🏠 Mortgage Calculator

Estimate your full monthly house payment, including taxes, insurance, PMI and HOA fees.

Total monthly payment—
Principal & interest—
Property tax—
Insurance—
PMI—
HOA—
P&ITaxInsurancePMIHOA
Loan amount—
Total interest—
PMI ends after—
Payoff date—
Show amortization schedule (yearly)
YearInterestPrincipalPMIBalance

How to use the mortgage calculator

  1. Enter the home price and your down payment. The percentage is shown next to the label.
  2. Enter the interest rate from your lender's quote and choose a loan term.
  3. Add your local property tax rate, yearly home insurance, and any HOA fees. If your down payment is under 20%, keep the PMI rate (usually 0.3%–1.5% of the loan per year).

The calculator shows your complete monthly payment (PITI plus PMI and HOA), total interest over the life of the loan, when PMI drops off, and a year-by-year amortization schedule.

The mortgage payment formula

The principal-and-interest part of a fixed-rate mortgage is:

M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

where P is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments (360 for 30 years). Taxes, insurance, PMI and HOA are then added on top.

Example: a $400,000 home with $80,000 down (20%) at 6.5% for 30 years has a principal and interest payment of about $2,023. Adding 1.1% property tax ($367/month) and $1,800/year insurance ($150/month) brings the total to roughly $2,540 per month.

What is PMI and how do you avoid it?

Private mortgage insurance protects the lender, not you, when you put down less than 20% on a conventional loan. It typically costs 0.3% to 1.5% of the loan amount each year. You can avoid it by putting 20% down, or get rid of it later by paying the balance down to 80% of the home's value. A new appraisal that shows the home has risen in value can also help.

Ways to lower your mortgage payment

  • Improve your credit score before applying. Even a 0.5% lower rate saves tens of thousands over 30 years.
  • Shop several lenders. Rates and fees vary more than most buyers expect.
  • Consider buying points to lower your rate if you plan to stay in the home long term.
  • Make extra principal payments. One extra payment a year can cut years off a 30-year loan.
  • Appeal your property tax assessment if it seems too high.

Estimates only. Your actual rate, taxes, insurance and PMI depend on your lender, location and credit profile.

Frequently asked questions

What is included in a mortgage payment?
A typical monthly mortgage payment includes principal and interest (P&I), plus property taxes and homeowners insurance, often held in an escrow account. Together these are called PITI. If you put down less than 20%, private mortgage insurance (PMI) is usually added, and condos or planned communities may also charge HOA fees.
When does PMI go away?
On a conventional loan, lenders must automatically cancel PMI when your balance is scheduled to reach 78% of the home's original value, and you can ask to remove it at 80%. This calculator drops PMI once the balance reaches 80% of the purchase price.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage usually has a lower interest rate and saves a large amount of total interest, but the monthly payment is much higher. A 30-year mortgage keeps payments lower and more flexible. Use the term selector to compare both.
How much should I put down on a house?
20% down avoids PMI and lowers your monthly payment, but many buyers put down 3% to 10%. FHA loans allow 3.5% down. A smaller down payment gets you into a home sooner but costs more each month.
Does this calculator include closing costs?
No. Closing costs are usually 2% to 5% of the loan amount and are paid upfront, separate from your monthly payment.