Mortgage Calculator
Estimate your full monthly mortgage payment — PITI, PMI, and HOA.
Estimate your full monthly mortgage payment — principal, interest, taxes, insurance, PMI, and HOA — and see exactly how it breaks down. Enter your home price, down payment, term, and rate, then open “Taxes, insurance & extras” for a complete PITI estimate.
Everything runs in your browser; your numbers never touch a server. Expand the amortization schedule to see how each payment splits between principal and interest over the life of the loan.
📖 Read the guide: How Extra Mortgage Payments Save You Thousands
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Formula
Monthly principal & interest
M = P · r(1+r)^n / ((1+r)^n − 1)
P = loan amount, r = monthly rate (annual ÷ 12), n = number of monthly payments.
PMI drop-off
loan balance ≤ 80% × home price
Private Mortgage Insurance is removed once the balance reaches 80% of the original home value.
How to use the mortgage calculator
- 1Enter the home price, your down payment ($ or %), the loan term, and the interest rate.
- 2Open “Taxes, insurance & extras” to add property tax, home insurance, PMI, HOA fees, or an extra monthly payment.
- 3Read your total monthly payment and its breakdown, then expand the amortization schedule to see principal vs. interest over time.
Examples
| Example | Input | Result |
|---|---|---|
| $400k, 20% down | 30 yr, 6.5% | P&I $2,022.62/mo |
| With escrow | + $4,800 tax, $1,800 ins | ≈ $2,572/mo total |
| 5% down | $300k, 6% | PMI until ~year 10 |
What's in a monthly mortgage payment (PITI)
A full mortgage payment is more than principal and interest. Lenders bundle four components, abbreviated PITI: Principal (repaying the loan), Interest (the lender's fee), Taxes (property tax, escrowed monthly), and Insurance (homeowner's insurance). Many borrowers also pay HOA dues and, if their down payment is under 20%, Private Mortgage Insurance (PMI). This calculator adds all of them so the monthly figure reflects what you'll actually pay, not just the principal-and-interest sticker number.
How PMI works and when it goes away
PMI protects the lender — not you — when your down payment is below 20% of the home price. It's an extra monthly cost, typically 0.3%–1.5% of the loan per year. The good news: on a conventional loan, PMI automatically drops off once your loan balance reaches 80% of the original home value. The calculator shows your PMI amount and estimates the month it ends, so you can see how a larger down payment or extra payments shorten the PMI period.
15-year vs. 30-year, and the power of extra payments
A 30-year mortgage keeps monthly payments low but costs far more interest over time; a 15-year loan has higher payments but builds equity fast and saves tens of thousands in interest. You don't have to choose at the extremes — even a small extra monthly payment goes entirely to principal, which compounds into large interest savings and an earlier payoff. Add an extra payment above and watch the total interest and payoff date change.
This calculator provides estimates for educational purposes only and does not constitute financial advice. Actual mortgage payments may differ based on lender fees, escrow requirements, and rate adjustments. Consult a licensed mortgage professional before making financial decisions.
Frequently asked questions
What is included in a monthly mortgage payment?
A full mortgage payment includes four components known as PITI: Principal (the loan repayment), Interest (the lender's fee), Taxes (property tax escrowed monthly), and Insurance (homeowner's insurance). If your down payment is less than 20%, Private Mortgage Insurance (PMI) is also added until your equity reaches 20%.
What is PMI and when does it go away?
Private Mortgage Insurance (PMI) protects the lender if you default. It is required when your down payment is less than 20% of the home price. PMI is automatically removed when your loan balance reaches 80% of the original home value — typically after several years of payments.
How much is a monthly payment on a $400,000 mortgage?
At a 6.5% interest rate on a 30-year fixed mortgage with 20% down ($80,000), the principal and interest payment is approximately $2,023/month. Adding typical property tax ($400/mo) and insurance ($100/mo) brings the total to roughly $2,523/month. Use the calculator above for your exact numbers.
What is a good interest rate for a mortgage?
A "good" rate depends on the current market, your credit score, loan type, and term. Historically, rates below the 30-year average (~7%) are considered favorable. Even a 0.25% difference on a $400k loan saves over $20,000 in total interest.
How do extra payments affect my mortgage?
Extra monthly payments go entirely toward principal, reducing your balance faster. This cuts total interest significantly and shortens your loan term. For example, an extra $200/month on a $300k 30-year mortgage at 6.5% saves approximately $47,000 in interest and pays off the loan 4 years early.
What is an amortization schedule?
An amortization schedule is a complete table of every loan payment, showing how much goes to principal and how much to interest each month. Early payments are mostly interest; later payments are mostly principal.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves tens of thousands in interest and builds equity faster. A 30-year mortgage has lower monthly payments, giving more cash flow flexibility. The right choice depends on your income stability, other financial goals, and how long you plan to stay in the home.
How is the mortgage payment formula calculated?
The standard formula is M = P x r(1+r)^n / ((1+r)^n - 1), where P is the loan principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments. See our /methodology page for full derivation.
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