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.
This estimate includes principal and interest, property tax, home insurance, PMI, and HOA fees. It does not include closing costs, utilities, maintenance, repairs, or future changes in tax and insurance rates.
Use this number 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
Financial disclaimer: This calculator is for informational purposes only and does not provide financial, tax, legal, loan, or investment advice. Actual results may vary depending on lender terms, tax rules, fees, deductions, and personal circumstances.
Sponsored
Advertisement Slot (mid)
This mortgage calculator estimates the monthly cost of financing a home in the United States or Canada. Enter the home price, down payment, mortgage rate, and repayment period to calculate principal and interest. Add property tax, home insurance, mortgage insurance, and HOA or condo fees for a more complete monthly housing-cost estimate.
The result separates the core mortgage payment from recurring ownership costs, so you can see what goes to the loan and what goes to the everyday cost of keeping the home.
M = P × [r(1 + r)n] ÷ [(1 + r)n − 1]
In the fixed-rate mortgage formula, M is the periodic principal-and-interest payment, P is the financed loan principal, r is the periodic interest rate, and n is the total number of scheduled payments. At 0% interest, the principal is divided evenly across the payment schedule.
Estimated monthly housing payment = Principal and interest + Property tax + Home insurance + Mortgage insurance + HOA or condo fees
Think of the result as a planning baseline: useful for comparing scenarios, but not a lender quote, pre-approval, or promise that a loan will be available.
Both examples below call the same calculateMortgage() function as the interactive calculator, so the published numbers remain tied to the production calculation logic.
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 separate monthly fee. Provincial sales tax is not calculated.
For United States estimates, the calculator converts the annual mortgage rate to a monthly rate and applies the fixed-rate amortization formula. Common 10-, 15-, 20-, and 30-year loan terms are supported.
When the down payment is below 20%, the calculator can estimate private mortgage insurance (PMI). It projects the scheduled loan balance and counts payments through the scheduled 80% borrower-request threshold. Under general federal rules, automatic termination is usually associated with a separate scheduled 78% threshold when the borrower is current. Loan type, payment history, investor rules, property value, and servicer procedures can change the actual outcome. See the CFPB explanation of PMI cancellation and termination.
For Canadian estimates, the calculator converts the entered nominal annual rate to an effective monthly rate using semi-annual compounding. The payment is then calculated over the selected amortization period. See the Financial Consumer Agency of Canada fixed-mortgage disclosure example.
For an eligible mortgage with less than a 20% down payment, an estimated mortgage default insurance premium may be added to the mortgage principal. Because the premium is financed, it affects both the monthly payment and total interest. Provincial sales tax on the premium is not included and may be payable upfront where applicable. See the CMHC mortgage insurance cost and premium schedule.
For planning purposes, the entered rate is assumed to continue throughout the full amortization period. In real life, Canadian mortgages are often renewed before amortization ends, so future rates and payments may change.
CMHC indicates that insured amortizations up to 30 years are available when the borrower is a first-time homebuyer or the property is a new build. Selecting eligibility in this calculator records the user’s confirmation; it does not independently determine eligibility. See the CMHC mortgage loan insurance premium calculator.
Sponsored
Advertisement Slot (bottom)
Your principal-and-interest payment is determined by the financed loan amount, periodic interest rate, and number of scheduled payments. The total monthly housing estimate may also include property tax, home insurance, PMI or mortgage default insurance, and HOA or condo fees.
The estimate includes principal and interest plus the property tax, home insurance, applicable mortgage insurance, and HOA or condo fees entered by the user. It does not include utilities, maintenance, repairs, closing costs, or future increases in taxes and insurance.
PITI means principal, interest, taxes, and insurance. In the United States, lenders and borrowers commonly use the term to describe the main components of a monthly housing payment. PMI and HOA fees may be additional.
A larger down payment reduces the loan-to-value ratio (LTV), financed principal, and usually the monthly payment. Reaching a 20% down payment may also remove the need for US PMI or Canadian mortgage default insurance, subject to the mortgage product and eligibility rules.
Private mortgage insurance protects the lender if a borrower defaults. It may apply to some US conventional mortgages with less than 20% down. This calculator needs a user-entered annual PMI rate to include a monthly PMI estimate.
The estimate follows scheduled amortization to the first payment that reduces the balance to 80% of the original home value. This is commonly a borrower-request threshold, not guaranteed cancellation or automatic termination. General automatic-termination rules commonly use a separate scheduled 78% threshold and require the borrower to be current.
Mortgage default insurance protects the lender and is generally required for eligible Canadian mortgages with less than 20% down. The estimated one-time premium is added to the mortgage principal, so the borrower also pays interest on the financed premium.
The mortgage term is the duration of the current contract and its conditions. The amortization period is the planned time needed to repay the full mortgage. Canadian borrowers commonly renew through several mortgage terms before reaching the end of amortization.
A 30-year schedule usually lowers the required monthly payment by spreading principal across more payments. A 15-year schedule normally requires a higher monthly payment but can substantially reduce total interest. “Cheaper each month” does not necessarily mean cheaper over the life of the mortgage.
No. The estimate can include the down payment, scheduled principal and interest, entered taxes and insurance, mortgage insurance, and HOA or condo fees. It excludes closing costs, utilities, maintenance and repairs, property-value changes, future tax or insurance increases, and the effects of refinancing or early repayment.
No. Results are general planning estimates, not lender quotes, underwriting decisions, mortgage approvals, or financial advice. Actual payments and eligibility depend on the lender, mortgage product, taxes, insurance rules, fees, escrow arrangements, and future rates.
The calculator uses the standard fixed-payment amortization formula. US estimates use a monthly periodic rate. Canadian estimates convert a nominal annual rate compounded semi-annually into an effective monthly rate. Rules and insurance products can change, so confirm a real transaction with a lender, mortgage professional, insurer, and current official guidance.
