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Mortgage calculator

Work out a monthly mortgage payment with property tax, insurance, PMI and HOA fees, and see how extra payments shorten the loan.

Monthly payment$2,514.29$2,022.62 principal & interest + $491.67 taxes & fees
Total interest$408,141128% of the amount borrowed
Payoff dateOct 2056After 360 payments

Monthly payment breakdown

Per payment$2,514
Principal & interest
$2,022.62
Property tax
$366.67
Home insurance
$125.00
Total interest
$408,141
Total of all paymentsP&I, extras, taxes, insurance, PMI & HOA
$905,142

Down payment $80,000 (20%) · loan-to-value 80%

How we calculate

The regular payment comes from the standard amortization (annuity) formula, with the annual rate divided by the number of payments per year:

M = P × r ÷ (1 − (1 + r)^−n)
P = loan amount, r = APR ÷ 12, n = number of payments.

For your loan: P = $320,000.00, r = 6.5% ÷ 12 = 0.54167%, n = 360 → M = $2,022.62. With 0% interest the payment is simply P ÷ n.

Each period, interest = remaining balance × r (rounded to the cent); the rest of the payment reduces the balance. Extra payments go straight to principal, so later interest is smaller. The final payment is adjusted for rounding so the balance ends at exactly zero.

Taxes and insurance are spread evenly over the year's payments. PMI is charged at the PMI rate × the original loan amount while the balance is above 78% of the home price (the automatic cancellation point under the US Homeowners Protection Act).

Results are estimates for planning. Your lender's figures can differ (daily interest, fees, escrow changes, rate adjustments on variable loans).

Runs in your browser · no uploadHow it works

How to use Mortgage calculator

  1. 1

    Enter the price and down payment

    Type the purchase price, then the down payment as a percentage or an amount; the loan amount and loan-to-value update as you type.

  2. 2

    Set the rate and term

    Add the mortgage rate from your lender's quote and pick 15, 20 or 30 years — or any term in months.

  3. 3

    Add taxes, insurance and dues

    Enter property tax, the yearly homeowners insurance premium, a PMI rate if you put down less than 20%, and monthly HOA fees.

  4. 4

    Read the full monthly cost

    Check the PITI breakdown, the month PMI ends, total interest and the payoff year, then download or share the schedule.

Limits and Pro

Free with no caps: any home price, down payments from 0% to 100%, fixed-rate terms up to 50 years, PMI rates up to 5% a year and up to 24 lump-sum prepayments.

About Mortgage calculator

Start from the purchase price instead of the loan: enter what the home costs and your down payment as a percentage or a cash amount, and the calculator derives the mortgage, the loan-to-value ratio and whether private mortgage insurance applies. The headline figure is the whole monthly housing cost lenders call PITI — principal, interest, property taxes and homeowners insurance — plus PMI and any homeowners-association dues, shown as a ring chart so you can see which part dominates.

Property tax can be entered as a rate of the price (1.1% is close to the US average) or as the yearly bill from a listing. PMI is charged on the original loan at the rate you set and stops automatically once the balance falls to 78% of the price; the notice under the chart names that month, and extra payments bring it forward.

Use it before a pre-approval to see what a price range really costs each month, to weigh 10% against 20% down, or to compare a 15-year and a 30-year term on the same house. The schedule lists the escrow portion separately, and the yearly totals help when estimating mortgage interest for a tax return. Closing costs, points, title fees and moving costs are not included, and tax and insurance bills usually rise over time, so the escrow line is a first-year estimate.

Privacy

The home price, down payment and every other figure stay in your browser: the payment, PMI date and schedule are computed locally and nothing is transmitted. Your scenario is remembered in this browser and in the page link until you reset it.

Mortgage calculator: frequently asked questions

How much house can I afford on a $100,000 salary?
A common lender guideline keeps housing costs under 28% of gross income — about $2,333 a month on $100,000. With 20% down, a 6.5% 30-year rate, 1.1% property tax and $1,500 a year of insurance, that budget supports a home price of roughly $370,000. Debts such as car loans reduce it, because lenders also cap total debt payments near 36% of income.
What does PITI mean on a mortgage?
PITI stands for principal, interest, taxes and insurance — the four parts of a typical monthly mortgage bill when the lender collects property tax and homeowners insurance through an escrow account. Private mortgage insurance and HOA dues are often added on top. This calculator shows each part separately so you can see how much of the payment actually reduces your debt.
How much down payment do I need to avoid PMI?
On a conventional loan, 20% of the purchase price. Below that the lender adds PMI, usually 0.3% to 1.5% of the loan each year. On a $400,000 home with 10% down at 0.5%, PMI is $150 a month for 109 payments — about $16,350 in total — before it cancels at 78% loan-to-value. FHA and VA loans follow their own insurance and fee rules.
Is a 15-year or a 30-year mortgage better?
On a $320,000 loan at 6.5%, the 30-year payment is $2,022.62 and the interest totals about $408,000; the 15-year payment is $2,787.54 but the interest is about $182,000, saving over $226,000. Fifteen-year rates are usually lower too. The 30-year term keeps more cash free each month, and extra payments can still shorten it when money allows.
Are closing costs included in the monthly payment?
No. Closing costs — lender origination fees, points, appraisal, title insurance and transfer taxes — are paid once at settlement and commonly total 2% to 5% of the price. If you roll them into the loan, add them to the loan amount by lowering the down payment by the same sum, and the payment and interest will reflect the larger balance.

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