac average for the week of Oct 15, 2026 (15-year: 6.71%). Your rate depends on your credit, down payment and lender.

Loan term
Costs on top of the loan

PMI is a yearly percent of the loan, added only when you put down less than 20%. Freddie Mac estimates about $30 to $70 a month per $100,000 borrowed (0.36% to 0.84% a year).

Your monthly payment

Estimated total, 30-year fixed

$2,929.09/mo

  • Principal and interest$2,354.09
  • Property taxes$441.67
  • Homeowners insurance$133.33
  • HOA dues and PMI$0.00
Loan amount$340,000
Down payment20% of the price
Total interest over 30 years$507,473

On a $340,000 loan at 7.40% for 30 years, principal and interest is $2,354.09 a month. Taxes, insurance and other costs add $575.00, for $2,929.09 in total.

These figures are estimates for planning only and are not an offer or a quote. They assume a fixed rate and that taxes and insurance stay the same. See our disclosures.

How this is calculated

The loan payment uses the standard fixed-rate formula. Everything else is added on top as a monthly amount.

  • Principal and interest

    L × i ÷ (1 − (1 + i)−n)

    L is the loan amount (price minus down payment), i is the yearly rate divided by 12, and n is the number of monthly payments. $340,000 at 7.40% over 360 months is $2,354.09 a month.

  • Taxes, insurance and HOA dues

    yearly taxes ÷ 12 + yearly insurance ÷ 12 + monthly HOA dues

    $5,300 in taxes and $1,600 in insurance add $575.00 a month. Your county sets the tax, and your insurer sets the premium.

  • PMI

    L × PMI rate ÷ 12, only when L is more than 80% of the price

    At 0.6% a year, a $382,500 loan (10% down on $425,000) adds $191.25 a month.

  • Total interest

    monthly principal and interest × n − L

    What you would pay in interest if you kept the loan for its full term and made only the scheduled payments.

The estimate leaves out closing costs and any change in taxes, insurance or rate over time. For the price a budget supports, use the home affordability calculator. To weigh buying against renting, try rent vs buy.

Sources

  • Freddie Mac, Primary Mortgage Market Survey: 30-year fixed 7.40% and 15-year fixed 6.71%, week of October 15, 2026.
  • Freddie Mac My Home, “Breaking down PMI” (accessed October 22, 2026): about $30 to $70 a month per $100,000 borrowed.
  • CFPB, “When can I remove private mortgage insurance (PMI) from my loan?” (last reviewed August 28, 2026).

Last reviewed October 22, 2026.

Questions about mortgage payments

What is included in a monthly mortgage payment?

Four parts are common: principal (paying down the loan), interest, property taxes and homeowners insurance, often shortened to PITI. Many lenders collect the taxes and insurance with your payment and pay those bills for you from an escrow account. If you put down less than 20% on a conventional loan you usually pay private mortgage insurance (PMI) too, and some homes add HOA dues, which you usually pay to the association yourself.

How much does PMI cost?

Freddie Mac estimates PMI at roughly $30 to $70 a month for every $100,000 borrowed, which is about 0.36% to 0.84% of the loan a year. The price depends mostly on your down payment and credit score. This calculator uses 0.6% a year by default and adds it only when your down payment is under 20%.

When does PMI go away?

On a conventional loan, the CFPB explains that you can ask your servicer in writing to cancel PMI once your balance is scheduled to reach 80% of the home's original value, if you are current on payments. Your servicer must end it automatically when the balance is scheduled to reach 78%. FHA mortgage insurance follows different rules.

How much more is a 15-year mortgage payment than a 30-year?

On a $340,000 loan, a 30-year fixed at 7.40% costs $2,354.09 a month in principal and interest, and a 15-year fixed at 6.71% costs $3,001.16 (both rates are Freddie Mac averages for the week of October 15, 2026). The 15-year payment is about $647 higher, but total interest drops from about $507,473 to about $200,208.

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