Mortgage Calculator
Enter the home price, down payment, interest rate and term to see the full monthly cost of a mortgage, not just principal and interest. Property tax, homeowners insurance, HOA dues and PMI are added in, and a yearly table shows how the balance falls.
Last updated November 3, 2026
Optional. Goes entirely to principal, not to tax, insurance or PMI.
Varies by location. Leave blank for none.
Used only when the down payment is under 20%.
Result
Monthly payment = $2,514.28
| Monthly cost | Amount |
|---|---|
| Principal and interest | $2,022.62 |
| Property tax | $366.67 |
| Homeowners insurance | $125.00 |
| HOA dues | $0.00 |
| PMI | $0.00 |
| Total monthly payment | $2,514.28 |
| Loan amount | $320,000.00 |
| Total interest | $408,142.36 |
| Year | Principal paid | Interest paid | Balance at year end |
|---|---|---|---|
| Year 1 | $3,576.72 | $20,694.69 | $316,423.28 |
| Year 2 | $3,816.26 | $20,455.15 | $312,607.02 |
| Year 3 | $4,071.84 | $20,199.57 | $308,535.17 |
| Year 4 | $4,344.54 | $19,926.87 | $304,190.63 |
| Year 5 | $4,635.50 | $19,635.91 | $299,555.13 |
| Year 6 | $4,945.95 | $19,325.46 | $294,609.18 |
| Year 7 | $5,277.19 | $18,994.22 | $289,331.98 |
| Year 8 | $5,630.62 | $18,640.80 | $283,701.37 |
| Year 9 | $6,007.71 | $18,263.70 | $277,693.66 |
| Year 10 | $6,410.06 | $17,861.36 | $271,283.60 |
| Year 11 | $6,839.35 | $17,432.06 | $264,444.26 |
| Year 12 | $7,297.39 | $16,974.02 | $257,146.86 |
| Year 13 | $7,786.11 | $16,485.30 | $249,360.75 |
| Year 14 | $8,307.56 | $15,963.85 | $241,053.19 |
| Year 15 | $8,863.94 | $15,407.48 | $232,189.25 |
| Year 16 | $9,457.57 | $14,813.84 | $222,731.68 |
| Year 17 | $10,090.96 | $14,180.45 | $212,640.72 |
| Year 18 | $10,766.77 | $13,504.64 | $201,873.95 |
| Year 19 | $11,487.84 | $12,783.57 | $190,386.11 |
| Year 20 | $12,257.20 | $12,014.21 | $178,128.90 |
| Year 21 | $13,078.09 | $11,193.32 | $165,050.81 |
| Year 22 | $13,953.96 | $10,317.46 | $151,096.86 |
| Year 23 | $14,888.48 | $9,382.93 | $136,208.38 |
| Year 24 | $15,885.59 | $8,385.83 | $120,322.79 |
| Year 25 | $16,949.47 | $7,321.94 | $103,373.32 |
| Year 26 | $18,084.61 | $6,186.80 | $85,288.71 |
| Year 27 | $19,295.77 | $4,975.64 | $65,992.94 |
| Year 28 | $20,588.05 | $3,683.37 | $45,404.89 |
| Year 29 | $21,966.86 | $2,304.55 | $23,438.03 |
| Year 30 | $23,438.03 | $833.39 | $0.00 |
Estimate only. Property tax, insurance and PMI vary by location and lender, and they can change over the life of the loan.
Show the work
Formula: monthly payment = P × r ÷ (1 − (1 + r)^−n) + property tax ÷ 12 + insurance ÷ 12 + HOA + PMI
- Loan amount: $400,000.00 − $80,000.00 down (20%) = $320,000.00.
- Principal and interest: $320,000.00 × 0.005417 ÷ (1 − (1 + 0.005417)^−360) = $2,022.62, with r = 6.5% ÷ 12 and n = 30 × 12 = 360.
- Property tax each month: $400,000.00 × 1.1% ÷ 12 = $366.67.
- Insurance each month: $1,500.00 ÷ 12 = $125.00. HOA: $0.00.
- No PMI: the down payment is 20%, which is 20% or more.
- Total: $2,022.62 + $366.67 + $125.00 + $0.00 + $0.00 = $2,514.28.
- Total interest: $2,022.62 × 360 − $320,000.00 = $408,142.36.
Result: Monthly payment = $2,514.28
How the monthly mortgage payment is calculated
payment = P × r ÷ (1 − (1 + r)^−n) + tax ÷ 12 + insurance ÷ 12 + HOA + PMI
The loan amount P is the home price minus your down payment. The monthly rate r is the yearly rate divided by 12, and n is the term in months. This is the standard fixed-rate amortization formula. It gives the one level payment of principal and interest that clears the loan exactly at the end of the term.
The other items are added on top as monthly amounts. Property tax is either a percentage of the home price per year or a dollar figure per year, divided by 12. Homeowners insurance is a yearly premium divided by 12. HOA dues are already monthly. With a rate of 0% the principal and interest part is simply the loan amount divided by the number of months.
See how we calculate for the formulas, sources and review schedule behind every calculator.
Also useful alongside this calculator: Roth IRA Calculator, Down Payment Calculator and Closing Cost Calculator.
Property tax and homeowners insurance
Both costs depend on where the home is and on the property itself, so the starting values in the form are placeholders for you to replace. Your county or city tax bill, or the listing, shows the real property tax. An insurance quote shows the premium. Many lenders collect one twelfth of each every month into an escrow account and pay the bills for you, which is why they are part of the monthly payment.
Because the tax is a share of the home price in this calculator, a more expensive home raises it in step. On a $400,000 home, a 1.1% rate is $4,400 a year or $366.67 a month. Tax bills and premiums can also rise after you buy, so treat the result as an estimate for today rather than a promise for year ten.
Private mortgage insurance (PMI)
Lenders usually ask for PMI on a conventional loan when the down payment is below 20% of the price, which means the loan is more than 80% of the value. The calculator adds PMI only in that case. It uses the yearly rate you enter, applies it to the original loan amount and divides by 12.
Under the Homeowners Protection Act, PMI on most conventional loans ends automatically once the balance is scheduled to reach 78% of the original value, and you can usually ask for it to be removed when you reach 80%. The result shows after which payment the 78% mark is reached, and the total payment from then on. FHA loans use their own mortgage insurance rules, which this calculator does not model.
How the down payment changes the payment
A larger down payment lowers the loan, so principal and interest fall, and it can remove PMI entirely. For a $400,000 home at 6.5% over 30 years, with 1.1% tax, $1,500 insurance and 0.5% PMI, putting 10% down gives a total payment of $2,917.11. Putting 15% down gives $2,782.36, 20% down gives $2,514.28 and 30% down gives $2,261.46.
The step from 15% to 20% is the largest drop per dollar, because it is the point where PMI stops. Weigh that against keeping cash for repairs and emergencies, since money you put into the house is hard to get back quickly.
Shorter and longer terms
A shorter term raises the monthly payment but cuts the interest sharply, because the balance is repaid sooner. On a $320,000 loan at 6.5%, a 15-year term costs $2,787.54 a month in principal and interest and $181,757.84 in total interest. A 20-year term costs $2,385.83 and $252,600.17. A 30-year term costs $2,022.62 and $408,142.36.
To see what extra payments do to a loan, enter an Extra monthly payment above: it goes entirely to principal, and the result shows the new payoff time, the interest saved and the time saved. The Amortization Calculator shows every month. To compare your payment with other debt, the Loan Payment Calculator covers any fixed-rate loan.
General information, not financial advice
This calculator gives a general estimate from the numbers you enter. It is not financial or tax advice, and your actual results can differ. Check important decisions with a qualified professional or the official source.
Sources
Official and primary sources for the statements on this page. Their authors have not reviewed or endorsed this page.
- Consumer Financial Protection Bureau, What is an escrow or impound account?. Says an escrow account is funded from a portion of the monthly mortgage payment to pay property taxes and homeowners insurance, and that many lenders require it.
- Consumer Financial Protection Bureau, When can I remove private mortgage insurance (PMI) from my loan?. Says you can ask to cancel PMI when the balance is scheduled to reach 80% of the home's original value, and that the servicer must end it automatically at 78%.
- Consumer Financial Protection Bureau, How does paying down a mortgage work?. Explains that early payments are mostly interest and later ones mostly principal, and that lenders use a standard formula to set a payment that repays the loan by the end of the term.
How to use the Mortgage Calculator
- Enter the home price and your down payment, in dollars or as a percent of the price.
- Enter the interest rate and the loan term in years (1 to 50).
- Add property tax, homeowners insurance, HOA dues and the PMI rate, or leave them blank if they do not apply.
- Optionally enter an extra monthly payment to see the payoff time and interest it saves.
- Read the monthly total and its breakdown, check the yearly table, then Copy, Print or Share.
Worked example
You buy a $400,000 home with $80,000 down (20%), so the loan is $320,000 at 6.5% for 30 years. The monthly rate is 0.065 ÷ 12 = 0.541667% and n = 360, which gives $2,022.62 of principal and interest. Property tax at 1.1% is $4,400 ÷ 12 = $366.67, and insurance of $1,500 a year is $125.00. With 20% down there is no PMI, so the total is $2,514.28 a month and the total interest over 30 years is $408,142.36.
| Down payment | Loan | PMI per month | Total per month |
|---|---|---|---|
| 10% ($40,000) | $360,000 | $150.00 | $2,917.11 |
| 15% ($60,000) | $340,000 | $141.67 | $2,782.36 |
| 20% ($80,000) | $320,000 | $0.00 | $2,514.28 |
| 30% ($120,000) | $280,000 | $0.00 | $2,261.46 |
Frequently asked questions
What is included in the monthly mortgage payment?
Principal and interest always, plus property tax, homeowners insurance, HOA dues and PMI when they apply to your loan. The breakdown table lists each part.
How much down payment do I need to avoid PMI?
On a conventional loan, 20% of the price avoids PMI in this calculator. Below 20% the loan is more than 80% of the value, so PMI is added until the balance falls far enough.
Why is my lender’s quote different from this estimate?
Tax, insurance and PMI vary by location, property and credit profile, and lenders may round or escrow differently. Use your own quotes in the form to get closer.
Should I use a 15-year or a 30-year term?
A 15-year term costs more each month but far less in interest. A 30-year term keeps the payment lower. Compare both in the calculator against what your budget can carry.
Are my numbers stored or sent anywhere?
No. The calculation runs in your browser and nothing you enter is saved or uploaded to a server.