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Calculate your monthly mortgage payment including principal, interest, property taxes, homeowners insurance, HOA fees, and PMI. Uses current US rates with a full payment breakdown.
The US Mortgage Payment Calculator uses the standard amortization formula M = P[r(1+r)^n] / [(1+r)^n - 1] to compute your monthly principal and interest payment. It adds estimated property tax, homeowners insurance, HOA fees, and PMI (required when down payment is under 20%) to show your total monthly housing cost. The national average 30-year fixed mortgage rate is approximately 6.5–7.0% as of 2025 (source: Freddie Mac PMMS). Property tax varies by state; the national average is 1.07% of home value annually (source: Tax Foundation).
A US mortgage payment uses the amortization formula M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years × 12). For a $300,000 loan at 6.5% for 30 years: monthly rate = 6.5%/12 = 0.542%, n = 360, and the monthly principal and interest payment is $1,896. Property tax, homeowners insurance, and PMI are added on top.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home purchase price. It protects the lender if you default. PMI typically costs 0.5% to 1.5% of your loan amount annually, added to your monthly payment. Once you reach 20% equity, you can request PMI cancellation under the federal Homeowners Protection Act. With a 10% down payment on a $400,000 home, PMI might add $150–$400/month to your payment.
A 30-year mortgage has lower monthly payments but costs significantly more in total interest. A 15-year mortgage has higher monthly payments but you build equity faster and pay roughly half the total interest. Example: on a $300,000 loan at 6.5%, the 30-year payment is $1,896/month with $382,000 in total interest; the 15-year payment is $2,613/month with $170,000 in total interest, saving over $212,000. Choose 30-year if cash flow matters; choose 15-year if you want to minimize total cost.
Most lenders use the 28/36 rule: your monthly mortgage payment (principal, interest, taxes, insurance) should not exceed 28% of your gross monthly income, and total debt payments should not exceed 36%. On a $80,000 annual salary ($6,667/month), the 28% limit allows roughly $1,867/month for housing. At a 6.5% rate for 30 years, that supports approximately a $295,000 loan. Your actual limit depends on credit score, debt-to-income ratio, and lender guidelines.
Have more questions? These calculators provide estimates for educational purposes only. For personalized financial advice, consult with a qualified financial professional. See our disclaimer for more information.
A typical scenario using default values
{
"home_price": 300000,
"down_payment_percent": 20,
"interest_rate": 6.5,
"loan_term": 30,
"property_tax_annual": 3600,
"homeowners_insurance_annual": 1200,
"hoa_fees_monthly": 0,
"pmi_enabled": true
}