Estimate monthly mortgage payments for the United States or Canada, including principal, interest, property tax, home insurance, mortgage insurance, and HOA or condo fees.
Choose the country to apply the appropriate interest-rate and mortgage-insurance rules.
Enter the purchase price and your expected down payment.
Adjust the loan term and annual interest rate to match your mortgage scenario.
Add common ownership costs for a more realistic monthly payment.
PMI may apply when the original loan-to-value ratio is above 80%. Enter a rate to include a monthly estimate.
The estimate runs through the scheduled 80% borrower-request threshold. This is not an automatic cancellation date or guaranteed total cost.
Includes principal and interest, property tax, home insurance, PMI, and HOA fees. Excludes closing costs, utilities, maintenance, repairs, and future tax or insurance changes.
Use this as a planning estimate, not a final lender quote.
Loan Amount
$0
Mortgage balance · 0.0% down payment
Principal & Interest
$0.00
Core loan payment · Monthly mortgage payment
Taxes & Insurance
$0.00
Ownership costs · Monthly estimate
PMI & HOA
$0.00
PMI not indicated by the original loan-to-value ratio
Estimated Monthly Payment
per month
Estimated total interest over the loan term: $0
Estimated total cost over the loan term: $0
This calculator is for general planning only. It is not a lender quote, mortgage approval, tax advice, legal advice, or financial advice. Confirm current terms, eligibility, insurance, taxes, and fees with qualified professionals.
Enter the home price, down payment, term or amortization, interest rate, taxes, insurance, and fees. The calculator separates the loan payment from recurring ownership costs.
The result is a planning baseline for comparing scenarios, not a lender quote or pre-approval.
M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]
M is principal-and-interest payment, P is financed principal, r is the periodic interest rate, and n is scheduled payments. At 0% interest, principal is divided evenly across the schedule.
Monthly housing payment = Principal and interest + Property tax + Home insurance + Mortgage insurance + HOA or condo fees
Both examples call the same calculateMortgage() production function as the interactive calculator.
Estimated monthly housing payment: $3,105.44
PMI is estimated only through the scheduled 80% borrower-request threshold. The 0.6% rate is an example input, not a market quote.
Estimated monthly housing payment: $4,378.56
The insurance premium is financed into the mortgage rather than shown as a monthly fee. Provincial sales tax is not calculated.
US estimates convert the annual rate to a monthly rate and apply the fixed-payment formula. When down payment is below 20%, a user-entered PMI rate can be projected through the scheduled 80% borrower-request threshold.
CFPB explanation of PMI cancellation and terminationCanadian estimates convert a nominal annual rate compounded semi-annually to an effective monthly rate. Eligible insured mortgages may finance a default-insurance premium; the entered rate is held across the full amortization for planning.
Home price minus down payment determines the base loan; Canadian insurance may be added to principal.
Principal and interest are only part of housing cost. Add realistic taxes, insurance, PMI, and association or condo fees.
Rates, qualification, insurance, closing costs, escrow and renewal terms depend on the lender and product.
Principal and interest depend on financed principal, periodic rate, and scheduled payments. Total housing cost can also include tax, insurance, PMI, and HOA or condo fees.
It includes entered principal and interest, property tax, home insurance, applicable mortgage insurance, and HOA or condo fees. Utilities, maintenance, repairs, and closing costs are excluded.
PITI means principal, interest, taxes, and insurance. PMI and HOA fees may be additional.
A larger down payment reduces loan-to-value, financed principal, and usually the payment. Reaching 20% may avoid US PMI or Canadian default insurance, subject to product rules.
Private mortgage insurance protects the lender and may apply to some conventional loans with less than 20% down. Enter an annual PMI rate to include it.
It protects the lender and is generally required for eligible mortgages below 20% down. The estimated premium is added to principal.
A term is the current contract period; amortization is the planned full repayment period. Canadian mortgages commonly renew before amortization ends.
No. They are planning estimates, not lender quotes, underwriting decisions, approvals, or financial advice.
The calculator uses the standard fixed-payment formula. US estimates use a monthly rate; Canadian estimates convert semi-annual compounding to an effective monthly rate. Confirm real transactions with current official guidance and qualified professionals.
