Mortgage Calculator

See the real cost of homeownership. Calculate monthly payments including principal, interest, property taxes, insurance, HOA fees, and PMI.

Estimated Monthly Payment

$5,455/month

⚠️ Includes PMI (down payment less than 20%)

Home Price$600,000

Down Payment$30,000 (5.0%)

💡 Tip: 20% down payment eliminates PMI ($20,000 in this case)

Loan Term

Interest Rate (Annual %)7.00%

Current market range: 6-8%

Annual Property Tax$12,000

Greater Boston average: ~2% of home value annually

Annual Homeowners Insurance$1,500

Typical range: $1,000-$2,500/year

Monthly HOA/Condo Fee$300

Condo/townhouse fees

Monthly Payment Breakdown

Principal & Interest$3,792

Property Tax$1,000

Insurance$125

HOA/Condo Fee$300

PMI (required)$238

0.5% annual rate on loan amount (down payment under 20%)

Total Monthly Payment$5,455

Monthly P&I

$3,792.22

Total Interest

$795,201

Total Loan Cost

$1,365,201

Year	Payment	Principal	Interest	Balance
1	$45,507	$5,790	$39,717	$564,210
2	$45,507	$6,209	$39,298	$558,001
3	$45,507	$6,658	$38,849	$551,344
4	$45,507	$7,139	$38,368	$544,205
5	$45,507	$7,655	$37,852	$536,550
6	$45,507	$8,208	$37,298	$528,342
7	$45,507	$8,802	$36,705	$519,540
8	$45,507	$9,438	$36,069	$510,102
9	$45,507	$10,120	$35,387	$499,982
10	$45,507	$10,852	$34,655	$489,131
11	$45,507	$11,636	$33,871	$477,494
12	$45,507	$12,477	$33,029	$465,017
13	$45,507	$13,379	$32,127	$451,638
14	$45,507	$14,347	$31,160	$437,291
15	$45,507	$15,384	$30,123	$421,908
16	$45,507	$16,496	$29,011	$405,412
17	$45,507	$17,688	$27,818	$387,724
18	$45,507	$18,967	$26,540	$368,757
19	$45,507	$20,338	$25,169	$348,419
20	$45,507	$21,808	$23,698	$326,610
21	$45,507	$23,385	$22,122	$303,226
22	$45,507	$25,075	$20,431	$278,150
23	$45,507	$26,888	$18,619	$251,262
24	$45,507	$28,832	$16,675	$222,431
25	$45,507	$30,916	$14,591	$191,515
26	$45,507	$33,151	$12,356	$158,364
27	$45,507	$35,547	$9,959	$122,817
28	$45,507	$38,117	$7,390	$84,700
29	$45,507	$40,873	$4,634	$43,827
30	$45,507	$43,827	$1,679	$0

Amortization is for principal & interest only. Taxes, insurance, and HOA are not included.

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How It Works

This calculator estimates your monthly housing payment based on the home price, down payment, interest rate, and loan term. It includes:

Principal & Interest: Your base mortgage payment
Property Tax: Annual taxes divided by 12 months
Insurance: Homeowners insurance monthly cost
HOA Fees: Monthly community or condo fees if applicable
PMI: Private mortgage insurance if down payment is less than 20%

Disclaimer: This is an estimation tool. Actual payments may vary based on your lender, credit score, location, and local regulations. For accurate quotes, speak with a mortgage professional.