Mortgage Payment Calculator

There are many considerations in purchasing a home. An important one is the affordability of the monthly mortgage payment. A typical mortgage payment includes not only repaying the loan principle and interest, but also mortgage insurance, homeowners insurance, real estate taxes, and, for some homes, a community's homeowners' association (HOA) fee.

Note: The results of this loan payment calculator will be an approximation of your actual monthly mortgage. For your convenience, default values are included for the interest rate, real estate taxes, funding fees, and homeowners insurance. You will increase the accuracy of this calculator by changing the default values with the actual numbers. The actual payments will be determined by your lender in the loan preparation process.

Downpayment: Enter percentage or amount

Loan Term
Number of years
Interest Rate %
percentage (%)
Mortgage Insurance*
percentage (%)
Real Estate Tax Rate %
percentage (%)
Homeowners' (or Hazard) Insurance
Monthly rate in dollars ($)
Homeowners' Association
Monthly fee in dollars ($)

*If you leave the mortgage insurance field blank and your downpayment is less than 20%, mortgage insurance is added at .8 of the loan value .


Purchase Price:
Downpayment Amount:
Downpayment Percentage:
Amount of Loan:

Payment Breakdown

Principle and Interest:
Real Estate Taxes:
Mortgage Insurance*:
Homeowners Insurance:
Association Fee:
Total Monthly Payment:
Home in Temecula
Couple paying the bills

Most mortgage lenders require a downpayment of at least 3% on your home, and perhaps more depending on your credit score. In addition to a downpayment, you will also be expected to pay some costs for closing your loan. If you can put a 20% downpayment on your home, you will not have to pay for mortgage insurance.

Mortgage Insurance
Mortgage insurance is a insurance policy that protects your lender against losses that result from a loan default. Generally, your lender will require mortgage insurance if you make a down payment of less than 20%.

Homeowner's Insurance
There are many variables that go into setting the price of homeowners insurance, including the location of the home as well as its age and type of construction. Check with your insurance agent for a good estimate.

Real Estate Taxes
Real estate taxes are based on the appraised value of a home, not the market value or purchase price. This calculator uses the purchase price as a proxy for the appraised value.

Funding Fee
Funding fees apply to certain types of loans, like VA, FHA, or USDA loans. It is a percentage of the loan amount which varies based on the type of loan, the amount of downpayment, and other factors.

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Melanie Buffington