Mortgage Calculator
Work out your full monthly mortgage payment, including property tax, insurance, PMI and HOA fees.
Standard amortization formula ยท By Stuart Mathieson · Updated October 2026
Percent of the home price
Usually charged with less than 20% down - see your loan offer
Results
Total Monthly Payment
Loan Amount
Total Interest
Monthly payment breakdown
| Part | Per month | Share |
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Results are estimates for illustration only and are not financial advice. Consult a qualified financial professional before making financial decisions.
How the mortgage calculator works
A monthly mortgage payment usually has up to five parts. The calculator works out each one and adds them together:
- Principal and interest - the loan repayment, from the standard amortization formula used by the Loan Calculator. The loan amount is the home price minus your down payment.
- Property tax - your yearly tax bill divided by 12.
- Homeowners insurance - your yearly premium divided by 12.
- Mortgage insurance (PMI) - with less than 20% down, lenders usually charge private mortgage insurance, priced as a yearly percentage of the loan and paid monthly.
- HOA fees - homeowners association dues, if your home has them.
Lenders often collect property tax and insurance with your payment and keep them in an escrow account - that's the "PITI" you'll see on loan documents: principal, interest, taxes and insurance. HOA fees are usually paid separately, but they are still part of what the home costs each month.
Worked example
A $400,000 home with 10% down, a 6.5% rate over 30 years, $4,800 a year of property tax, $1,800 a year of insurance and PMI at 0.5% a year:
- The down payment is $40,000, so the loan is $360,000.
- Principal and interest: $2,275.44 a month.
- Property tax: $4,800 ÷ 12 = $400. Insurance: $1,800 ÷ 12 = $150.
- PMI: $360,000 × 0.5% ÷ 12 = $150 a month.
- Total: $2,975.44 a month, and $459,160.16 of interest over the 30 years.
PMI ends after 109 payments (9 years 1 month), when the balance is scheduled to fall to 78% of the home's price ($312,000). After that the payment drops to $2,825.44.
How your down payment changes the cost
For the same $400,000 home at 6.5% over 30 years, before tax, insurance and PMI:
| Down payment | Loan amount | Principal & interest | Total interest |
|---|---|---|---|
| 5% ($20,000) | $380,000.00 | $2,401.86 | $484,669.06 |
| 10% ($40,000) | $360,000.00 | $2,275.44 | $459,160.16 |
| 20% ($80,000) | $320,000.00 | $2,022.62 | $408,142.36 |
| 25% ($100,000) | $300,000.00 | $1,896.20 | $382,633.47 |
Putting 20% down instead of 5% lowers principal and interest by $379.24 a month and saves $76,526.70 in interest - and usually avoids PMI as well.
When PMI ends
Under the US Homeowners Protection Act, you can ask your lender to cancel PMI once your balance reaches 80% of the home's original value, and it must end automatically when the balance is scheduled to reach 78% - or at the midpoint of the loan term at the latest - as long as your payments are up to date. This calculator uses the automatic 78% date.
Things to keep in mind
- Taxes and insurance change. Property tax and insurance usually rise over time, so the escrow part of your payment can go up even though principal and interest stay the same.
- Closing costs aren't included. Lender fees, title costs and prepaid items are paid when you close, on top of the down payment.
- Fixed rates only. For an adjustable-rate mortgage, treat the result as the payment at the starting rate.
- Compare offers fairly. Use the Loan Estimate each lender gives you, and compare APRs with APRs.
Frequently asked questions
What is included in a mortgage payment?
Usually principal and interest, plus property tax and homeowners insurance collected into an escrow account, and mortgage insurance if your down payment is under 20%. HOA fees are normally paid separately but are part of your monthly housing cost.
How much does PMI cost?
PMI is priced as a yearly percentage of the loan amount, and the rate depends on things like your credit score and down payment. Your Loan Estimate shows the amount - enter that rate here to include it.
When does PMI stop?
You can ask for PMI to be cancelled when your balance reaches 80% of the home's original value, and it must end automatically when the balance is scheduled to reach 78%, or at the loan's midpoint at the latest, if your payments are up to date.
Do I need a 20% down payment?
No, but 20% down usually avoids PMI and lowers both the payment and the total interest. For a $400,000 home at 6.5% over 30 years, 20% down instead of 5% lowers principal and interest by $379.24 a month. Weigh that against keeping savings for emergencies and closing costs.
Sources
- What is PITI? - Consumer Financial Protection Bureau
- On a mortgage, what's the difference between my principal and interest payment and my total monthly payment? - Consumer Financial Protection Bureau
- When can I remove private mortgage insurance (PMI) from my loan? - Consumer Financial Protection Bureau