Mortgage Calculator
Estimate your full monthly mortgage payment — principal, interest, property tax, home insurance, PMI and HOA — with total interest and an amortization schedule.
Updated October 2026
With 20% down (loan-to-value 80%) no PMI is required.
This is an estimate for general information only and is not financial, tax or investment advice. Figures may differ from a lender or advisor.
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This mortgage calculator estimates your full monthly house payment, not just the loan repayment. Enter the home price, your down payment, the interest rate and the term, and it works out principal and interest, then adds property tax, home insurance, PMI and any HOA fee to give the total you'll actually pay each month.
The four core parts of a payment are often called PITI — principal, interest, taxes and insurance. Principal and interest are fixed by your loan amount, rate and term; property tax and insurance depend on the home; and private mortgage insurance (PMI) is added when your down payment is under 20%. The calculator also shows your total interest over the life of the loan and a year-by-year amortization schedule.
How to use it
- 1Enter the home price and your down payment (the percentage updates automatically).
- 2Enter the interest rate and loan term in years.
- 3Add property tax, home insurance, PMI and any HOA fee.
- 4Read your total monthly payment, the breakdown, total interest and amortization schedule.
Frequently asked questions
What is included in a monthly mortgage payment?+
A typical payment has four parts — principal, interest, property taxes and homeowners insurance (PITI). If your down payment is under 20% it also includes PMI, and a condo or planned community may add an HOA fee. This calculator adds all of them together.
How much do I need for a down payment?+
20% of the price lets you avoid PMI, but many loans allow far less — conventional loans can go to 3–5% down and some government-backed loans lower still. A smaller down payment means a larger loan, a higher monthly payment and, under 20%, added PMI until you build 20% equity.
What is PMI and when does it stop?+
Private mortgage insurance protects the lender when your down payment is below 20%. It's added to your monthly payment and typically drops off automatically once your loan-to-value reaches 78–80%, either through payments or rising home value. Rules vary by loan type.
How is the monthly principal and interest calculated?+
It 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 monthly payments. Early payments are mostly interest; later ones are mostly principal, as the schedule shows.
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