Mortgage Calculator

See your full monthly payment, total interest and payoff date, with taxes, insurance, PMI and HOA included.

Updated Nov 7, 2026

Home price ($) Down payment ($) Down payment (%) Interest rate (% per year) Loan term Start month Property tax (% of price per year) Home insurance ($ per year) PMI (% of loan per year)Applies only when the down payment is under 20% HOA fees ($ per month)

📘 Full guide: How Much House Can I Afford? A Practical Way to Find Your Number

📘 Full guide: How Mortgage Payments Are Calculated, Step by Step

What goes into a mortgage payment

Lenders often call it PITI: principal, interest, taxes and insurance. Add PMI if you put down less than 20%, and HOA fees if the home is in an association.

Principal and interest: the loan itself, paid off on a fixed schedule.
Property tax: set by your county or city, usually collected monthly through an escrow account.
Homeowners insurance: required by lenders, also usually paid through escrow.
PMI (private mortgage insurance): protects the lender on conventional loans with less than 20% down. It can be removed once you reach 20% equity.
HOA fees: paid to the homeowners association, usually directly by you.

The monthly payment formula

M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)

P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments. A $320,000 loan at 6.5% for 30 years has a principal and interest payment of about $2,022.62. See the full walkthrough in how mortgage payments are calculated, or check what fits your budget in how much house can I afford.

How is a monthly mortgage payment calculated?

Principal and interest use the amortization formula M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). Taxes, insurance, PMI and HOA fees are added on top.

When does PMI go away?

On conventional loans you can ask to cancel PMI when the balance reaches 80% of the home's original value, and it ends automatically at 78%.

Is a 15-year or 30-year mortgage better?

A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan keeps the payment lower and leaves more room in your budget.

Does this calculator include closing costs?

No. Closing costs are paid upfront, typically 2% to 5% of the loan amount, and are not part of the monthly payment.