TheCalculatory
Financial · Borrowing & Debt Formula verified

Mortgage Calculator

Work out your full monthly payment — principal, interest, property tax, home insurance and PMI — plus the amortization schedule behind it.

Presets
$
$50k$500k$1M+
$
0%20%100%
20.0% down
%
0%7.5%15%
yrs
5 yrs15 yrs30 yrs
%/yr
0%1.5%3%
$ /yr
$0$3k$6k
%/yr
0%1%2%
$ /mo
$0$400$800
$ /mo
$0$750$1,500
On-screen number pad
Tap to type into the highlighted field
Total monthly payment
$2,897.45
No PMI required 30-year payoff
Principal & interest
$2,334.95
80.6% of payment
Taxes, insurance & fees
$562.50
19.4% of payment
Principal & interest Taxes, insurance & fees
Property tax$412.50
Home insurance$150.00
PMI$0.00
HOA dues$0.00

Step-by-step proofCheck by hand
This is an estimate, not a loan offer or pre-approval. Actual payments depend on your lender's terms, your local tax rate and your insurance policy. PMI rates and cancellation rules vary by lender and loan type. Consult a qualified mortgage lender or financial professional before making borrowing decisions.
Visual breakdown

How the balance pays down

Remaining balance Cumulative interest

The solid line is what you still owe on the loan; the dashed line is interest paid so far. This chart tracks principal and interest only — it does not include taxes, insurance, PMI or HOA.

Year-by-year amortization

How each payment splits between principal and interest
Year Starting balance Principal paid Interest paid Ending balance

How a mortgage payment is calculated

A mortgage payment is built in two layers. The first is principal and interest — the same amortization formula as any other loan, applied to the amount actually borrowed (the home price minus the down payment). The second layer is everything a lender collects alongside it: property tax and homeowners insurance, usually gathered monthly into an escrow account, plus private mortgage insurance (PMI) if the down payment is under 20%, and HOA dues if the property belongs to an association.

A bigger down payment does more than shrink the loan. It lowers the principal-and-interest payment directly, and if it crosses the 20% line it removes PMI entirely — often the single biggest lever a buyer has over their monthly payment besides the interest rate itself.

PMI is temporary, not permanent
Federal law requires automatic cancellation once the scheduled balance reaches 78% of the home's original value. This calculator estimates that month from the amortization schedule; a borrower can also request cancellation earlier, at 80% equity.
Property tax rates vary by location
The percentage here is a placeholder for your actual county or municipal rate, which can range from under 0.5% to over 2% of a home's assessed value depending on where it is. Check your local assessor's office for the real figure.

The formula

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), as a decimal
  • n — total number of monthly payments

Worked example

A $450,000 home with a $90,000 down payment (20%) leaves a $360,000 loan. At 6.75% over 30 years: r = 0.0675 ÷ 12 = 0.005625, n = 360 payments, giving a principal-and-interest payment of $2,334.95. Property tax at 1.1% of the home price adds $412.50/month and $1,800/year of insurance adds $150.00/month. Because the down payment is 20%, no PMI applies. Total monthly payment: $2,897.45.

Frequently asked questions

What is included in a mortgage payment?
Lenders commonly qualify borrowers on PITI: principal, interest, taxes and insurance. Principal and interest repay the loan itself. Property tax and homeowners insurance are billed annually but usually collected monthly through escrow. Under 20% down adds PMI as a fifth item, and an HOA fee is a sixth where one applies.
Why does a smaller down payment cost more than just a bigger loan?
Two reasons. A smaller down payment means a larger principal, which raises both the interest charged and the principal-and-interest payment. It also usually triggers PMI, an extra monthly cost that exists purely to protect the lender until enough equity has built up — it pays the borrower nothing back.
When does PMI go away?
Under the U.S. Homeowners Protection Act of 1998, a lender must automatically cancel PMI once the scheduled balance reaches 78% of the home's original value, assuming payments are current. A borrower can request cancellation earlier, at 80% equity. This calculator estimates that automatic cutoff from the amortization schedule.
Does this calculator include closing costs?
No. This covers the recurring monthly payment only — principal, interest, taxes, insurance, PMI and HOA dues. Closing costs (typically 2–5% of the loan amount, covering items like appraisal, title insurance and origination fees) are a one-time cost paid at signing and are not part of a monthly payment estimate.
Sources and method
  • Standard amortizing loan payment formula — general published financial mathematics, identical to the loan calculator.
  • PMI automatic-cancellation threshold (78% of original value) — Homeowners Protection Act of 1998, 12 U.S.C. § 4901 et seq.
  • Amortization schedule computed by month-by-month simulation, which correctly handles the PMI cutoff and any extra principal payments.
Last reviewed: 19 Sep 2026 Sources last verified: 19 Sep 2026 Results use the assumptions explained on this page. Report an error How we check calculations

Related calculators

Loan Calculator Monthly payment, total interest and a full amortization schedule. 4 inputsOpen → Auto Loan Calculator Monthly payment after trade-in and sales tax, plus the full amortization schedule. 7 inputsOpen → Compound Interest Calculator Watch savings grow when interest earns interest, with a year-by-year schedule. 6 inputsOpen → Percentage Calculator Percent of, part-to-whole, percentage change and adjustments. 2 inputsOpen →