Mortgage Calculator
Use this mortgage calculator to estimate your full monthly housing payment, not just the loan part. Enter the home price, down payment, interest rate and term to get principal and interest, then add property tax, homeowners insurance and HOA dues for a PITI estimate. With less than 20% down, the calculator adds private mortgage insurance (PMI) and shows how many months you would pay it.
Updated
Results
- Loan amount
- Loan-to-value (LTV)Loan as a share of the home price
- PMI per monthCharged when the loan starts above 80% of the price
- Months of PMIUntil the scheduled balance reaches 78% of the price
- Taxes, insurance and HOA per month
- Total interestOver the full term
- Total of P&I paymentsLoan plus interest; excludes taxes, insurance, HOA and PMI
| Year | Principal | Interest | Balance at year end |
|---|
Results are estimates. See the methodology below.
How to use the calculator
- Home price and down payment: the loan amount is the price minus your down payment. The loan-to-value ratio (LTV) shows the loan as a share of the price.
- Interest rate and loan term: the note rate from your Loan Estimate (not the APR) and the term in years, usually 30 or 15.
- Property tax: a yearly percentage of the price.
- Homeowners insurance: the yearly premium from your quote.
- Advanced options: the PMI rate (yearly, as a percentage of the loan) and monthly HOA dues.
The schedule and chart show, year by year, how much of your payments goes to principal and to interest and the balance left at the end of each year.
How the payment is calculated
Principal and interest (P&I) is a fixed monthly amount that repays the loan over the term:
P&I = L × r ÷ (1 − (1 + r)^−n)
where L is the loan amount, r the annual rate ÷ 12 and n the number of monthly payments. Each month, interest is charged on the remaining balance and the rest of the payment reduces principal.
The monthly total adds:
- Taxes, insurance and HOA: price × tax rate ÷ 12, plus the insurance premium ÷ 12, plus HOA dues.
- PMI: loan × PMI rate ÷ 12 when the loan is above 80% of the price. The calculator counts the months until the scheduled balance reaches 78% of the original price, the point where PMI must end automatically under the Homeowners Protection Act if you are current on payments.
Not included: closing costs, points, rate changes on adjustable-rate loans, and yearly changes in taxes and insurance. Total interest and total paid cover P&I only.
Worked examples
1. $400,000 home, 20% down, 6.5% for 30 years
You borrow $320,000 (LTV 80%), so there is no PMI. P&I is $2,022.62. With 1% property tax and $1,800 a year of insurance, taxes and insurance add $483.33 and the monthly total is $2,505.95. Over 30 years you pay $408,142.36 in interest. In year one only $3,576.72 of your payments reduces the balance, while $20,694.69 goes to interest.
2. Same home with a smaller down payment
| Down payment | Loan | P&I | PMI | Monthly total | Months of PMI |
|---|---|---|---|---|---|
| $80,000 (20%) | $320,000 | $2,022.62 | $0 | $2,505.95 | 0 |
| $40,000 (10%) | $360,000 | $2,275.44 | $150.00 | $2,908.78 | 109 |
| $20,000 (5%) | $380,000 | $2,401.86 | $158.33 | $3,043.53 | 135 |
PMI at 0.5% a year. With 10% down, the scheduled balance reaches 78% of the price after 109 months, a little over nine years; paying extra principal or a rise in value (with a new appraisal) can end it sooner.
3. Rate and term on a $320,000 loan
| Term and rate | P&I | Total interest |
|---|---|---|
| 30 years at 5.5% | $1,816.92 | $334,092.93 |
| 30 years at 6.5% | $2,022.62 | $408,142.36 |
| 30 years at 7.5% | $2,237.49 | $485,495.11 |
| 15 years at 6.5% | $2,787.54 | $181,757.84 |
One percentage point changes the payment by roughly $200 a month here. The 15-year loan costs $764.92 more per month but less than half the interest.
Reading your result
On a fixed-rate loan, P&I never changes. The rest can: the CFPB notes that property taxes and insurance premiums can change from year to year, and when they are paid through an escrow account your total payment changes with them. Compare your result with your Loan Estimate, which lists the same pieces plus closing costs.
Frequently asked questions
What does PITI mean?
Principal, interest, taxes and insurance, the four parts of a typical monthly mortgage payment. This calculator shows P&I as the main result and PITI plus PMI and HOA as the monthly total.
When can I stop paying PMI?
For loans on a single-family primary residence that closed on or after July 29, 1999, you can ask your servicer in writing to cancel PMI once the balance reaches 80% of the original value, if you are current, have a good payment history and the home has not lost value. PMI must end automatically when the balance is scheduled to reach 78%, or at the midpoint of the loan term at the latest. FHA and VA loans follow different rules.
How much do I need to put down to avoid PMI?
The calculator charges PMI only when the loan is more than 80% of the price, so a 20% down payment shows no PMI. Your lender's rules and loan type decide the real requirement.
Does the calculator include closing costs?
No. Closing costs, points and prepaid items are paid at closing and are listed on your Loan Estimate and Closing Disclosure. If you roll costs into the loan, add them to the price to see the effect on the payment.
Should I enter the interest rate or the APR?
The interest rate. The APR includes certain fees and is meant for comparing offers; the payment is calculated from the note rate.
Why does so little principal get paid in the first years?
Interest is charged on the remaining balance, which is largest at the start. In example 1, interest is $20,694.69 of the first year's payments. As the balance falls, more of each payment goes to principal; in year 30, interest is only $833.39.
Sources
Estimates for information only, not financial advice. Your lender's Loan Estimate and Closing Disclosure show the actual terms and costs.