Principal & interest uses the standard amortization formula for your loan amount, rate, and term. Property tax applies your yearly rate to the home price, divided monthly. PMI applies an annual rate to the loan amount while the down payment is below 20%. One-time closing costs (title, lender, and government fees) are itemized from local title-company fee data where available, state-typical defaults otherwise; they are shown alongside the payment but are not part of it.

What data does it use?

Standard amortization mathematics (public domain). Illustrative rates from the Freddie Mac Primary Mortgage Market Survey, dated on-screen.

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Mortgage Payment Estimator: how it works

Estimates a full monthly housing payment: loan principal and interest via standard amortization, plus property tax, homeowners insurance, PMI when the down payment is under 20%, and HOA dues.

Step by step

Principal & interest uses the standard amortization formula for your loan amount, rate, and term.
Property tax applies your yearly rate to the home price, divided monthly.
PMI applies an annual rate to the loan amount while the down payment is below 20%.
One-time closing costs (title, lender, and government fees) are itemized from local title-company fee data where available, state-typical defaults otherwise; they are shown alongside the payment but are not part of it.

The math

Monthly P&I = L·r/(1−(1+r)^−n) with monthly rate r and n payments (public-domain amortization).

Sources

Standard amortization mathematics (public domain).
Illustrative rates from the Freddie Mac Primary Mortgage Market Survey, dated on-screen.