Calculate Your Monthly Payment
Get instant, accurate estimates including principal, interest, taxes, insurance, and PMI
Mortgage Payment Calculator
Calculate your monthly mortgage payment with taxes and insurance
💡 Pro Tip
Try different down payment amounts to see how they affect your monthly payment and whether you'll need PMI. Even a small increase can save you money every month.
How Our Calculator Works
Our comprehensive mortgage calculator gives you a complete picture of your monthly housing costs. Unlike basic calculators, we include property taxes, homeowners insurance, HOA fees, and PMI to show you the real number that will come out of your bank account each month.
Whether you're a first-time buyer trying to understand what you can afford, or an experienced homeowner comparing refinance options, this tool provides the accuracy and detail you need to make confident decisions.
What Makes Our Calculator Different
- Complete Cost Breakdown: Includes principal, interest, taxes, insurance, PMI, and HOA fees
- Real-Time Adjustments: See instant updates as you change loan terms and down payment amounts
- Multiple Scenarios: Compare different loan options side-by-side to find the best fit
- Industry-Standard Formulas: Uses the same calculations lenders use for accurate estimates
- No Hidden Surprises: Shows you the true monthly cost including often-forgotten expenses
The calculator is designed to help you make informed decisions before you even talk to a lender. By understanding your numbers upfront, you can shop for homes confidently, negotiate better, and avoid payment shock when your first bill arrives.
Ready to Get Started?
After calculating your payment, talk to our expert team to get a personalized quote and lock in your rate.
Ready to Take the Next Step?
Let our expert team help you turn these calculations into reality
Get Pre-Approved
Start your application and get approved in minutes
Schedule Consultation
Talk to an expert about your specific needs
Download Report
Get a detailed breakdown of your results
Talk to an Expert
Connect with a dedicated loan officer
✓ No obligation • ✓ Fast response • ✓ Expert guidance
Why Accurate Calculations Matter
Hidden Monthly Costs
Most buyers forget about taxes, insurance, and PMI until it's too late
Budget Uncertainty
Without accurate numbers, you risk overextending your finances
Payment Shock
First payment arrives and it's higher than expected
Comparison Difficulty
Hard to compare different loan scenarios and down payments
Understanding Your Results
Principal & Interest
This is the core of your mortgage payment. Principal is the amount you borrowed, and interest is what the lender charges to loan you the money. In the early years, most of your payment goes toward interest. Over time, more goes toward principal.
Property Taxes & Insurance
Most lenders require these to be paid monthly into an escrow account. They hold the funds and pay your tax and insurance bills when due. This protects both you and the lender by ensuring these critical expenses are always paid.
PMI & HOA Fees
PMI protects the lender if you put down less than 20%. It can be removed once you reach 20% equity. HOA fees cover community maintenance and amenities. These vary widely by property and location but are critical to include in your budget.
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Frequently Asked Questions
What's included in the monthly payment calculation?
The calculator includes principal, interest, property taxes, homeowners insurance, HOA fees (if applicable), and PMI (if your down payment is less than 20%). This gives you a complete picture of your true monthly housing cost.
How accurate is this mortgage calculator?
Our calculator uses industry-standard formulas and provides highly accurate estimates. However, final rates and payments may vary based on your credit score, loan program, and lender fees. We recommend using these results as a starting point and getting a personalized quote from our team.
Can I adjust the interest rate in the calculator?
Yes! You can manually adjust the interest rate to see how different rates affect your monthly payment. This is helpful for comparing loan offers or seeing how rate changes impact your budget.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home's value. It protects the lender if you default on the loan. PMI typically costs 0.5% to 1% of the loan amount annually and can be removed once you reach 20% equity.
How do property taxes affect my monthly payment?
Property taxes are typically included in your monthly mortgage payment through an escrow account. The lender collects a portion each month and pays your tax bill when it's due. Tax rates vary by location, so enter your specific property tax amount for accurate results.
Can I use this for refinancing calculations?
Yes! This calculator works for both purchase and refinance scenarios. Simply enter your current loan details to see what your new payment would be after refinancing.
What's the next step after using the calculator?
Once you have your estimated payment, you can get pre-approved with NMHL to lock in your rate and start house hunting with confidence. Our team can provide a personalized quote based on your specific financial situation.
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