Mortgage Calculator

Estimate your full monthly mortgage payment: principal and interest plus property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues. See when PMI can come off and what the loan costs in total. Your inputs stay in your browser.

Your home and loan

The loan

Down payment

The rate on your quote (not the APR).

Loan term

Taxes, insurance and fees

From the listing or your county. Rates vary widely by place.

From an insurance quote.

Only with less than 20% down. A percent of the loan amount, from your lender.

Shows your PMI and payoff dates.

$2,975.44/month in total · $2,275.44 principal and interest. See full results

Example: a $400,000.00 home with 10% down at 6.5% for 30 years, $4,800.00 a year of property tax, $1,800.00 of insurance and 0.5% PMI (illustrative figures, not local rates). Enter your numbers to update.

Your mortgage estimate

Monthly payment
$2,975.44
Principal, interest, taxes, insurance, PMI and HOA
Principal and interest
$2,275.44
360 payments at 6.5%
Loan amount
$360,000.00
90% of the price (loan-to-value)
PMI
$150.00/month
Ends automatically after 9 years, 1 month
Total interest
$459,160.16
Over 30 years

PMI adds $150.00 a month. You can ask your lender to cancel it once the balance is scheduled to reach 80% of the home's original value: after 95 payments (7 years, 11 months). It ends automatically at 78%: after 109 payments (9 years, 1 month), after about $16,350.00 of PMI. Then the payment drops to $2,825.44. Paying extra principal can reach these points sooner.

Where the monthly payment goes

PartPer monthShare
Principal and interest $2,275.4476.5%
Property tax $400.0013.4%
Homeowners insurance $150.005%
PMI $150.005%
Total $2,975.44100%

Taxes, insurance and dues are your estimates and usually change over time. Lenders often collect them monthly in an escrow account.

Over the life of the loan

Total cost over the loan, if taxes, insurance and dues stay the same

ItemAmount
Down payment $40,000.00
Principal repaid $360,000.00
Interest $459,160.16
PMI $16,350.00
Taxes, insurance and HOA dues $198,000.00
Total $1,073,510.16
Show all 30 years

Principal and interest, year by year

YearPrincipalInterestBalance at year end
1 $4,023.81$23,281.53$355,976.19
2 $4,293.29$23,012.04$351,682.89
3 $4,580.82$22,724.51$347,102.07
4 $4,887.61$22,417.73$342,214.46
5 $5,214.94$22,090.40$336,999.52
6 $5,564.20$21,741.14$331,435.32
7 $5,936.84$21,368.50$325,498.48
8 $6,334.44$20,970.90$319,164.04
9 $6,758.67$20,546.67$312,405.37
10 $7,211.31$20,094.03$305,194.05
11 $7,694.27$19,611.07$297,499.79
12 $8,209.57$19,095.77$289,290.22
13 $8,759.38$18,545.96$280,530.84
14 $9,346.01$17,959.33$271,184.84
15 $9,971.93$17,333.41$261,212.91
16 $10,639.77$16,665.57$250,573.14
17 $11,352.33$15,953.01$239,220.81
18 $12,112.62$15,192.72$227,108.19
19 $12,923.82$14,381.52$214,184.37
20 $13,789.35$13,515.98$200,395.02
21 $14,712.85$12,592.49$185,682.16
22 $15,698.20$11,607.14$169,983.96
23 $16,749.54$10,555.80$153,234.43
24 $17,871.29$9,434.05$135,363.14
25 $19,068.16$8,237.18$116,294.98
26 $20,345.19$6,960.15$95,949.80
27 $21,707.74$5,597.60$74,242.05
28 $23,161.55$4,143.79$51,080.50
29 $24,712.72$2,592.62$26,367.78
30 $26,367.78$937.56$0.00

What makes up a mortgage payment

  • Principal and interest: the fixed-rate loan payment. In the example it is $2,275.44 of the $2,975.44 total.
  • Property tax and homeowners insurance: often collected with the payment and held in an escrow account, then paid when due. Both usually change over time.
  • PMI: private mortgage insurance, which a conventional loan may require with less than 20% down. It protects the lender, not you (CFPB: what is PMI?).
  • HOA dues: paid to a homeowners association, usually directly rather than through the lender.

When PMI comes off

You can ask your lender to cancel PMI once your balance is scheduled to reach 80% of the home's original value, and your servicer must end it automatically when the balance is scheduled to reach 78%, as long as you are current on payments. "Original value" generally means the lower of the purchase price and the appraised value (CFPB: removing PMI).

For the example loan, 80% is scheduled after 95 payments and 78% after 109, so PMI costs about $16,350.00 in total. With 20% down there is no PMI: the payment is $2,572.62 instead of $2,975.44, but you need $40,000.00 more in cash up front. Extra principal payments can reach the 80% point sooner; our loan payoff calculator shows how much faster.

15 or 30 years

Over 15 years at the same 6.5%, the example loan's principal and interest is $3,135.99 a month instead of $2,275.44, and total interest falls from $459,160.16 to $204,477.57. Shorter loans often come with lower rates too, which this comparison does not assume.

How the payment is calculated

  1. Loan amount = home price − down payment.
  2. Principal and interest = P × r × (1 + r)n ÷ ((1 + r)n − 1), where r is the annual rate ÷ 12 and n is the number of months: the same formula as our loan payment calculator.
  3. Property tax and insurance are your yearly amounts ÷ 12. PMI is the yearly rate × the loan amount ÷ 12, only when the loan is more than 80% of the price.
  4. The PMI dates come from the scheduled balance: the first payment after which it is at or below 80%, then 78%, of the home price.

Amounts are calculated at full precision and rounded to cents only for display.

What this calculator does not include

  • Closing costs, discount points and prepaid items. Your Loan Estimate lists them.
  • FHA, VA and USDA loans, whose mortgage insurance or fees follow different rules.
  • Adjustable rates. The rate stays fixed, with interest at the annual rate ÷ 12.
  • Changes to taxes, insurance or dues over time, and whether you qualify. Results are estimates, not a loan offer or financial advice.

Methodology and testing

Principal and interest come from the same tested amortization engine as every loan calculator on this site. Automated tests check the payment, the 80% and 78% PMI months and the total cost against independent closed-form calculations for 300 random loans. How we build and test calculators.

Sources

  • What is private mortgage insurance?, Consumer Financial Protection Bureau. You may be required to pay private mortgage insurance on a conventional loan with less than 20% down; it protects the lender, not you, and is not required with 20% down.
  • When can I remove private mortgage insurance (PMI) from my loan?, Consumer Financial Protection Bureau. You can ask to cancel PMI once the principal balance is scheduled to reach 80% of the home’s original value, and the servicer must end it automatically when the balance is scheduled to reach 78%, if you are current on payments; original value is generally the lower of the sales price and the appraised value.
  • Loan Estimate explainer, Consumer Financial Protection Bureau. The Loan Estimate lists a mortgage’s expected closing costs.
  • Home Affordability Calculator

    Maximum home price from income, debts and down payment, the debt-to-income limit that binds, and the price at other rates.

  • Mortgage Refinance Calculator

    New payment, true break-even that counts the balance owed, savings if you sell after N years, and a full-term comparison.

  • Mortgage Points Calculator

    Cost of discount points, monthly savings, true break-even month, and net savings if you sell or refinance after N years.

  • Loan Payoff Calculator

    Payoff date and interest saved with monthly, yearly or lump-sum extras, and the extra needed to be debt-free by a set time.