Use this calculator to estimate your monthly mortgage payment. Simply enter your numbers and your estimated payment will automatically recalculate.
Your estimated payment will include the amount you borrow (principal), the cost of borrowing (interest), and any other expenses you wish to add (like taxes, insurance, and HOA dues).
| Total principal | $240,000 |
| Total interest payments | $326,144 |
| Total loan payments | $566,144 |
| Mortgage payment | $1,573 |
Yonamo's mortgage calculator gives you the opportunity to customize your mortgage details while making assumptions for fields you may not know quite yet. Keep in mind that your monthly payment includes more than just repaying the amount you borrowed to purchase the home. Principal is the amount you borrowed and have to pay back (the loan itself), and interest is the amount the lender charges for lending you the money.
For most borrowers, the total monthly payment sent to your mortgage lender includes other costs, such as homeowner's insurance and taxes. If you have an escrow account, you pay a set amount toward these additional expenses as part of your monthly mortgage payment, which also includes your principal and interest. Your mortgage lender typically holds the money in the escrow account until those insurance and tax bills are due, and then pays them on your behalf. If your loan requires other types of insurance like private mortgage insurance (PMI) or homeowner's association dues (HOA), these premiums may also be included in your total mortgage payment.
The price is either the amount you paid for a home or the amount you may pay for a future home purchase.
Most home loans require a down payment of at least 3% of the home's price. However, some loans, like VA and certain USDA loans, allow no down payment. While a 20% down payment isn’t mandatory, it does come with benefits: a lower monthly payment and no private mortgage insurance (PMI). Plus, the larger your down payment, the less you'll need to borrow and pay interest on.
Your loan program impacts your interest rate and monthly payments. Use the calculator to explore 30-year, 20-year, and 15-year fixed loan options and see how different terms affect your monthly payments.
Mortgage interest is the annual cost of borrowing money from your lender, shown as a percentage. The calculator automatically fills in the current average rate.
Private Mortgage Insurance (PMI) is based on your credit score and down payment amount. Lenders require PMI if your loan exceeds 80% of the home's purchase price. This monthly cost is added to your mortgage payment.
Your estimated annual property tax is calculated based on the home’s purchase price, divided into 12 monthly payments, and included in your mortgage payment. If you know the exact tax amount, enter it as an annual total.
Homeowner’s insurance is calculated as an annual premium based on the home price. The calculator divides this amount into 12 monthly payments and adds it to your mortgage. Premiums typically cost less than 1% of the home price and provide coverage for liability, hazards, and potential losses.
Homeowners in certain developments, townhomes, or condos may pay monthly HOA fees to cover amenities, maintenance, and some insurance. If this applies to you, enter your monthly HOA costs. If not, simply leave the field blank.