Estimate Your Monthly Mortgage Payments With Our Calculator

Use this simple mortgage calculator to estimate your monthly payment for the home you want to buy.

See how your payment changes depending on your down payment, how much you borrow and your interest rate.

Home Price

Down Payment

Amount

Percent

Interest Rate

Loan Term (years)

Property Tax (% of home price/year)

Homeowners Insurance ($/year)

HOA Fees ($/month)

Mortgage Insurance (% of loan/year)

Your Estimated Monthly Payment

Using Our Mortgage Payment Calculator

It’s important to ensure the home you’re buying aligns with your budget and financial goals. Using our mortgage payment calculator is easy and can help you determine how much of a home you can financially manage. Test different interest rates, loan terms and down payment scenarios to find the best combination for your budget and future goals.

Enter the Following Information:

Home price. The price you’re willing to pay for your new home.
Down payment. The cash you plan to deposit toward the purchase of the home. The larger your down payment, the less you may need to borrow.
Interest rate. The cost of borrowing money from the lender, calculated as a percentage of the amount of the loan.
Term. The total length of your home loan, generally measured in years. Mortgage loan terms are typically 15 to 30 years, but Pennymac is proud to offer flex terms. We offer terms of 16 years, 17 years, 18 years and more on most loans.
Property taxes. A tax assessed on real estate by the local government, usually based on the value of the property (including the land) you own.
Homeowners Insurance. Usually required by lenders, homeowners insurance covers damage or loss to your home, as well as potential liability from events that occur on the property.
HOA Fees. The monthly amount paid to the Home Owners Association for community services and amenities, if applicable.
Mortgage Insurance. A protective fee, expressed as a percentage of the loan, that is typically required when your down payment is less than 20%. Requirements for this fee can vary significantly depending on your loan type (Conventional, FHA, or VA).

Understanding Your Mortgage Calculator Results

Your total estimated payment is displayed at the top. For more detailed results, look at the breakdown below.

Breakdown

This section breaks down your monthly payment by the following:

Principal. This is the amount of money you’ll borrow. For example, if your home costs $500,000 and you borrow $350,000, your mortgage will be $350,000.
Interest. The amount of monthly interest you’ll be paying based on the rate, amount and term of your home loan.
Taxes & Fees. Typically, property taxes and homeowners insurance are factored into the monthly payment through an escrow account, so adding those figures will give you the best estimate of what you may be expected to pay. Keep in mind that property taxes and homeowners insurance premiums can change and often increase every year. Also take into account any HOA or condo dues. These types of dues can easily add a couple hundred dollars or more to your total monthly payment, and they must be factored into your debt-to-income ratio (DTI). If you input a down payment of less than 20%, typically some form of mortgage insurance is included. This policy protects the lender in the event a borrower defaults on the loan. Below is a general guide to the difference in insurance requirements by loan type:

Loan Type	Down Payment < 20%	Insurance Name	When Does It Drop Off?
Conventional	Required	PMI (Private Mortgage Insurance)	Automatically cancels when LTV reaches 78% or upon request at 80% LTV.
FHA	Required	MIP (Mortgage Insurance Premium)	Drops off after 11 years (with 10%+ down) OR never (with <10% down).
VA	Not Required	None (Uses a Funding Fee instead)	Not applicable, as there is no monthly insurance payment.

What Is a Mortgage?

A mortgage is a loan secured by real property, where the property—or home—is collateral. It’s a legal agreement between a lender and the borrower. A mortgage allows a homeowner to pay back the lender in installments over an agreed-upon time period (the term) and interest rate.

How Do I Get a Mortgage?

Getting a mortgage requires applying to a lender. But first, it’s a good idea to determine your budget and the amount you’ll be qualified to borrow. Check out the Pennymac Mortgage Blog for info to help save you money, time and peace of mind during the mortgage process.

How Much Is a Down Payment?

Your down payment amount depends on a few factors. A home down payment of 20% of the purchase price is typically recommended, since this will help you avoid paying private mortgage insurance. But first-time homebuyers may be able to put down less, while certain loan types, such as FHA loans, may have different down payment requirements.

What’s Included in My Mortgage Payment?

A mortgage payment typically includes your loan principal, interest, property taxes and homeowners insurance premium. It may also include mortgage insurance and HOA fees, if applicable.