Mortgage Payment Calculator
Enter your home price, down payment, and loan details to see your complete monthly payment — including property tax, insurance, HOA, and PMI. No sign-up required.
How it works
The principal and interest portion uses the standard amortization formula: M = L × r(1+r)^n / ((1+r)^n − 1). Property tax and insurance are converted from annual amounts to monthly and added directly. PMI is charged as an annual percentage of the loan balance, prorated monthly, and only when down payment is below 20%.
Frequently Asked Questions
What is included in the total monthly mortgage payment?
The total payment shown is PITI plus extras: Principal & Interest (P&I), Property Tax, Homeowner's Insurance, HOA dues, and PMI if your down payment is below 20%. Lenders call this the total housing expense and use it to calculate your front-end DTI ratio.
When does PMI go away?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. By law (Homeowners Protection Act), lenders must cancel PMI once your loan-to-value ratio reaches 78% based on the original amortization schedule. You can also request cancellation at 80% LTV.
How does the loan term affect my payment?
A 15-year mortgage has a higher monthly P&I payment than a 30-year mortgage for the same loan amount, but you pay dramatically less total interest — often less than half. A 30-year loan maximizes cash flow but costs more over the life of the loan.
Are property taxes and insurance estimates accurate?
This calculator uses the percentages and annual amounts you enter. Property tax rates vary widely by county — the US average is roughly 1.1%. Contact your county assessor or title company for the exact rate on a specific property.