The top result separates principal and interest from escrow-style costs so the headline payment is easier to understand.
Tool 03
Mortgage optimizer
Put in price, down payment, rate, term, and location. The calculator fills in planning estimates for taxes, insurance, HOA, and PMI.
Estimated monthly payment
$0
$0 principal and interest
PMI added because the down payment is below 20%.
Principal and interest
$0
First principal$0
First interest$0
Taxes, insurance, HOA
$0
Property tax$0
Insurance$0
HOA$0
PMI$0
Remaining balance
Payoff time0 yrs
Total principal paid$0
Total interest$0
Interest saved$0
PMI estimate$0
Mortgage calculator guide
Estimate a mortgage payment with taxes, insurance, HOA, PMI, and payoff timing
The ClearWorth mortgage calculator estimates the monthly payment beyond principal and interest by adding property tax, homeowners insurance, HOA dues, and PMI when the down payment is below 20%.
Updated May 12, 2026. Planning estimate only; lender disclosures control actual loan costs.
If the down payment is under 20%, PMI is estimated and called out separately instead of quietly blending into the payment.
Advanced assumptions let you model extra principal payments and see the impact on payoff time and interest saved.
What is included in the monthly mortgage payment?
The calculator includes principal and interest, estimated property tax, homeowners insurance, HOA dues, and PMI when applicable. That is closer to the payment people actually feel than a principal-and-interest-only estimate.
- Use the down-payment percent field if you want to test 3%, 5%, 10%, or 20% quickly.
- Open advanced assumptions to override taxes, insurance, HOA, PMI, or extra principal.
- Use the balance chart to see how slowly principal can fall in the early years of a loan.
Why affordability is bigger than the mortgage
A home can look affordable on the mortgage line and still be tight after maintenance, repairs, utilities, moving costs, furniture, and opportunity cost. Use this calculator as the payment layer, then read the housing guides before treating lender approval as a budget.
Helpful next steps: Are you ready to buy?, phantom costs of homeownership, and rent vs. buy calculator.
Does this include PMI?
Yes. When the down payment is below 20%, the calculator estimates PMI and shows it separately so the added cost is visible.
Are property taxes exact?
No. ZIP and state assumptions are planning defaults. Property tax varies by county, city, assessed value, exemptions, and reassessment timing.
Does extra principal always help?
Extra principal generally reduces interest and payoff time, but it also ties up cash in home equity. Compare it against emergency savings, retirement contributions, and higher-interest debt.
Why is the first payment mostly interest?
Amortizing loans charge interest on the remaining balance. Early in the loan, the balance is large, so the interest portion is large too.
Sources and research direction: CFPB mortgage loan guidance, CFPB on private mortgage insurance, CFPB on homebuying budgets, and ClearWorth methodology notes.