Calculate your true monthly mortgage payment including property tax, homeowner's insurance, HOA fees, and PMI. Enter your home price, down payment, and interest rate to see a complete breakdown of what you'll actually pay each month — not just principal and interest.
🏠 Additional Monthly Costs
Applies if < 20% down
A monthly mortgage payment typically includes four components, often called PITI: Principal (paying down the loan balance), Interest (the cost of borrowing), Taxes (property tax, usually escrowed), and Insurance (homeowner's insurance, also often escrowed). If your down payment is less than 20%, you'll also pay Private Mortgage Insurance (PMI), which protects the lender — not you — in case of default. PMI typically adds 0.5–1% of the loan amount annually.
A fixed-rate mortgage locks in your interest rate for the entire loan term (typically 15 or 30 years), providing predictable payments. An adjustable-rate mortgage (ARM) starts with a lower rate that adjusts periodically based on market conditions. ARMs can save money if you plan to sell or refinance within 5–7 years, but they carry the risk of rising payments. Most first-time buyers prefer the certainty of a fixed rate.