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Calculate monthly mortgage payments and total interest.
🏠 PMI is added automatically only when your down payment is under 20% (LTV above 80%) — at 20%+ down it is $0. Tax & insurance are yearly amounts ÷ 12; HOA is monthly. Extra payments go straight to principal.
A mortgage is likely the largest loan you'll ever take, so understanding the real numbers matters more than with any other debt. This calculator estimates your monthly payment using the standard amortization formula — the same one banks use. Enter the home price, down payment, interest rate, and loan term — plus property tax, insurance, HOA dues, and a PMI rate — and you'll see your full monthly payment (PITI) broken out by component, your total loan amount, how much interest you pay over the life of the loan, and what an extra monthly payment saves you.
The headline number is just the start. Most people focus on the monthly payment, but the total interest paid over 30 years often rivals — or exceeds — the price of the home itself. Seeing both numbers side by side is the single most useful thing this calculator does.
A mortgage payment is calculated so that the loan is fully paid off (amortized) by the end of the term. Each payment covers that month's interest first, and the remainder reduces the principal. Early on, almost all of your payment is interest; by the final years, almost all is principal.
The formula is:
M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]
Where M is monthly payment, P is loan principal, r is the monthly interest rate (annual rate ÷ 12), and nis the number of payments (years × 12). The calculator handles this for you, but understanding it explains why small rate changes have outsized effects.
Principal and interest are only the loan itself. Your actual monthly housing payment — called PITI— adds the following, and each item can be entered above so the calculator folds it into your total:
A common rule of thumb: your totalPITI should stay under 28% of your gross monthly income. Lenders also look at all your debts (PITI + car loans + student loans + minimum card payments) staying under 36%–43% of gross income.
A 30-year mortgage has lower monthly payments but costs dramatically more in interest. A 15-year mortgage has higher payments but saves tens of thousands.
On a $400,000 loan at 6.8%:
The 15-year saves about $300,000 in interestfor ~$940 more per month. A popular middle path: take a 30-year for flexibility, then pay extra principal whenever you can. Even one extra payment a year shaves years off the term — use the extra monthly payment field above to see the exact payoff time, interest saved, and months cut on your own numbers.
The interest rate is what you pay on the loan itself. The APR(annual percentage rate) includes the rate plus certain fees (origination, discount points, some closing costs) expressed as a yearly rate. APR is always equal to or higher than the interest rate, and it's the better number to use when comparing loan offers from different lenders. A 6.5% rate with high fees can have a 6.9% APR — effectively a more expensive loan than a 6.7% rate with low fees (6.8% APR).
Refinancing replaces your current mortgage with a new one, usually to get a lower rate. The old rule of thumb was to refinance if rates drop 1%+ below yours, but the real test is the break-even point: divide closing costs (typically 2%–5% of the loan) by the monthly savings. If you'll stay in the home longer than that, refinancing pays off. Also consider refinancing to drop PMI, shorten the term, or switch from an adjustable to a fixed rate — not just to lower the payment.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, investment, or legal advice. Calculated results are estimates based on the inputs you provide; actual figures may vary. Always consult a qualified professional before making financial decisions.
The Mortgage Calculator lets you figure out mortgage calculatorinstantly, without reaching for a spreadsheet or doing the math by hand. Whether you're planning a budget, checking a loan, or working through homework, the tool applies the correct formula behind the scenes and shows the result the moment you enter your numbers.
Unlike a static chart or table, this calculator adapts to your exact inputs. You can adjust any value and see the outcome update in real time, which makes it easy to compare scenarios — for example, "what if the rate were 1% lower?" or "what if I paid an extra $50 a month?"
Common uses: people reach for this tool when they need to find a mortgage calculator with pmi and taxes, mortgage calculator with down payment, monthly mortgage payment with taxes and insurance, or mortgage payment calculator with pmi.
Browser-based tools like this one have a few real advantages over installed software or manual methods:
The Mortgage Calculator is based on the following formula:
M = P × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ]
Variables: M = Monthly payment ($) P = Loan principal ($) r = Monthly interest rate (annual % ÷ 12) n = Total number of monthly payments
Monthly mortgage payment (amortization). P = loan principal, r = monthly rate, n = number of months. This tool adds PMI, property tax, and insurance estimates on top.
Worked example: Step 1: P = $300,000, annual rate 6.5% → r = 0.065 / 12 = 0.0054167, n = 30 × 12 = 360. Step 2: (1 + r)^n = 1.0054167^360 ≈ 6.992. Step 3: numerator = 0.0054167 × 6.992 ≈ 0.037875; denominator = 6.992 − 1 = 5.992. Step 4: M = 300,000 × 0.037875 / 5.992 ≈ $1,896. Result: the monthly principal-and-interest payment is about $1,896.
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