Mortgage Calculator
This mortgage calculator works out your whole monthly house payment: principal and interest, plus property tax, homeowners insurance, PMI when you put down less than 20%, and HOA dues. Enter the home price and loan details and press Calculate.
Mortgage Calculator
Mortgage payment formula
Principal & interest: M = L × i ÷ (1 − (1 + i)^−n) L = home price − down payment, i = rate ÷ 12, n = years × 12 Monthly payment = M + property tax ÷ 12 + insurance ÷ 12 + PMI + HOAExample: a $400,000 home with 20% down ($80,000) leaves a $320,000 loan. At 6.5% for 30 years, i = 0.065 ÷ 12 = 0.005417 and n = 360, so principal and interest is $2,022.62. Add property tax of 1.1% ($4,400 a year, $366.67 a month) and insurance of $1,800 a year ($150.00 a month), and the full payment is $2,539.29. There's no PMI, because the down payment is 20%.
What PMI adds
Put down less than 20% on a conventional loan and the lender usually adds private mortgage insurance (PMI). It protects the lender, not you. Take the same $400,000 home with 10% down: the loan is $360,000, principal and interest is $2,275.44, and PMI at 0.5% a year is $360,000 × 0.005 ÷ 12 = $150.00 a month. With the same tax and insurance, the payment is $2,942.11.
PMI isn't forever. Under the federal Homeowners Protection Act it must end automatically when your balance is scheduled to reach 78% of the original home value, here $312,000. That happens after payment 109, about 9 years in, so this PMI costs about $16,350 in total. Extra payments get you there sooner, and you can ask the lender to cancel it once you reach 80%.
Principal and interest per $100,000 borrowed
| Rate | 30-year | 15-year |
|---|---|---|
| 5% | $536.82 | $790.79 |
| 5.5% | $567.79 | $817.08 |
| 6% | $599.55 | $843.86 |
| 6.5% | $632.07 | $871.11 |
| 7% | $665.30 | $898.83 |
| 7.5% | $699.21 | $927.01 |
| 8% | $733.76 | $955.65 |
Multiply by your loan in hundreds of thousands: a $250,000 loan at 7% for 30 years is 2.5 × $665.30 ≈ $1,663 a month before taxes and insurance.
Ways to lower your payment
- Put down 20% if you can: it removes PMI and shrinks the loan.
- Shop for the rate: on a $320,000, 30-year loan, every 0.5% off the rate saves roughly $100 a month.
- Shop for insurance every year or two, and check your county's property tax rate and any exemptions, such as a homestead exemption.
- Pay extra principal to end PMI sooner and cut total interest. The amortization calculator shows the effect of extra payments month by month.
Assumptions: a fixed-rate loan with equal monthly payments made on time; property tax, insurance and HOA dues stay the same for the whole term (in reality they usually rise); PMI is a flat yearly percentage of the original loan and ends when the scheduled balance reaches 78% of the home price. Closing costs, points, mortgage insurance on FHA, VA or USDA loans, and changes in your home's value aren't included. This calculator is for education and planning, not financial advice. Your lender's Loan Estimate gives the official figures.
Frequently asked questions
How is a mortgage payment calculated?
The principal and interest part uses the loan formula M = L × i ÷ (1 − (1 + i)^−n), where L is the loan amount, i is the yearly rate ÷ 12 and n is the number of monthly payments. Property tax, insurance, PMI and HOA dues are then added as monthly amounts. A $320,000 loan at 6.5% for 30 years is $2,022.62 a month before taxes and insurance.
What is PITI?
Principal, interest, taxes and insurance: the four parts of most monthly mortgage payments. Lenders usually collect the tax and insurance share into an escrow account and pay those bills for you. PMI and HOA dues come on top when they apply.
When does PMI go away?
On a conventional loan, PMI ends automatically when your balance is scheduled to reach 78% of the home's original value, as long as you're current on payments. You can ask to cancel it at 80%. On a $400,000 home with 10% down at 6.5% for 30 years, the 78% point comes after 109 payments, about 9 years in. FHA loans follow different rules.
How much house can I afford?
A common guideline is to keep the full monthly payment, including taxes and insurance, under about 28% of your gross monthly income, and all debt payments under about 36%. Lenders use their own limits. Try a few home prices here to see which payment fits your budget.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a much higher payment but far less interest. On a $320,000 loan at 6.5%, the principal and interest is $2,787.54 a month over 15 years against $2,022.62 over 30, but total interest falls from about $408,142 to about $181,758. In practice, 15-year rates are usually lower too.
See also
- Amortization Calculator: Monthly payment, payoff date and full schedule, with extra payments.
- Compound Interest Calculator: Savings growth with monthly deposits and a year-by-year table.
- Percentage Calculator: Percent of a number, percent change, and increase or decrease by a percent.
Last updated: November 10, 2026