Mortgage Calculator
Estimate your monthly mortgage payment, including tax, insurance, and PMI.
Estimated monthly payment
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Hover the chart to see the remaining loan principal at a given point in the term (principal & interest only, excluding tax/insurance/PMI).
Estimates from standard formulas — not financial advice. They don't capture every fee, tax, or rate change; check important decisions with a lender, adviser, or accountant. Full disclaimer.
About this tool
Estimates a realistic monthly housing payment: principal and interest on the loan, plus property tax, home insurance, and PMI where it applies. Lenders usually collect all of these as one monthly amount (often abbreviated PITI — principal, interest, taxes, insurance) through an escrow account, so this is closer to what actually leaves your bank account than a principal-and-interest figure alone.
How the core payment is calculated. The loan amount is the home price minus your down payment. That's run through the standard fixed-rate amortization formula — the same one behind the loan calculator — using the monthly interest rate (annual ÷ 12) and the number of monthly payments (years × 12). The amortization guide explains why early payments are mostly interest.
Worked example. A $400,000 home with $80,000 down (20%) leaves a $320,000 loan. At 6.5% over 30 years, principal and interest is about $2,023/month. Add $400/month property tax and about $117/month insurance and the estimated payment is roughly $2,540. Because the down payment is 20%, PMI is $0.
PMI. Private mortgage insurance protects the lender, not you, and is generally required when the down payment is below 20% of the price. This estimates it at 0.5% of the loan amount per year while you're under that threshold, and shows $0 once you reach 20%. On a conventional loan you can usually request PMI removal once your equity passes 20%, and it drops automatically at 22%.
What this doesn't include. Closing costs and points (paid up front, not monthly), HOA or condo fees, mortgage-insurance structures other than conventional PMI (FHA loans work differently), rate changes on an adjustable-rate mortgage, and any escrow shortfall adjustment when your tax bill changes. Property tax and insurance are entered as flat annual figures here — real bills drift over time.
For the month-by-month principal and interest breakdown, use the amortization schedule. To compare overpaying the mortgage against investing the difference, put the spare cash into the compound interest calculator.
Frequently asked questions
- What is PMI and why is it added automatically?
- Private mortgage insurance is usually required when the down payment is under 20% of the price. The tool estimates it at 0.5% of the loan per year below that threshold and shows $0 at 20% or more.
- Why include property tax and insurance in a "mortgage" payment?
- Most lenders collect them monthly through escrow alongside principal and interest, so the real monthly cost (PITI) is higher than the loan payment by itself.
- How is the down payment percentage shown?
- It's calculated live as down payment ÷ home price and displayed under the down payment field.
- Does this handle FHA or VA loans?
- Not specifically. Those have different mortgage-insurance rules and fees. The principal-and-interest figure is still accurate for the loan amount and rate you enter.
- Can I get rid of PMI later?
- On a conventional loan, yes — you can usually request removal once your equity reaches 20% of the original value, and it's cancelled automatically at 22%.
- Why is my lender's quote different?
- Fees rolled into the loan, a different tax or insurance estimate, points, and rounding all move the number. Use a formal Loan Estimate for decisions.