Mortgage payment calculator
See your full monthly cost, not just principal and interest. Adjust price, down payment, rate, taxes and condo fees.
Estimated monthly payment
$3,721
- Principal and interest
- $3,159
- Property tax
- $596
- Homeowners insurance
- $150
- Mortgage insurance
- $0
- HOA or condo fee
- $0
Estimate for illustration. Insurance assumed at 0.28% of price per year; PMI at 0.5% of the loan when down payment is under 20%.
What goes into your payment
Every number above is an estimate. A loan officer can replace assumptions with your actual taxes, insurance quotes and pricing.
Talk to a loan officerPrincipal and interest
The loan repayment itself. Early payments are mostly interest; by the final years they are mostly principal. A 15-year term raises the payment but cuts total interest by more than half.
Property taxes
Massachusetts towns set their own rates. Boston's owner-occupied rate is close to 0.6% of value after the residential exemption, while many suburbs run 1.1% to 1.6%. Taxes are usually collected monthly in escrow.
Homeowners insurance
Required by every lender. Coastal properties, older homes and triple-deckers often cost more to insure. We estimate 0.28% of the price per year.
Mortgage insurance
With less than 20% down on a conventional loan, PMI protects the lender. It is removed once you reach enough equity. FHA loans have their own mortgage insurance premium.
Condo or HOA fees
Common in Boston and Cambridge condos. Lenders count the full fee in your debt-to-income ratio, so include it for an accurate picture.
Common questions
Most advertised payments show principal and interest only. Taxes, insurance and mortgage insurance can add 25% to 40% to the payment in Massachusetts.
It lowers your payment and may remove PMI, but keeping cash reserves matters too. We can show the payment at 5%, 10% and 20% down side by side.
It is a reliable estimate. Your actual payment depends on your final rate, the town's tax bill, your insurance quote and any condo fee.
Turn estimates into real numbers
Get a pre-approval with your actual rate, taxes and cash to close. Soft credit check, and a local loan officer follows up the same day.
- Soft credit check
- 24-day average close
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