This Rocket Mortgage calculator allows you to estimate your total monthly mortgage payment, including property taxes and home insurance. Get a clear picture of your future home loan payments.

Formula Explanation

The calculator uses the following formulas:
Monthly Loan Payment = Loan Amount × Monthly Interest Rate / (1 – (1 + Monthly Interest Rate)^-Number of Payments)
Total Payment = Monthly Loan Payment + Property Taxes / 12 + Insurance / 12

Example Calculation

$250,000 loan, 3.5% interest rate, 30 years term → Estimated monthly payment = $1,120.56 (including taxes and insurance).

Why It Matters

Understanding your full monthly mortgage payment helps you plan your budget more accurately and avoid surprises.

Smart Strategy

Factor in property taxes and home insurance when setting your budget for homeownership. These costs can add up quickly!

FAQs

How can I reduce my mortgage payments? Consider refinancing, increasing your down payment, or lowering your loan term.

Are property taxes included in my monthly mortgage payment? Yes, this calculator includes taxes and insurance in the total monthly payment.