Estimate your monthly mortgage payment with taxes, insurance, PMI, HOA and extra payments, plus a full payoff schedule.
Taxes, insurance & fees
Optional extra payments
| Year | Payments | Principal | Interest | Ending balance |
|---|---|---|---|---|
| 2026 | $6,067.85 | $872.56 | $5,195.29 | $319,127.44 |
| 2027 | $24,271.41 | $3,635.16 | $20,636.25 | $315,492.28 |
| 2028 | $24,271.41 | $3,878.61 | $20,392.80 | $311,613.67 |
| 2029 | $24,271.41 | $4,138.37 | $20,133.04 | $307,475.30 |
| 2030 | $24,271.41 | $4,415.52 | $19,855.89 | $303,059.77 |
| 2031 | $24,271.41 | $4,711.24 | $19,560.17 | $298,348.53 |
| 2032 | $24,271.41 | $5,026.76 | $19,244.65 | $293,321.77 |
| 2033 | $24,271.41 | $5,363.41 | $18,908.00 | $287,958.36 |
| 2034 | $24,271.41 | $5,722.61 | $18,548.80 | $282,235.75 |
| 2035 | $24,271.41 | $6,105.86 | $18,165.55 | $276,129.89 |
| 2036 | $24,271.41 | $6,514.78 | $17,756.63 | $269,615.10 |
| 2037 | $24,271.41 | $6,951.09 | $17,320.32 | $262,664.01 |
| 2038 | $24,271.41 | $7,416.62 | $16,854.79 | $255,247.39 |
| 2039 | $24,271.41 | $7,913.32 | $16,358.09 | $247,334.07 |
| 2040 | $24,271.41 | $8,443.29 | $15,828.12 | $238,890.78 |
| 2041 | $24,271.41 | $9,008.76 | $15,262.66 | $229,882.02 |
| 2042 | $24,271.41 | $9,612.09 | $14,659.32 | $220,269.93 |
| 2043 | $24,271.41 | $10,255.83 | $14,015.58 | $210,014.10 |
| 2044 | $24,271.41 | $10,942.68 | $13,328.73 | $199,071.42 |
| 2045 | $24,271.41 | $11,675.53 | $12,595.88 | $187,395.89 |
| 2046 | $24,271.41 | $12,457.46 | $11,813.95 | $174,938.43 |
| 2047 | $24,271.41 | $13,291.76 | $10,979.65 | $161,646.66 |
| 2048 | $24,271.41 | $14,181.94 | $10,089.47 | $147,464.72 |
| 2049 | $24,271.41 | $15,131.73 | $9,139.68 | $132,333.00 |
| 2050 | $24,271.41 | $16,145.13 | $8,126.28 | $116,187.87 |
| 2051 | $24,271.41 | $17,226.40 | $7,045.01 | $98,961.47 |
| 2052 | $24,271.41 | $18,380.08 | $5,891.33 | $80,581.39 |
| 2053 | $24,271.41 | $19,611.03 | $4,660.38 | $60,970.36 |
| 2054 | $24,271.41 | $20,924.42 | $3,347.00 | $40,045.94 |
| 2055 | $24,271.41 | $22,325.76 | $1,945.65 | $17,720.18 |
| 2056 | $18,203.56 | $17,720.18 | $483.38 | $0.00 |
Please do not make financial decisions based on these results.
What is the Mortgage Calculator?
A mortgage calculator estimates your monthly home loan payment from the price, down payment, interest rate and term, then adds property tax, homeowners insurance, PMI and HOA dues. It also shows how the loan balance falls over time.
How a mortgage payment is built
A fixed-rate mortgage payment has two layers. The first is principal and interest, which is set by the loan amount, the interest rate and the term. The second layer is everything the lender collects on top of it: property tax, homeowners insurance, private mortgage insurance and, in some communities, association dues.
Early in the loan most of the principal-and-interest payment goes to interest, because interest is charged on a large balance. Each month the balance falls a little, so the interest share shrinks and the principal share grows. The amortization calculator shows this shift payment by payment.
What each input changes
Small changes in a few inputs move the payment more than large changes in the rest. Use the list below to decide which numbers deserve the most care.
- Home price and down payment. Together they set the loan amount. A larger down payment lowers the payment and can remove mortgage insurance. The down payment calculator shows how much cash you need at different percentages.
- Interest rate. A change of half a percentage point can shift the payment by tens of dollars a month and the lifetime interest by tens of thousands. Enter the rate from your lender quote, not an advertised average.
- Loan term. A 15-year loan has a higher payment but far less total interest than a 30-year loan at a similar rate.
- Property tax and insurance. These vary widely by county and by home. Use your tax bill or an insurance quote when you have one, because they can rise from year to year.
- PMI. Usually required when the down payment is under 20%. It can be requested for removal once the balance reaches 80% of the original value and ends automatically at 78% if you are current on payments.
Budget for the whole cost of owning
The monthly payment is not the whole cost. Maintenance, repairs, utilities and closing costs sit outside the loan. A common planning habit is to set aside around one percent of the home value each year for upkeep, and to keep a cash cushion after closing.
Before you commit to a payment, check it against your income with the house affordability calculator and the debt-to-income ratio calculator, which use the ratios lenders look at. If you already own, the mortgage payoff calculator shows what extra payments could save and the refinance calculator shows whether a new rate is worth the closing costs.
How to use the Mortgage Calculator
- Start with the home price and down payment. Enter the price and either a percentage or a dollar down payment. The loan amount updates immediately.
- Set the rate and term. Use the rate from a lender’s quote if you have one, and compare 15 and 30 years.
- Add the monthly extras. Open “Taxes, insurance & fees” and enter your local property tax rate, yearly insurance premium, PMI if your down payment is under 20%, and any HOA dues.
- Try extra payments. Add a monthly, yearly or one-time amount to see the interest saved and the new payoff date, then switch the schedule between yearly and monthly rows.
Formula and how it works
Example with real numbers
Here is the Mortgage Calculator using the default values shown in the calculator above:
Inputs
| Home price ($) | 400,000 |
|---|---|
| Down payment (%) | 20 |
| Down payment type | Percent of price |
| Loan term: years | 30 |
| Interest rate (% per year) | 6.5 |
| Property tax (% of home value per year) | 1.1 |
| Home insurance ($ per year) | 1,500 |
| PMI (% of loan per year, if down payment < 20%) | 0.6 |
Results
| Total monthly payment | $2,514.28 |
|---|---|
| Principal & interest | $2,022.62 |
| Property tax | $366.67 |
| Home insurance | $125.00 |
| PMI | $0.00 |
| HOA | $0.00 |
| Other costs | $0.00 |
| Loan amount | $320,000.00 |
| Down payment | $80,000.00 (20%) |
With these inputs the calculator returns Total monthly payment: $2,514.28. Change any value in the calculator to see how the result moves.
What the results tell you
The large number is your total monthly payment (PITI plus any PMI, HOA and other costs). Below it, Principal & interest is the part that pays the loan off; the rest is escrow-style costs that do not reduce your balance. Loan amount is the price minus your down payment, and the schedule shows how much of each payment goes to interest versus principal over time. Lenders compare the total payment with your gross income, so keep it in mind alongside the house affordability calculator.
Tips for better results
15-year vs 30-year and down payment comparison
The table compares four ways to buy the same $400,000 home. It assumes a 6.5% rate on the 30-year loan, 5.9% on the 15-year loan (shorter loans usually carry a lower rate), and 0.6% of the loan per year for PMI when the down payment is under 20%. These are illustrative rates, not offers.
| Scenario | Loan | Principal & interest | PMI / month | Total interest |
|---|---|---|---|---|
| 30-year, 20% down | $320,000 | $2,022.62 | $0.00 | $408,142 |
| 15-year, 20% down | $320,000 | $2,683.08 | $0.00 | $162,955 |
| 30-year, 10% down | $360,000 | $2,275.44 | $180.00 | $459,160 |
| 15-year, 10% down | $360,000 | $3,018.47 | $180.00 | $183,325 |
On the 20%-down loan, choosing 15 years instead of 30 raises the monthly principal and interest by $660 but cuts total interest from $408,142 to $162,955. Putting only 10% down adds PMI and a larger loan; the extra interest over 30 years is $51,018 before PMI is counted.
PITI, escrow and loan types
PITI is principal + interest + property taxes + homeowners insurance. For the default example above ($400,000 home, 20% down, 6.5%, 30 years) it adds up to $2,022.62 + $366.67 tax + $125.00 insurance = $2,514.28 a month. Most lenders collect the tax and insurance parts each month in an escrow account and pay the bills for you, so the amount on your statement can change when taxes or insurance premiums change, even with a fixed-rate loan.
The loan program changes the down payment and the insurance you pay:
| Loan type | Minimum down payment | Mortgage insurance |
|---|---|---|
| Conventional | As low as 3% to 5% for qualified buyers | PMI if under 20% down; can be removed at 80% loan-to-value |
| FHA | 3.5% with a credit score of 580 or higher | 1.75% upfront premium plus an annual premium paid monthly |
| VA | 0% for eligible veterans and service members | No monthly PMI; a one-time funding fee applies unless exempt |
Programs and limits are updated regularly, so confirm the current figures with HUD, VA or your lender. The FHA and VA calculators handle those fees.
Property tax by state
Property tax is often the biggest swing in a monthly payment. The Tax Foundation reports the average residential property tax paid as a share of home value. Here are the four highest and four lowest states, with the yearly tax that rate implies on a $400,000 home:
| State | Effective rate | Tax on $400,000 | Per month |
|---|---|---|---|
| New Jersey | 2.38% | $9,520 | $793 |
| Illinois | 2.32% | $9,280 | $773 |
| New Hampshire | 2.15% | $8,600 | $717 |
| Connecticut | 1.98% | $7,920 | $660 |
| Delaware | 0.55% | $2,200 | $183 |
| Louisiana | 0.51% | $2,040 | $170 |
| Alabama | 0.43% | $1,720 | $143 |
| Hawaii | 0.28% | $1,120 | $93 |
Source: Tax Foundation, “How High Are Property Taxes in Your State?”. Rates vary by county and city inside every state, so use your local rate in the calculator.
How we calculate and sources
Principal and interest use the standard fixed-rate amortization formula with monthly compounding. Property tax is the entered percentage of home value divided by 12. Home insurance is the entered yearly premium divided by 12. PMI is the entered percentage of the loan per year divided by 12 and applies when the down payment is under 20%.
Defaults are placeholders, not forecasts: a 1.1% property tax rate sits inside the range reported by the Tax Foundation, and 0.6% PMI is a mid-range assumption because real PMI depends on your credit score and loan-to-value ratio. Background on mortgages and PMI: Consumer Financial Protection Bureau.
Results are estimates and not financial advice; your lender’s Loan Estimate is the final word.
Frequently asked questions
How is my monthly mortgage payment calculated?
The principal and interest part uses the standard loan formula: payment = loan × r ÷ (1 − (1 + r)^−n), where r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Property tax, home insurance, PMI and HOA dues are then added to that figure.
What is included in PITI?
PITI stands for principal, interest, taxes and insurance. It is the payment most lenders use to judge affordability. This calculator shows it as the total monthly payment and lists each part separately, with PMI, HOA and other costs as optional extras.
When do I have to pay PMI, and how do I get rid of it?
Conventional lenders usually require private mortgage insurance when the down payment is below 20%. Under the Homeowners Protection Act it can be requested once your balance reaches 80% of the original home value and ends automatically at 78%, as long as you are current on payments. FHA loans use mortgage insurance premiums with different removal rules.
Should I choose a 15-year or a 30-year mortgage?
A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan is easier on the monthly budget. The comparison table on this page shows both for the same home price and down payment.
How much does an extra payment save?
Enter an extra monthly, yearly or one-time amount in the calculator. It shows the interest saved and how many months earlier the loan ends. Extra money goes to principal only if your lender applies it that way, so confirm this with your servicer.
What property tax rate should I enter?
Use the rate for the county where you are buying: your local assessor’s tax bill for a similar home is the best source. The table on this page shows how widely effective rates differ by state.
Is this a loan offer or a quote?
No. The results are estimates for planning. Your lender’s Loan Estimate will show the exact rate, fees, escrow amounts and insurance for your loan.
Related mortgage & real estate calculators
- VA Mortgage Calculator
- Mortgage Payoff Calculator
- Biweekly Mortgage Calculator
- ARM Mortgage Calculator
- FHA Loan Calculator
- Mortgage Acceleration Calculator
- Mortgage Penalty Calculator
- Amortization Calculator
- Mortgage Comparison Calculator
- Interest-Only Mortgage Calculator
- PMI Calculator
- Mortgage Rate Calculator
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Guides that use this calculator
- How Much House Can I Afford on a $100K Salary?
- Mortgage Payment on a $400,000 House: Real Numbers
- Mortgage Refinance Break-Even Point: Is It Worth It?
- 15-Year vs 30-Year Mortgage: Which Costs Less Overall?
- Debt-to-Income Ratio: What Lenders Count and What They Ignore
- What Is PMI and How Do You Remove It? Costs and Timeline
- Mortgage Discount Points: When Is Paying for a Lower Rate Worth It?
- ARM vs Fixed-Rate Mortgage: What a 5/1 ARM Really Costs
- Closing Costs Explained: What You Pay and How to Lower It