Mortgage Calculator
Monthly payment with tax, insurance, PMI and HOA, plus what extra payments save.
How to use Mortgage Calculator
- Enter the home price, your down payment (as a percentage or an amount), the interest rate and the term.
- Add yearly property tax and insurance, and any monthly HOA fee, to see the full monthly cost.
- Optionally add an extra monthly payment to see the interest and time it saves, then download or print the schedule.
How it works
The principal-and-interest payment uses the standard annuity formula: M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan (price minus down payment), r the monthly rate (yearly 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 it, which is why early payments are mostly interest.
The full monthly cost adds one twelfth of the yearly property tax and insurance, the HOA fee, and private mortgage insurance (PMI) when the down payment is under 20%. PMI is counted as your yearly PMI rate × the original loan ÷ 12, until the balance falls to 80% of the home price, the point at which US borrowers can ask the lender to remove it. PMI rates typically range from about 0.3% to 1.5% a year depending on credit score and down payment; enter the rate you were quoted.
An extra monthly payment goes straight to principal. The tool reruns the schedule with it and reports the interest saved and how much sooner the loan ends.
Example
A 400,000 home with 10% down leaves a 360,000 loan. At 6.5% over 30 years the principal and interest is 2,275.44 a month. With 4,800 tax and 1,800 insurance a year (400 + 150 a month) and PMI at 0.5% (150 a month), the total is 2,975.44 until PMI ends.
Frequently asked questions
What is included in a monthly mortgage payment?
Principal and interest go to the lender for the loan itself. Most borrowers also pay property tax and home insurance through an escrow account, plus PMI if the down payment was under 20%, and HOA dues where they apply. Lenders call the first four PITI: principal, interest, taxes and insurance.
How much do extra payments save?
Enter an amount under "Extra payment each month". For example, on a 360,000 loan at 6.5% over 30 years, an extra 200 a month saves about 108,900 in interest and ends the loan about six years early. Check with your lender that extra payments go to principal and carry no penalty.
When does PMI go away?
In the US you can ask for PMI to be removed when your balance reaches 80% of the original value, and it must end automatically at 78% if you are up to date on payments. This calculator counts PMI until the 80% point.
Is a 15-year or a 30-year mortgage better?
A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan costs less each month and more in total. Switch the term here and compare "Total interest" and the monthly payment against your budget.
Why is my lender’s figure different?
Lenders add their own fees, use your exact tax and insurance bills, and may round differently. Use this to compare scenarios, and rely on the official Loan Estimate for decisions.
Limitations
- Fixed-rate loans only: adjustable-rate changes are not modelled.
- Property tax, insurance and PMI are held constant; in reality they change over time.
- Closing costs, points and lender fees are not included.
- For information only. It is not financial advice and not an offer of credit.
Last reviewed November 9, 2026. How we build and test tools.