Mortgage Calculator

Estimate your monthly mortgage payment — including principal & interest, property taxes, home insurance, PMI and HOA dues. See the true cost of your home loan, the total interest you will pay, your payoff date, and a year-by-year amortization schedule. Everything runs in your browser; no signup, no data leaves your device.

Loan Details

Goes straight to principal.

Your Monthly Payment

Estimated total per month
$0
—
Principal & interest$0
Property tax$0
Home insurance$0
PMI$0
HOA dues$0
Loan amount$0
Total interest
$0
Total of payments
$0
Payoff date
—
Interest saved
$0

Estimates only — actual payments vary by lender, location and tax assessments. PMI is estimated at 0.5% of the loan per year and removed once your balance reaches 80% of the home price.

Amortization Schedule

Year-by-year breakdown of principal vs. interest and your remaining balance.

YearPrincipal paidInterest paidPMI paidBalance

How the mortgage payment is calculated

Your base monthly payment (principal & interest) comes from the standard amortization formula. Lenders quote an annual rate, but interest accrues monthly, so the rate is divided by 12 and applied over the total number of monthly payments:

M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)

Where P is the loan amount (price minus down payment), r is the monthly interest rate, and n is the number of payments (360 for a 30-year loan). Property tax and insurance are then split into 12 monthly escrow portions and added on top — that is why the "total monthly payment" is higher than the principal & interest figure alone.

A quick affordability rule lenders use is 28/36: spend no more than 28% of gross monthly income on housing, and no more than 36% on all debt combined. If this calculator's total lands well above 28% of your income, consider a larger down payment, a cheaper home, or a longer term.

Mortgage FAQs

How is my monthly mortgage payment calculated?
With the amortization formula M = P·r(1+r)ⁿ/((1+r)ⁿ−1), where P is the loan amount, r the monthly interest rate and n the number of payments. That gives principal & interest; property tax, home insurance, PMI and HOA are added on top to reach the total monthly payment shown above.
How much house can I afford?
A common lender guideline is the 28/36 rule: keep housing costs under 28% of your gross monthly income and total debt under 36%. Enter different home prices above until the total monthly payment fits comfortably inside 28% of your income — and remember to budget for maintenance, roughly 1% of the home's value per year.
What is PMI and when do I pay it?
Private Mortgage Insurance protects the lender when your down payment is under 20%. It typically costs 0.5–1% of the loan amount per year, added to your monthly payment. This calculator includes it automatically when your down payment is below 20% and removes it once your loan balance drops to 80% of the home price.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a much higher monthly payment but can save you hundreds of thousands in interest and builds equity far faster. A 30-year loan keeps payments low and flexible — you can always pay extra toward principal (try the "extra payment" field above) to get much of the 15-year benefit while keeping the lower required payment.
Does this calculator include property taxes and insurance?
Yes. Enter your annual property tax and homeowner's insurance above and they are divided into 12 monthly escrow amounts included in the total. US property tax averages around 1.1% of home value but varies widely by state and county — check your local assessor for an accurate figure.

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