Mortgage Calculator
Full monthly payment with taxes, insurance, HOA and PMI — plus total interest, payoff date and a year-by-year amortization table.
Loan details
Monthly extras (optional)
This is arithmetic on the numbers you enter, not financial advice. Real mortgages add closing costs, points and escrow rules, and tax and insurance estimates change every year — always compare the APR and full terms of an actual loan estimate.
About this tool
The payment a lender quotes is rarely the one that leaves your bank account. Property tax, homeowners insurance, HOA dues and private mortgage insurance all land in the same monthly bill, and together they can add hundreds to the headline figure. This free mortgage calculator starts with the principal and interest payment from the standard amortization formula, then stacks the extras on top so you see the true monthly cost at a glance — with a colour-coded breakdown bar showing where every unit of currency goes.
Enter the home price and your down payment as an amount or a percentage, choose a term from 10 to 30 years or type your own, and the loan amount, total interest, total cost and payoff date update instantly. PMI switches on by itself when you put down less than 20%. Open the year-by-year amortization table to watch the balance fall — and to see why a shorter term, while costlier each month, can save a staggering amount of interest. Everything is calculated in your browser; nothing about your finances is sent anywhere.
How to calculate your mortgage payment
- Enter the home price, your down payment (amount or %), the annual interest rate and the loan term.
- Optionally add yearly property tax and insurance, monthly HOA fees, and adjust the PMI rate if your lender quoted one.
- Read the total monthly payment, compare terms and rates, and expand the amortization table for the year-by-year picture.
Frequently asked questions
How is the monthly mortgage payment calculated?
The principal and interest portion uses the standard amortization formula M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount (price minus down payment), r is the annual rate divided by 12 and n is the term in months. Property tax and insurance are divided by 12, HOA is added as entered and PMI is the loan balance times the PMI rate divided by 12 — the total is what you would actually pay each month.
What is PMI and when do I need it?
Private mortgage insurance protects the lender when you borrow more than 80% of the home value — in other words, when your down payment is under 20%. It typically costs 0.3–1.5% of the loan per year; this calculator suggests 0.5% and switches PMI on automatically below 20% down. Most lenders drop PMI once your equity reaches 20–22%, so the real cost is usually lower than a full-term estimate.
Why is total interest so much larger than I expected?
Mortgages run for decades, and interest is charged on the outstanding balance every month — early payments are mostly interest. On a 30-year loan at a mid-single-digit rate, total interest can exceed the amount borrowed. Open the amortization table to see how slowly the balance falls at first, and try a 15- or 20-year term to see how much interest a shorter loan saves.
How does the calculator handle a 0% interest rate?
The amortization formula divides by zero at 0%, so the calculator switches to a simple division: loan amount ÷ number of months. That gives the correct equal payment for interest-free financing such as family loans or promotional deals, and the interest total shows as zero.
Is this mortgage calculator financial advice?
No — it is arithmetic on the numbers you enter, useful for comparing scenarios before you talk to lenders. Real offers include closing costs, points, escrow rules and rate locks, and tax and insurance estimates change every year. Always compare the APR and full terms of an actual loan estimate.