Mortgage Calculator
Estimate your monthly home loan payment including principal, interest, property tax, insurance, and HOA fees. Share your results with a link.
Loan details
Optional monthly costs
How to use this calculator
1. Enter the basics
Start with the home price and your expected down payment. The calculator shows your loan amount and how that down payment compares as a percentage — under 20% usually triggers PMI.
2. Add the rate and term
Pick your loan term (30 years is most common in the US; 15-year loans save large amounts of interest but raise the monthly payment). Enter the quoted APR from your lender.
3. Include the extras for a real PITI
Property tax, homeowner's insurance, HOA dues, and PMI are not optional in practice. Skipping them can understate your true monthly cost by hundreds of dollars. PMI is the one that expires: put down less than 20% and the calculator charges it until your balance reaches 78% of the purchase price, then drops it — so your total cost is not the starting payment multiplied by 360.
Tips for a sharper estimate
Look up your county's actual property tax rate and your home's tax-assessed value rather than a guess. Most lenders escrow taxes and insurance into your monthly payment, so what you owe the bank really does match what you see here.
Mortgage payment FAQs
How is the monthly mortgage payment calculated?
The principal and interest portion uses the standard amortization formula: M = P × (r(1+r)n) / ((1+r)n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of payments. Property tax, insurance, HOA, and PMI are added on top.
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four main components of a typical monthly mortgage payment. This calculator also adds HOA dues and PMI when applicable.
Do I need to pay PMI?
Private mortgage insurance is charged on conventional loans when your down payment is under 20% of the purchase price. Enter an annual PMI rate — 0.3% to 1.5% is the usual band, driven mostly by your credit score and how little you put down — and the calculator derives the monthly figure as loan amount × rate ÷ 12. You can still type your lender's exact quote into the dollar box to override it.
When does PMI stop?
Two milestones matter. Once your scheduled balance reaches 80% of the original purchase price you may ask the lender to cancel PMI. If you never ask, the servicer must drop it automatically at 78%. This page applies that 78% rule inside the amortization schedule — the PMI column falls to $0 on the cancellation month — and reports both the month PMI ends and the total PMI you will actually pay. Extra principal payments pull both dates forward.
Is this calculator accurate?
It's an estimate. Actual payment depends on your lender, credit profile, exact tax rates, escrow requirements, and any points or fees. Use this number for planning, then confirm with a lender for a real quote.