Mortgage Calculator
Estimate your monthly mortgage payment (principal, interest, taxes, insurance, PMI, and HOA) plus total interest over the life of the loan. Runs in your browser.
Estimated monthly payment
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Show the math
Monthly principal & interest uses the amortization formula:
M = P · r(1 + r)n / ((1 + r)n − 1)
P = loan = price − down payment · r = annual rate ÷ 12 · n = years × 12. Taxes, insurance, PMI, and HOA are added to P&I for the full monthly figure. PMI is added only when the down payment is under 20% of the price, and the figure is the starting premium: on a conventional loan you can ask to cancel PMI once the balance is scheduled to reach 80% of the home’s original value, and it ends automatically at 78%.
What this does
A mortgage calculator estimates the monthly cost of a home loan. Enter the home price, down payment, interest rate, and term, and it returns your principal and interest plus taxes, insurance, PMI, and HOA, the full payment before you commit.
How to use it
- Enter the home price and your down payment.
- Add the interest rate and choose a loan term.
- Optionally add property tax, insurance, PMI, and HOA.
- Read your estimated monthly payment and total interest.
Understanding your result
The headline figure is your full monthly payment (PITI plus any HOA). The total interest shows what the loan costs over its life, lowering the rate, shortening the term, or raising the down payment all reduce it.
Example
On a $400,000 home with $80,000 down (20%) at 6.5% over 30 years, principal and interest are about $2,023 a month; adding $4,800 in taxes and $1,500 in insurance brings the total to roughly $2,548.
Sources & methodology
- Consumer Financial Protection Bureau, Owning a Home, Loan options and the homebuying process
- Freddie Mac, Primary Mortgage Market Survey, Weekly average mortgage rates
Last updated .
Frequently asked questions
How is the monthly payment calculated?
Principal and interest use 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. Taxes, insurance, PMI, and HOA are added on top.
What is PMI and when does it apply?
Private mortgage insurance is typically required on a conventional loan when your down payment is under 20% (loan-to-value above 80%), and this tool adds it only then, at its starting monthly cost. Under federal rules you can ask your servicer to cancel PMI once your balance is scheduled to reach 80% of the home’s original value, and it must end automatically at 78%. FHA loans charge a mortgage insurance premium (MIP) instead: with 10% or more down it lasts 11 years, and with less than 10% down it lasts for the life of the loan.
Are these numbers exact?
They are estimates for planning. Your real payment depends on your lender, exact tax/insurance figures, and loan type. Always confirm with a lender before making decisions.
Do you store my information?
No. Everything is calculated locally in your browser, nothing you type is uploaded or saved.
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