Calculators · Buying & Financing

Mortgage Payment Calculator

Estimate your total monthly housing cost, not just principal and interest: mortgage insurance, property taxes, insurance and HOA dues, plus cash to close and a full amortization schedule.

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How this calculator works

A lender quote usually starts with principal and interest. What you actually pay each month also includes property taxes, homeowners insurance, mortgage insurance on many loans, flood insurance in some areas and HOA dues. In the Houston area taxes and insurance are often a large share of the payment, so this calculator puts them up front.

Pick a loan type and the calculator applies that program's rules: private mortgage insurance that stops at 78% of the original value on conventional loans, FHA's upfront and annual mortgage insurance, the VA funding fee, or USDA's guarantee fees. Open Advanced to set a loan term separate from the amortization period (for a balloon), interest-only months, extra payments and cash to close.

Principal and interest use the standard amortization formula on the total loan amount, rounded to the cent at each payment.
Loan term (when the loan is due) is separate from the amortization period (how the payment is figured). If the term is shorter, the remaining balance is shown as a balloon.
Program fees and premiums come from the official sources listed with the results, with their effective dates. Every one can be changed.
The rate you enter is the note rate. It is not the APR, which also reflects certain fees and is shown on a lender's Loan Estimate.

Worked example

Example values are illustrative, not quotes or market data. These are the numbers the calculator above starts with.

Inputs

Loan type: Conventional
Home price: $350,000
Down payment: $17,500 (5%)
Interest rate: 6.5%
Loan length: 30 years
Property taxes per year: $7,000
Homeowners insurance per year: $2,400
HOA dues per month: $0

Results

Loan type: Conventional
Home price: $350,000
Down payment: $17,500 (5.0%)
Rate / length: 6.5% / 30 yrs
Total monthly housing cost: $3,024
Principal and interest: $2,102
Mortgage insurance (month 1): $139
Loan amount: $332,500
Cash to close (down payment only until costs are entered): $17,500
Total interest: $424,083
Balance after 5 years: $311,256

Common questions

What is included in the total monthly housing cost?

Principal and interest, mortgage insurance if the loan has it, property taxes, homeowners insurance, flood insurance if entered, and HOA dues. Taxes and insurance are usually collected by the lender in an escrow account; HOA dues are usually paid to the association directly. The results show both amounts.

Is the interest rate here a quote?

No. The example rate is for illustration only. Rates depend on the loan program, credit, down payment, points and the day you lock. For a real quote, request one from a lender; you can connect with Home Front Mortgage below or use any lender you choose.

How accurate are the property taxes?

Only as accurate as what you enter. Use the tax bill for the address from the county appraisal district. Tax rates in the Houston area vary by city, school district, MUD and other districts, and a sale or new construction can change the assessed value.

Related calculators

Estimate only. Actual loan terms, eligibility, insurance, taxes, and settlement charges require verification. These are planning estimates, not a lender Loan Estimate, Closing Disclosure, appraisal, or approval. Michael O'Neal is a real estate broker, not a lender, appraiser, attorney or tax adviser.

Next step

Want a real financing quote? Connect with Home Front Mortgage.

Andrew Fairleigh, Mortgage Loan Originator, Home Front Mortgage, NMLS #1878546. (979) 595-8979 · [email protected]

Start Your Application Andrew's profile

Rates in these calculators are examples, not Home Front quotes. Your application goes to Home Front's secure site. Do not send financial documents through this website.

Affiliated business arrangement disclosure. This is to give you notice that some agents and owners at Keller Williams Realty Northeast, including Michael O'Neal, have a business relationship with certain providers of services related to your purchase, sale or refinance of real estate, including Home Front Mortgage and Keystone Title & Escrow. Because of this relationship, a referral may provide some owners and agents at Keller Williams Realty Northeast a financial or other benefit. You are NOT required to use either company as a condition for your purchase, your financing or refinance, or any other transaction related to a property. There are frequently other providers available with similar services. You are free to shop around to determine that you are receiving the best services and the best rate for these services. You will be given the written Affiliated Business Arrangement Disclosure, including estimated charges, to review and sign.