Mortgage Payment on a $400K House
Mortgage Payment Calculator
A $400,000 home price does not point to one fixed monthly payment. The loan amount, rate, term, property taxes, insurance, and recurring home costs all shape the result.
Use the prefilled example as a starting point and adjust each assumption to match the property and financing you are considering.
Quick insight
Changing the down payment can affect both principal and interest and whether the calculator includes PMI, so it is useful to compare more than one cash-down scenario.
Payment estimate
Start with the numbers that shape your monthly payment
Adjust the basics first, then refine taxes, insurance, and ongoing home costs.
Refine taxes, insurance, and monthly costs
Estimated monthly home cost
$3,114 / month
A more realistic estimate that includes both the mortgage payment and the ongoing costs of owning the home.
Principal & Interest
$2,023
Property Taxes
$417
Home Insurance
$125
PMI
$0
HOA
$0
Utilities
$250
Maintenance
$300
Total estimated monthly cost
$3,114
Upfront cash
Cash needed upfront
This estimate includes the down payment only.
Down payment
$80,000
Closing costs are not currently included in this estimate.
How much is the monthly payment on a $400K house?
There is no single payment that applies to every $400K home. The estimate above changes when you adjust the down payment, interest rate, loan term, property taxes, insurance, or other home costs. For a $400,000 home, compare the total monthly cost after changing the down payment while leaving the rate and term unchanged. This isolates how the amount financed changes the estimate.
Starting assumptions used on this page
- Home price
- $400,000
- Down payment
- $80,000
- Loan amount
- $320,000
- Example interest rate
- 6.5%
- Loan term
- 30 years
- Property tax rate
- 1.25%
The rate is an example assumption, not a current market quote. Insurance and other costs remain editable in the calculator.
What goes into the monthly payment?
Principal reduces the loan balance, while interest is the cost of borrowing. The estimate also includes property taxes and homeowners insurance. PMI is added by this calculator when the down payment is below 20%, and HOA fees apply only when you enter one. Utilities and maintenance are shown separately because they affect the monthly cost of owning the home even though they are not mortgage payments.
How does the down payment change the payment?
Increasing the down payment reduces the amount borrowed, which generally lowers principal and interest. A smaller down payment keeps more cash available but creates a larger loan. The starting example uses an $80,000 down payment. Try a smaller and larger amount to see the tradeoff between cash needed upfront and the ongoing loan payment.
Try your own numbers
Replace the example inputs above with the property and loan terms you are considering. For a blank starting point, use the Mortgage Calculator. If you are still deciding what purchase price fits your finances, start with the Home Affordability Calculator.
Why this helps
Mortgage payment vs. real home cost
Many mortgage calculators show only principal and interest. Owning a home can also include property taxes, homeowners insurance, PMI, HOA fees, utilities, and maintenance. AffordSimple includes those costs so you can see a more realistic monthly commitment.
Example home prices
Explore mortgage payment examples
Start with a purchase price, then adjust every assumption.
Explore more calculators
Explore more calculators
Not sure what home price fits your income?
How is a mortgage payment calculated?
Principal and interest are based on the loan amount, the interest rate, and the repayment term. A larger loan or higher rate raises the payment, while a longer term lowers the monthly payment but stretches repayment over more years.
What is included in your monthly home payment?
This estimate includes principal, interest, property taxes, homeowners insurance, PMI when applicable, HOA fees, utilities, and maintenance. Utilities and maintenance are not part of the mortgage itself, but they still matter when you are estimating the real monthly cost of owning a home.
How does the down payment affect your mortgage payment?
A larger down payment reduces the loan balance, which lowers the principal and interest portion of the payment. It can also remove PMI once the down payment reaches at least 20% of the home price.
How does the interest rate affect your payment?
Even a modest rate change can materially shift the monthly payment because interest affects every payment over the full loan term.
15-year vs. 30-year mortgage
A 15-year mortgage usually has a higher monthly payment but less total interest over time. A 30-year mortgage usually lowers the monthly payment but keeps the loan in place for longer.
Frequently asked questions
Frequently asked questions
What will my monthly mortgage payment be?
Your monthly home payment depends on the loan amount, interest rate, loan term, property taxes, insurance, and any additional monthly home costs such as HOA fees, utilities, and maintenance.
Does this calculator include property taxes?
Yes. Property taxes are included in the monthly estimate using the tax rate you enter.
Does this calculator include PMI?
Yes. PMI is included when the down payment is below 20% of the home price.
Does this calculator include homeowners insurance?
Yes. Annual homeowners insurance is converted into a monthly cost and included in the estimate.
Are utilities included in a mortgage payment?
Utilities are not part of the mortgage itself, but AffordSimple includes them here to show a more realistic monthly ownership cost.
Is this a loan approval?
No. This calculator is an estimate, not a loan approval or lending decision.