Mortgage Calculator
Calculate your monthly mortgage payment — principal & interest via the standard amortization formula, plus property tax, home insurance and PMI for a full PITI estimate. See total interest and total cost over the life of the loan.
Input
Taxes, Insurance & PMI (optional)
Annual property tax bill. Leave at 0 to see principal & interest only.
Annual homeowners insurance premium.
Private mortgage insurance, typically required when your down payment is under 20%.
Output
| Metric | Value |
|---|---|
| No data yet | |
This calculator provides estimates for informational purposes only and does not constitute financial advice. Actual loan terms, taxes and insurance costs vary by lender and location.
Guides
Estimate your monthly mortgage payment before you shop for a home loan. This calculator computes principal & interest using the standard amortization formula, then layers on property tax, home insurance and PMI to give you a realistic PITI (Principal, Interest, Taxes, Insurance) total — the number that actually lands on your monthly budget.
The formula
Lenders calculate a fixed monthly principal & interest payment with:
M = P × [r(1 + r)^n] / [(1 + r)^n − 1]
- M — the monthly payment
- P — the loan principal (home price minus your down payment)
- r — the monthly interest rate (your annual rate divided by 12)
- n — the total number of monthly payments (loan term in years × 12)
If the interest rate is 0%, the formula above is undefined, so the calculator falls back to a simple even split: M = P / n.
Once M is known, the calculator adds your monthly share of property tax, home insurance and PMI to produce the full monthly payment, and multiplies everything out over the life of the loan to show total interest paid and total cost of the home (down payment + all principal, interest, tax, insurance and PMI payments combined).
How to use it
- Enter the home price and your down payment — the down payment can be a flat dollar amount or a percentage of the home price, whichever is easier to work with.
- Enter the annual interest rate your lender quoted, and pick a loan term (10, 15, 20 or 30 years are the most common fixed-rate terms).
- Optionally fill in annual property tax, annual home insurance and monthly PMI if you want the full PITI picture rather than principal & interest alone. Leave them at 0 to see P&I only.
- The results table updates instantly with your loan amount, monthly principal & interest, monthly tax/insurance/PMI, total monthly payment, total interest paid over the loan, and total cost of the home.
FAQ
Why does my lender's estimate differ slightly from this one? Lenders round differently, may include HOA dues or private mortgage insurance calculated from a specific LTV schedule, and often quote an APR that bundles in loan fees rather than the plain interest rate used here. Treat this tool as a fast planning estimate, not a binding quote.
What is PMI and when do I need it? Private mortgage insurance is typically required by conventional lenders when your down payment is under 20% of the home price. It protects the lender, not you, and can usually be cancelled once you build enough equity. Enter your lender's quoted monthly PMI amount to see its effect on your total payment.
Does a bigger down payment always help? Yes on two fronts: it shrinks the loan principal (lowering your monthly P&I) and, if it crosses the 20% threshold, it can eliminate PMI entirely. Try switching the down payment field between dollar and percent mode to compare scenarios quickly.
Does a shorter loan term save money? Usually — shorter terms carry less total interest even though the monthly principal & interest payment is higher, since you're paying down the balance faster. Compare 15-year and 30-year terms with the same rate to see the trade-off in the "Total Interest Paid Over Loan" row.
Privacy
All calculations run locally in your browser — nothing you enter here is sent to a server or stored.