How is my monthly mortgage payment calculated?

Your monthly payment combines principal and interest (based on loan amount, rate, and term) plus property tax, homeowners insurance, PMI if your down payment is under 20%, and any HOA dues.

What is PMI and when do I pay it?

Private mortgage insurance (PMI) is typically required when your down payment is under 20%. This calculator estimates it at 0.5% of the loan amount per year; your lender's actual PMI will differ and usually drops off at 20% equity.

How much does a $700,000 home cost per month?

It depends on your down payment, rate, and term. As an example, a $700,000 home with 20% down on a 30-year loan at 7.40% runs about $4,661 per month including estimated tax and insurance. Use the calculator above for your exact numbers.

Home financing

Mortgage calculator

Estimate your monthly payment — principal & interest, property tax, insurance, PMI, and HOA — before you fall in love with the house.

Your loan

Home price $700,000

Down payment 20% · $140,000

Interest rate

Loan term

Property tax (annual)

Home insurance (annual)

HOA dues (monthly)

PMI (auto)

PMI is estimated at 0.5%/year of the loan amount when your down payment is under 20% — your lender’s actual PMI will differ, and it typically drops off once you reach 20% equity.

Estimated monthly payment

per month

Principal & interest $0
Property tax $0
Home insurance $0
PMI (est.) $0
HOA dues $0

Loan amount$0

Down payment$0

Total interest$0

Payoff date—

Year-by-year breakdown

Year	Principal	Interest	Balance

Estimates only — for planning purposes, not a loan offer, approval, or quote. Rate default (7.40%) reflects the Freddie Mac weekly average for a 30-year fixed mortgage, week ending October 15, 2026. Property taxes, insurance, PMI, and HOA vary by property and lender — confirm with your lender for exact figures.

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