Loans & Mortgages Private — stays in your browser

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.

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

Payment Breakdown

Remaining Balance Over Time

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 — calculated as a percentage of your home's assessed value, divided by 12 months. Rates vary by state and county; the national average is roughly 1.1% of home value per year.

Homeowners Insurance — an annual premium divided by 12. Typical policies cost $1,000 to $3,000 per year depending on the home's location, size, and coverage level.

PMI (Private Mortgage Insurance) — required when your loan-to-value ratio exceeds 80% (meaning your down payment is less than 20%). PMI typically costs 0.3% to 1.5% of the original loan amount per year and is removed once your LTV drops to 78%.

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