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Mortgage Payment Calculator

The whole monthly payment — principal, interest, tax, insurance, HOA and PMI — not just the part lenders advertise.

Enter a home price and interest rate to see the full monthly payment.

Down payment as

Under 20% means PMI is added until you reach 80% loan-to-value.

Taxes, insurance and dues

Property tax as

Of the home's assessed value, per year. Around 1.1% is a national middle.

Per year

Per month

Per year, on the original loan amount. Typically 0.3%–1.5% depending on credit and down payment.

Exact calculation. Given your inputs, this is the answer — no estimation involved.

How this calculator works

Principal and interest come from the standard fixed-rate amortisation formula. Everything else is additive: property tax and insurance divided by twelve, HOA dues as entered, and PMI while the loan-to-value ratio is above 80%.

PMI is modelled the way lenders apply it — a percentage of the original loan amount, charged monthly until scheduled payments bring the balance to 80% of the purchase price. The calculator tells you roughly when that happens, because that is the point at which you can ask for it to be removed.

The year-by-year table shows something worth seeing: on a 30-year loan at typical rates, the first year’s payments are overwhelmingly interest. That is not a trick, it is what amortisation does — interest is charged on the balance, and early on the balance is nearly the whole loan.

The formula

Exactly what happens to your numbers, step by step.

  1. Monthly principal and interest

    P&I = L · i ÷ (1 − (1 + i)⁻ⁿ)

    L is the loan amount, i the monthly rate (annual ÷ 12), n the number of payments.

  2. The rest of the payment

    property tax = assessed value × rate ÷ 12
insurance    = annual premium ÷ 12
PMI          = loan amount × PMI rate ÷ 12, while LTV > 80%

  3. Total monthly payment

    total = P&I + tax + insurance + HOA + PMI

A worked example

A $250,000 home with 20% down at 6% over 30 years, $3,000 a year in tax and $1,200 in insurance.

What you enter

Home price
$250,000
Down payment
20% ($50,000)
Interest rate
6.0%
Term
30 years
Property tax
$3,000 a year
Insurance
$1,200 a year

The working

Loan amount
$200,000
Principal and interest
$1,199.10
Property tax
$250.00
Insurance
$100.00
PMI
$0 — 20% down

Total monthly payment: $1,549.10

The P&I quote a lender advertises is $1,199. The payment that leaves your account is nearly $350 higher, and that gap is what surprises first-time buyers.

Assumptions

Every result here rests on these. Change your inputs and the result changes with them.

  • A fixed interest rate for the whole term. Adjustable-rate mortgages are not modelled.
  • Property tax and insurance stay at today’s amounts for the entire term. Both usually rise, so later years will cost more than shown.
  • PMI is removed when scheduled amortisation brings the balance to 80% of the purchase price. You must request it; servicers cancel automatically at 78%.
  • Payments are made on schedule with nothing extra.

What this cannot tell you

  • Closing costs, points and lender fees are not included.
  • It does not model an escrow shortage or surplus, which is why an escrowed payment changes each year.
  • Rising home values can remove PMI sooner than the schedule suggests, but that usually requires an appraisal.

Questions people ask

What does PITI mean?

Principal, Interest, Taxes and Insurance — the four components of a typical escrowed mortgage payment. HOA dues and PMI sit on top of those where they apply.

Why is so much of my early payment interest?

Interest is charged on the outstanding balance, and at the start the balance is nearly the whole loan. As the balance falls, the interest portion falls and the principal portion grows. On a 30-year loan the crossover typically comes around year 18.

How do I get rid of PMI?

Once the balance reaches 80% of the original purchase price you can request cancellation in writing; at 78% the servicer must cancel it automatically. Extra payments reach that point sooner.

Is a 15-year mortgage worth it?

The payment is substantially higher but total interest is far lower, often less than half. Change the term here to see both figures side by side for your own numbers.

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Sources and review

This calculator uses standard arithmetic with no external rules or published rates, so there is nothing to cite beyond the formulas shown above.

Methodology version 1.0.0 · Last reviewed