Mortgage Calculator
See your full monthly house payment – principal and interest, property tax, homeowners insurance, PMI and HOA – when PMI drops off, what extra payments save, and how much home your income supports.
At a glance
- Adds up the whole payment – principal and interest, property tax, homeowners insurance, PMI and HOA (PITI) – and shows each part.
- Example: a $400,000 home with 20% down at 6.5% for 30 years has a principal and interest payment of $2,022.62, and $408,142 of interest over the loan.
- PMI applies with less than 20% down. Under the Homeowners Protection Act you can ask to cancel it at 80% of the original value; it ends automatically at 78% on the original schedule, and at the latest after the loan’s midpoint.
- With 10% down on that home and PMI at 0.5%, PMI of $150 a month is paid for 7 years 11 months if you ask to cancel at 80%, or 9 years 1 month until it ends automatically – $14,250 against $16,350.
- Extra payments: $200 a month more on the $320,000 loan saves $105,429 of interest and pays it off 6 years 7 months sooner – and lets you ask to drop PMI sooner.
- Checks the 28/36 guideline and estimates the home price your income supports. Property tax can be a rate or a yearly amount.
- Full amortization schedule with a PMI column, by year or by month, as CSV. Nothing you enter leaves your browser.
Step by step
How to calculate a mortgage payment
- 1
Enter the home price and down payment
Type the price, then the down payment in dollars or tap 3%, 5%, 10% or 20%.
- 2
Set the rate and term
Enter the interest rate and pick a 10-, 15-, 20- or 30-year term.
- 3
Add taxes and insurance
Enter the property tax rate or yearly amount, homeowners insurance and any HOA dues.
- 4
Check PMI
With under 20% down, enter the PMI rate from your quote and choose whether you will ask to cancel it at 80%.
- 5
Read the result
See the monthly payment and its parts, when PMI ends, the payoff date and the total cost; add extra payments to compare.
Features
Everything you need, nothing you don’t
The real monthly payment
Lenders and listings often quote principal and interest only. Taxes, insurance, PMI and HOA can add hundreds a month – here they are all in.
PMI, start to finish
The PMI payment, the month it ends – on request at 80% or automatically at 78% – and the total you will pay.
Pay it off sooner
Add extra principal every month or once a year and see the interest saved and the years cut.
Affordability check
Compare your payment with the 28/36 guideline and see the price that fits your income.
Amortization schedule
Every payment split into principal, interest and PMI, with the balance left, by year or by month.
Private
No sign-up and no lead forms: your numbers stay in your browser.
What is in a mortgage payment
- Principal and interest – the loan payment itself: P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r the monthly rate and n the number of payments.
- Property tax – set by your county or city, usually paid through an escrow account with the mortgage.
- Homeowners insurance – required by lenders, also often paid through escrow.
- PMI – private mortgage insurance on conventional loans with less than 20% down; it protects the lender, not you.
- HOA dues – paid to a homeowners association, usually separately from the mortgage.
15-year or 30-year mortgage
For a $320,000 loan at 6.5%. Shorter loans usually come with lower rates too, which widens the gap further. A 30-year loan with regular extra payments keeps the lower required payment while cutting much of the interest.
| Term | Principal & interest | Total interest |
|---|---|---|
| 15 years | $2,787.54 | $181,758 |
| 20 years | $2,385.83 | $252,600 |
| 30 years | $2,022.62 | $408,142 |
When PMI ends
Under the Homeowners Protection Act, for loans on a primary home made since July 1999: you may ask in writing to cancel PMI once the balance reaches 80% of the original value (the lower of the price and the appraisal), if your payments are up to date. Extra payments bring that date forward. PMI must end automatically when the original schedule reaches 78%, and in any case by the first month after the midpoint of the loan term if you are current. FHA mortgage insurance follows different rules.
FAQ
Frequently asked questions
How is a mortgage payment calculated?
How do I avoid or get rid of PMI?
How much house can I afford?
Are extra mortgage payments worth it?
What property tax rate should I use?
Keep going
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