Mortgage Calculator
Estimate your full monthly mortgage payment — principal, interest, and optional property tax, home insurance, PMI, and HOA — along with your loan amount, loan-to-value ratio, and the total interest you'll pay over the term. Everything runs in your browser.
Monthly payment
Example: $400,000 home, $80,000 down, 6.5% for 30 years ≈ $2,022.62 P&I.
How your mortgage payment is built
A fixed-rate mortgage payment has a constant principal-and-interest amount for the whole term. In the worked example — a $400,000 home with $80,000 down (a $320,000 loan) at 6.5% over 30 years — principal and interest come to $2,022.62 per month. Add $366.67 of monthly property tax (at 1.1%) and $150.00 of insurance, and the total is $2,539.28. Over the full term you'd pay $408,142 in interest — nearly the loan amount again. Every figure here is computed by the same tested engine that powers the calculator above.
PITI and escrow
Lenders think in PITI: principal, interest, taxes, and insurance. The tax and insurance portions are often collected monthly into an escrow account and paid on your behalf when bills come due, so your out-of-pocket payment includes them even though they aren't part of the loan itself. PMI and HOA dues, where they apply, add to the monthly total too — which is why the "advanced" fields matter for a realistic number.
Down payment, LTV, and PMI
Your loan-to-value ratio is the loan divided by the home price. Put 20% down and LTV is 80%; put less down and it's higher, which usually triggers private mortgage insurance (PMI) until you build equity back to 20%. In the example, 20% down means an 80% LTV and no PMI. A smaller down payment lowers your upfront cost but raises both the loan and the monthly payment — and adds PMI. The Down Payment Calculator shows that trade-off directly.
Cutting the interest you pay
Total interest is enormous on a 30-year loan because the balance stays high for years. Two levers help most: a shorter term (a 15-year loan carries a higher payment but far less total interest) and extra principal payments. See exactly how much either saves with the Mortgage Payoff Calculator and the Amortization Calculator.
Frequently asked questions
What does the monthly payment include?
Principal and interest (P&I) always, plus — if you fill in the optional fields — monthly property tax, homeowners insurance, PMI, and HOA dues. Lenders call the full figure PITI (principal, interest, taxes, insurance); many collect the tax and insurance portions in an escrow account.
How is the principal and interest calculated?
With the standard amortized-loan formula: the loan amount, monthly interest rate, and number of payments determine a fixed monthly payment that pays the loan to zero over the term. Early payments are mostly interest; later payments are mostly principal.
When do I have to pay PMI?
Private mortgage insurance is typically required when your down payment is under 20% — i.e. the loan-to-value ratio is above 80%. This calculator adds PMI only while LTV exceeds 80%. Once you build enough equity, PMI can usually be removed.
Why is so much of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start. As the balance falls, the interest portion shrinks and more of each fixed payment goes to principal — see the amortization schedule for the year-by-year split.
Are the property tax and insurance amounts exact?
They are estimates from the rates you enter. Real property tax varies by locality and reassessments; insurance depends on the property and coverage. Use your local tax rate and a real insurance quote for accuracy.
Not financial advice: this calculator gives general educational estimates. Your real rate, taxes, insurance, PMI, and eligibility depend on your lender, location, and credit — confirm figures with a licensed mortgage professional before relying on them. Values are processed locally in your browser and never transmitted. See the methodology page.