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Mortgage Calculator

This mortgage calculator estimates the full monthly payment on a fixed-rate home loan — principal and interest, property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues — and shows when PMI would end automatically.

Per year, as % of the home price. Check your county.

Per year, as % of the loan. Only applies under 20% down.

Result

$2,539.28 per month

Principal & interest$2,022.62
Property tax$366.67
Homeowners insurance$150.00
PMINone (20%+ down)
Loan amount$320,000 (20% down)
Total interest over the loan$408,142

Results update as you type.

Amortization schedule (by year)
YearPrincipalInterestBalance
1$3,577$20,695$316,423
2$3,816$20,455$312,607
3$4,072$20,200$308,535
4$4,345$19,927$304,191
5$4,636$19,636$299,555
6$4,946$19,325$294,609
7$5,277$18,994$289,332
8$5,631$18,641$283,701
9$6,008$18,264$277,694
10$6,410$17,861$271,284
11$6,839$17,432$264,444
12$7,297$16,974$257,147
13$7,786$16,485$249,361
14$8,308$15,964$241,053
15$8,864$15,407$232,189
16$9,458$14,814$222,732
17$10,091$14,180$212,641
18$10,767$13,505$201,874
19$11,488$12,784$190,386
20$12,257$12,014$178,129
21$13,078$11,193$165,051
22$13,954$10,317$151,097
23$14,888$9,383$136,208
24$15,886$8,386$120,323
25$16,949$7,322$103,373
26$18,085$6,187$85,289
27$19,296$4,976$65,993
28$20,588$3,683$45,405
29$21,967$2,305$23,438
30$23,438$833$0

What’s in a Mortgage Payment?

A monthly mortgage payment is usually more than the loan itself. It’s often described as PITI:

  • Principal and interest — repays the loan
  • Taxes — property tax, often collected monthly into escrow
  • Insurance — homeowners insurance, also often escrowed
  • plus PMI when the down payment is under 20%, and HOA dues where they apply

How the Calculator Works Out Each Part

Part Formula
Loan amount Price − down payment
Principal & interest P × r ÷ (1 − (1 + r)^−n), r = rate ÷ 12, n = years × 12
Property tax Price × tax rate ÷ 12
Insurance Annual premium ÷ 12
PMI Loan × PMI rate ÷ 12 (only under 20% down)
HOA Monthly dues as entered

PMI end date: the calculator follows the original amortization schedule to the month the balance first reaches 78% of the purchase price. That’s when the Homeowners Protection Act requires automatic termination for a borrower who is current.

Worked Example: 20% Down

A $400,000 home, $80,000 down, 6.5% for 30 years, property tax 1.1% a year, insurance $1,800 a year:

  • Loan: $400,000 − $80,000 = $320,000
  • Principal & interest: $2,022.62
  • Property tax: 400,000 × 0.011 ÷ 12 = $366.67
  • Insurance: 1,800 ÷ 12 = $150.00
  • PMI: none (20% down)
  • Total: $2,539.28 a month

Over 30 years, interest on the $320,000 loan adds up to about $408,142.

Worked Example: 10% Down

The same home with $40,000 down and PMI at 0.5% of the loan a year:

  • Loan: $360,000
  • Principal & interest: $2,275.44
  • PMI: 360,000 × 0.005 ÷ 12 = $150.00
  • With the same tax and insurance, total: $2,942.11 a month
  • The balance is scheduled to reach 78% of the $400,000 price ($312,000) in month 109, about 9 years in, when PMI would end automatically

Tips for Using the Calculator

Use real numbers where you have them

Property tax rates, insurance premiums and PMI rates vary widely by location, credit and loan type. The default values are only examples. Your Loan Estimate lists the lender’s figures.

PMI can end sooner

The 80% request threshold comes before the 78% automatic one, and extra payments reach both sooner. Check with your servicer about their process, as the law sets conditions such as a good payment history.

The rate is a big lever

Small rate changes move both the payment and the total interest a lot on a long loan. Try a few rates to see the range before you lock.

For other fixed-rate loans, use the loan calculator. To see how a mortgage fits with other debts, try the debt payoff calculator.

Frequently Asked Questions

How is a mortgage payment calculated?

Principal and interest use the standard amortization formula, payment = P × r ÷ (1 − (1 + r)^−n), with r as the annual rate divided by 12 and n the number of months. Property tax, insurance, PMI and HOA dues are then added to get the full monthly payment.

What is PMI and when do I have to pay it?

Private mortgage insurance protects the lender on conventional loans, and is usually required when the down payment is less than 20% of the home's value. The calculator adds PMI only when the down payment is under 20%.

When does PMI go away?

Under the Homeowners Protection Act, a borrower can ask to cancel PMI once the balance reaches 80% of the home's original value, and the lender must end it automatically when the balance is scheduled to reach 78%, if the borrower is current. The calculator shows when that 78% point arrives on the original schedule.

How much is the monthly payment on a $400,000 house?

With 20% down ($80,000), a 6.5% rate and a 30-year term, principal and interest come to about $2,022.62 a month. Adding a 1.1% property tax rate and $1,800 a year of insurance gives about $2,539.28. Your own taxes, insurance and rate will change this.

Is a 15-year or 30-year mortgage better?

A 15-year loan has a higher monthly payment but much less total interest. On a $320,000 loan at 6.5%, the 30-year term costs about $408,000 in interest. The calculator shows both so you can compare; which is better depends on your budget and goals.

Why does my lender's estimate differ?

Property tax and insurance amounts vary by location and policy, lenders may require escrow cushions, and some loans add fees or different insurance. Use the figures from your Loan Estimate where you have them.

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Sources

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