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Mortgage Calculator

Calculate your full monthly mortgage payment including principal, interest, property tax, home insurance, PMI, and HOA fees. Get a complete amortization schedule and export to PDF.

US-style estimate. Lifetime costs hold tax, insurance, HOA and PMI constant; actual PMI may end earlier. Read the assumptions.

Loan Details
$450,000
$
$50K$2M
20%
%
0%50%
6.50%
%
1%15%

Model limits: PMI stays constant for the entire selected term in this illustration; it does not stop at a loan-to-value threshold. This can overstate lifetime costs when PMI ends earlier. Tax, insurance and HOA also stay constant. The total includes loan repayments and these ongoing costs, but excludes your down payment, closing costs and maintenance. With 100% down, only ongoing housing costs remain. Formula and limitations.

Payment Breakdown

Remaining Balance Over Time

Related guide: Monthly Extra Payments vs a Lump Sum: Worked Example.

Check the formulas and assumptions · Report a calculation error

Guide

How to Use the Mortgage Calculator

This calculator gives you a full picture of your monthly mortgage payment, including all the costs that lenders call PITI: principal, interest, property taxes, and insurance. Here is how to get the most accurate estimate.

Enter the home price

Type the purchase price of the home you are considering, or use the slider to explore different price points. The calculator accepts any value between $50,000 and $5,000,000.

Set your down payment

Enter the percentage of the home price you plan to put down. If your down payment is less than 20%, the calculator automatically adds Private Mortgage Insurance (PMI) to your monthly total.

Choose your interest rate and term

Enter the annual interest rate your lender has offered. Then select a loan term — 30-year terms have lower monthly payments but more total interest, while 15-year terms save you significantly on interest over the life of the loan.

Add taxes, insurance, and HOA

Click "Show taxes, insurance & HOA" to enter your local property tax rate, annual home insurance premium, PMI rate, and any HOA fees. These line items are often overlooked but can add hundreds of dollars to your monthly payment.

Review and export

Results update instantly. Scroll down to see your payment breakdown chart, remaining-balance graph over time, and the full amortization schedule showing exactly how much principal and interest you pay each month. Click "Download PDF" to save a clean copy.

Math

How Your Mortgage Payment Is Calculated

The core of every fixed-rate mortgage is the standard amortization formula. Your monthly principal and interest (P&I) payment is determined by three variables: the loan amount, the interest rate, and the number of payments.

M = P × r × (1 + r)n ⁄ ((1 + r)n − 1)

M = monthly principal & interest payment

P = loan principal (home price minus down payment)

r = monthly interest rate (annual rate ÷ 12 ÷ 100)

n = total number of payments (years × 12)

What makes up your total monthly payment

Your total PITI payment is the sum of the P&I from the formula above, plus three additional costs that are usually collected by your lender and held in an escrow account:

Property tax — this model applies your entered annual percentage to the purchase price, then divides by 12. Actual assessments, exemptions and local rules may produce a different bill; use your own estimate rather than treating the example rate as a local quote.

Homeowners insurance — your entered annual premium divided by 12. Use a quote or bill for the relevant property and coverage. The calculator does not estimate an insurance price.

PMI — this simplified model adds the entered annual PMI percentage of the initial loan amount when down payment is below 20%, then holds it constant for the term. Actual loan products, pricing and cancellation conditions differ; government-backed mortgage insurance is not modeled.

How amortization works

With a fixed-rate mortgage, your monthly P&I payment stays the same for the entire loan term, but the split between principal and interest shifts dramatically over time. In the early years, most of your payment goes toward interest because the outstanding balance is large. As you pay down the principal, a larger share of each payment reduces the balance and less goes to interest. The amortization schedule table below the calculator shows this progression for every month of your loan.

Understanding amortization is critical for making informed decisions about extra payments, refinancing, or choosing between a 15-year and 30-year term. Even a small extra monthly payment toward principal can save you tens of thousands of dollars in interest and shorten your loan by years.

FAQ

Frequently Asked Questions

Worked example: from loan payment to housing cost

A $200,000 home with 20% down gives a $160,000 loan. At 6% for 30 years, monthly principal and interest is $959.28. Add 1.2% annual property tax ($200 a month), $1,200 annual insurance ($100 a month), and $50 monthly HOA: modeled housing cost is $1,309.28 a month. PMI is $0 in this example. Total modeled housing cost across 360 months is $471,341.10, excluding the $40,000 down payment, closing costs and maintenance.

The rate and term affect loan interest; tax, insurance and HOA add costs without paying down principal. Compare both the monthly commitment and the long-term total. The total uses unrounded monthly amounts, so multiplying the displayed payment can differ by a few cents.