Home price
The purchase price of the home before your down payment.
Clear Home Payment
Know the real monthly cost before you buy.
Estimate your monthly payment with principal, interest, property taxes, insurance, HOA, PMI, closing costs, and cash needed to close.
Home payment calculator
Enter a few estimates to see the monthly payment and cash needed at closing.
Estimate
- Loan amount
- $340,000
- Principal and interest
- $2,205
- Estimated property tax monthly
- $390
- Insurance monthly
- $150
- HOA monthly
- $0
- PMI monthly
- $0
- Estimated total monthly payment
- $2,745
- Estimated closing costs
- $12,750
- Estimated cash needed to close
- $97,750
What each home payment line means
Buying a home comes with more than just the mortgage. Here is what each line in the calculator means, in plain English.
Calculator inputs
Down payment
The amount you pay upfront toward the home purchase. A larger down payment usually lowers the loan amount and monthly payment.
Interest rate
The annual rate charged by the lender for borrowing the money. Even a small change in interest rate can affect the monthly payment.
Loan term
The number of years used to pay back the mortgage. Common terms are 15, 20, or 30 years.
Property tax rate
The yearly property tax estimate as a percentage of the home price. Property taxes can have a major impact on the real monthly cost.
Home insurance
The estimated monthly cost to insure the home. Lenders usually require homeowners insurance.
HOA
A homeowners association fee, if the home is in a community that charges one. Some homes have no HOA.
PMI
Private mortgage insurance. This may apply when the down payment is below 20%, depending on the loan type and lender.
Closing cost percentage
An estimate of upfront costs paid around closing. These may include lender fees, title fees, prepaid taxes, insurance, and other transaction costs.
Calculator results
Loan amount
The estimated amount borrowed after subtracting the down payment from the home price.
Principal and interest
The estimated monthly mortgage payment before adding taxes, insurance, HOA, or PMI.
Estimated property tax monthly
The estimated monthly share of annual property taxes.
Estimated total monthly payment
The estimated all-in monthly payment from the calculator, including principal, interest, property taxes, insurance, HOA, and PMI.
Estimated closing costs
The estimated upfront closing costs based on the percentage entered.
Estimated cash needed to close
The estimated cash needed upfront, including down payment plus closing costs.
These explanations are simplified estimates. Actual mortgage terms, taxes, insurance, PMI, HOA fees, and closing costs can vary by lender, location, property, and loan type.
What is a home payment calculator?
A home payment calculator estimates what a home may cost each month after combining the loan payment with common ownership costs. It helps buyers compare homes, budgets, and down payment options before making an offer.
What is included in a monthly home payment?
A monthly home payment often includes principal and interest, property taxes, homeowners insurance, HOA dues, and PMI when applicable. Some costs vary by lender, location, loan type, and property, so the total should be treated as an estimate.
Why property taxes matter
Property taxes can add a meaningful monthly cost to a home purchase. Tax rates vary by city, county, and assessed value, so even homes with the same sale price can have different monthly totals.
Why closing costs matter
Closing costs affect how much cash a buyer may need at the finish line. They may include lender fees, title charges, escrow items, recording fees, prepaid taxes, and prepaid insurance.
How to estimate cash needed to close
A simple estimate is the down payment plus expected closing costs. This calculator uses the home price, down payment amount, and a closing cost percentage to estimate the cash needed to close.
Frequently asked questions
Is this calculator free?
Yes. Clear Home Payment is a free calculator for estimating monthly home costs and cash needed to close.
Is this financial advice?
No. The calculator provides estimates only and is not financial, tax, legal, lending, or real estate advice.
Does this include property taxes?
Yes. You can enter an estimated property tax rate, and the calculator converts it into a monthly estimate.
Does this include insurance?
Yes. You can enter a monthly home insurance estimate and include it in the total monthly payment.
Does this include HOA?
Yes. If the property has an HOA fee, enter the monthly amount to include it in the estimate.
What is PMI?
PMI stands for private mortgage insurance. It may be required on some loans when the down payment is below a lender's threshold.
What are closing costs?
Closing costs are fees and prepaid expenses paid when a home purchase closes, such as lender fees, title fees, taxes, and insurance items.
Disclaimer
This calculator provides estimates only and is not financial, tax, legal, lending, or real estate advice.