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Mortgage Calculator

Estimate your full monthly mortgage payment — principal, interest, property tax, insurance, PMI and HOA — and see how extra payments can cut years off your loan.

The $ and % fields stay in sync. PMI applies when the down payment is under 20%.

Extra money paid toward the principal each month.

Estimated Total Monthly Payment

Disclaimer: Results are estimates only and not financial advice. PMI is estimated at 0.5% of the loan amount per year when the down payment is under 20% — your lender's actual PMI rate may be higher or lower. Your figures may differ from your lender's quote, which can include fees and other costs not counted here.

How It Works

A mortgage payment is more than just principal and interest. Lenders and homeowners usually talk about PITI: Principal, Interest, Taxes, and Insurance. The principal-and-interest part is calculated with the standard amortization formula, M = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount (home price minus down payment), r is the monthly interest rate, and n is the number of monthly payments. Property tax and homeowners insurance are then divided by 12 and added monthly, along with any HOA dues.

If your down payment is under 20% of the home price, most lenders require PMI (private mortgage insurance), which protects the lender — not you — if you default. This calculator estimates PMI at 0.5% of the loan amount per year when the down payment is below 20%. In real life, PMI rates vary with your credit score and loan type, and PMI is typically dropped once you reach 20% equity, so the totals here are a conservative estimate.

Worked example: a $400,000 home with a 20% down payment ($80,000) leaves a $320,000 loan. At 6.5% APR over 30 years, principal and interest come to about $2,022.62/month. Add property tax of $4,800/year ($400/month) and insurance of $1,800/year ($150/month), and the full monthly payment is about $2,572.62. Because the down payment is exactly 20%, no PMI applies. Over the loan's life you would pay about $408,142 in interest. Adding just $200/month extra toward the principal would save roughly $105,429 in interest and pay the loan off about 6 years and 7 months sooner.

Frequently Asked Questions

What does PITI mean?

PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of a typical monthly mortgage payment. HOA dues and PMI are sometimes added on top, so the real check you write each month is often larger than the principal-and-interest figure alone.

When do I have to pay PMI?

On a conventional loan, PMI is usually required when your down payment is less than 20% of the home price. It normally ends once your loan balance falls to 80% of the home's value, though the exact rules depend on your loan type and servicer.

How much do extra payments really help?

A lot, especially early on. Extra payments go straight to the principal, which shrinks the balance that interest is charged on. Even $100–$200 a month can save tens of thousands of dollars in interest and cut years off a 30-year loan.

Is a 15-year mortgage better than a 30-year one?

A 15-year loan usually has a lower rate and far less total interest, but the monthly payment is much higher. A 30-year loan gives you flexibility: you can always pay extra when you can afford it, but you are not locked into the higher payment.

Why is my lender's quote different from this calculator?

Lenders use your exact rate, credit profile, loan program, and local tax and insurance figures, and may include fees or escrow adjustments. This calculator gives a close estimate for planning and comparison.

Last updated: November 2026