Mortgage Calculator
Enter the home price, down payment, rate and term to see your full monthly house payment: principal and interest plus property tax, homeowners insurance, PMI and HOA fees. You also get total interest, the payoff date and a year-by-year amortization schedule you can download.
Often 0.3%–2.5% of the home value per year.
Charged only when the down payment is under 20%.
How to use the Mortgage Calculator
- Enter the home price and your down payment, either as a percent of the price or as an amount.
- Set the interest rate and loan term (15 and 30 years are the most common) and the month of your first payment.
- Add yearly property tax and homeowners insurance, your PMI rate if you put down less than 20%, and any monthly HOA fee.
- Read the monthly payment and its breakdown, the total interest and the payoff date.
- Scroll to the amortization schedule to see principal, interest and balance by year, and download it as CSV.
The mortgage payment formula
The fixed principal and interest (P&I) payment comes from the standard amortization formula:
M = P × r(1 + r)n ÷ ((1 + r)n − 1)
- P = loan amount (home price minus down payment)
- r = monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = number of monthly payments (years × 12)
Your full monthly payment is then M + property tax ÷ 12 + insurance ÷ 12 + PMI + HOA. PMI is usually the loan amount × the yearly PMI rate ÷ 12.
Example: a $400,000 home with 20% down is a $320,000 loan. At 6.5% for 30 years, r = 0.065 ÷ 12 = 0.0054167 and n = 360, so M ≈ $2,022.62. Add $4,400 a year in tax ($366.67) and $1,800 in insurance ($150) for a total of about $2,539.28 per month.
Principal and interest per $100,000 borrowed
Monthly P&I for every $100,000 of loan. Multiply by your loan size in hundred-thousands (a $350,000 loan is 3.5 ×).
| Rate | 15 years | 20 years | 30 years |
|---|---|---|---|
| 4.0% | $739.69 | $605.98 | $477.42 |
| 5.0% | $790.79 | $659.96 | $536.82 |
| 5.5% | $817.08 | $687.89 | $567.79 |
| 6.0% | $843.86 | $716.43 | $599.55 |
| 6.5% | $871.11 | $745.57 | $632.07 |
| 7.0% | $898.83 | $775.30 | $665.30 |
| 7.5% | $927.01 | $805.59 | $699.21 |
| 8.0% | $955.65 | $836.44 | $733.76 |
Tips for a lower mortgage payment
- Put down 20% if you can to avoid PMI on a conventional loan.
- Compare loan terms. A shorter term raises the payment but cuts total interest sharply.
- Shop several lenders. A rate that is 0.5 points lower saves about $33 a month per $100,000 on a 30-year loan.
- Check the property tax rate of the exact county or town; it can change the payment more than the rate does.
- Pay extra principal when possible to shorten the loan. Try the extra mortgage payment calculator or the amortization calculator.
Frequently asked questions
How is a monthly mortgage payment calculated?
The principal and interest part uses the standard amortization formula M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. Property tax and insurance are added as one twelfth of their yearly cost, plus PMI and HOA if they apply.
What does PITI mean?
PITI stands for principal, interest, taxes and insurance, the four parts of a typical monthly house payment. Lenders often collect the tax and insurance portion into an escrow account and pay those bills for you.
When do I have to pay PMI?
On a conventional loan, private mortgage insurance is usually required when you put down less than 20%, so the loan is more than 80% of the home value. Under the US Homeowners Protection Act you can ask to cancel it when the balance reaches 80% of the original value, and it must end automatically at 78%. This calculator stops PMI at 78%. FHA loans use a different mortgage insurance premium.
How much does a 15-year mortgage save compared with a 30-year?
A 15-year loan has a higher monthly payment but far less total interest, because you borrow for half the time and rates are usually lower. Switch the term above to compare: on a $320,000 loan at 6.5%, the 30-year loan costs about $408,000 in interest while a 15-year loan at the same rate costs about $182,000.
Does this include closing costs?
No. Closing costs (often around 2% to 5% of the loan) are paid once at closing and are not part of the monthly payment. Add them to your cash-needed estimate together with the down payment.
Why does most of my early payment go to interest?
Interest is charged on the remaining balance, which is highest at the start. As the balance falls, the interest part shrinks and more of the same fixed payment goes to principal. The yearly schedule shows this shift.
Are my numbers sent anywhere?
No. Every calculation runs in your browser and nothing you type is uploaded or stored on a server.