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. Prefer to calculate your mortgage payment by hand? The walkthrough below shows the exact formula step by step — or enter your numbers above and let the calculator do it instantly. Everything runs in your browser; no signup, no data leaves your device.
Loan Details
Your Monthly Payment
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.
| Year | Principal paid | Interest paid | PMI paid | Balance |
|---|
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:
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.
How to Calculate Your Mortgage Payment by Hand
You can calculate your mortgage payment by hand with the standard amortization formula — no spreadsheet needed, just a pocket calculator:
Step 1. Find r, the monthly interest rate: divide the annual rate by 12. For 6.5%, r = 0.065 ÷ 12 = 0.0054167.
Step 2. Find n, the number of payments: 30 years × 12 = 360.
Step 3. Compute (1+r)ⁿ. For our example: 1.0054167^360 ≈ 6.992.
Step 4. Plug everything in: M = 320,000 × 0.0054167 × 6.992 ÷ (6.992 − 1) ≈ $2,022 per month for principal & interest.
Worked example: a $400,000 home with 20% down ($80,000) leaves a $320,000 loan (P). At 6.5% over 30 years, the by-hand calculation gives about $2,022/month in principal & interest — before property tax and insurance. Enter the same numbers above and the calculator will match it to the dollar, then add your tax, insurance, PMI and HOA automatically.