Mortgage payment calculator

Principal, interest, taxes, insurance and HOA on one screen, pre-filled with the current 30-year conforming average so the starting point is a real rate rather than a round number.

Rate field defaults to 7.115%, the Optimal Blue 30-year conforming average as of November 4, 2026.

Rate used by default

7.115%

30-year fixed, conforming · ▼ -6 bps prior day

Override it with any quote you have been given — the calculator does not assume you will be offered the average.

Run the numbers

Every field is editable; results update as you type.

Estimated monthly payment

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Principal & interest

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Property tax

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Insurance

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HOA / other

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Loan amount

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Down payment

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Total interest

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Total of payments

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What this does not include. Mortgage insurance (PMI or FHA MIP), loan-level price adjustments, discount points, lender fees, and escrow shortfalls all change the real cost of a loan. The figure above is principal, interest, tax, insurance and HOA only — useful for comparing scenarios, not for closing on one.

30-year versus 15-year at today’s rates

A $360,000 loan, priced with the current averages for both terms.

Term	Rate	Monthly P&I	Total interest	Total paid
30-year fixedLower payment, far more interest over the life of the loan	7.115%	$2,423	$512,265	$872,265
15-year fixedPayment higher by $727 per month; saves $305,255 in interest	6.571%	$3,150	$207,010	$567,010

Read this comparison carefully. The 15-year saves a great deal of interest, but it commits you to the higher payment for fifteen years. Making voluntary extra principal payments on a 30-year loan captures much of the same saving while leaving you the option to stop in a month when money is tight. The 15-year is the better deal; the 30-year with extra payments is the more flexible one.

How the payment is calculated

Principal and interest come from the standard amortization formula. For a loan amount L, a monthly rate i (the annual rate divided by twelve) and n monthly payments:

payment = L × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1)

Property tax is taken as a percentage of the purchase price and divided by twelve, which is how most lenders estimate escrow at application. In reality tax is assessed on the county’s appraised value, not your purchase price, and it is reassessed periodically — so the escrow portion of your payment will change over time even on a fixed-rate loan.

What is deliberately left out

Mortgage insurance. Conventional loans above 80% loan-to-value carry PMI, typically 0.3% to 1.5% of the loan amount annually, removable once you reach 20% equity. FHA loans carry an upfront premium plus an annual MIP that, on most loans originated today, lasts the life of the loan.
Discount points and lender credits. Points paid at closing buy the rate down; lender credits raise the rate to cover closing costs. Both change the economics substantially and neither appears in a note rate.
Loan-level price adjustments. Fannie Mae and Freddie Mac apply pricing adjustments by credit score, loan-to-value, occupancy and property type. Two borrowers on the same day get different rates for this reason alone.
Closing costs. Origination, appraisal, title, recording and prepaid escrow commonly total two to five percent of the loan amount.

Use the result to compare scenarios against each other. For an actual transaction, the Loan Estimate your lender is required to provide is the authoritative document, and the annual percentage rate on it is the figure designed for comparison across offers.