Mortgage Calculator

Estimate your full monthly mortgage payment — principal and interest plus property tax, insurance, HOA and PMI.

$
%
%
% of price
$
$
% of loan

Only charged when the down payment is under 20%.

Total monthly payment
$2,539.28

With 20% down there is no PMI. Over 30 years you would pay $408,142 in interest.

Monthly payment breakdown
Principal & interest: $2,023 (79.7%)Property tax: $366.67 (14.4%)Insurance: $150.00 (5.9%)$2,539per month
  • Principal & interest$2,02379.7%
  • Property tax$366.6714.4%
  • Insurance$150.005.9%
Principal & interest
$2,022.62
Property tax
$366.67
Homeowners insurance
$150.00
HOA dues
$0.00
PMI
$0.00
Loan amount
$320,000.00
Down payment
$80,000.00
Total interest over the loan
$408,142.36
Payments
360 months
Loan balance and equity (at purchase price)
Loan balanceYour equity
$0$100K$200K$300K$400K0481216202428Years
Show the working
  1. Loan = $400,000 − $80,000 down = $320,000 (loan-to-value 80%)
  2. Monthly rate r = 6.5% ÷ 12; n = 360 payments
  3. Principal & interest = L·r ÷ (1 − (1 + r)^−n) = $2,022.62
  4. + tax $366.67 + insurance $150.00 + HOA $0.00 + PMI $0.00 = $2,539.28

Runs entirely in your browser. Nothing you enter is uploaded.

Formula

P&I = L · r ÷ (1 − (1 + r)^−n)L = home price − down payment, r = annual rate ÷ 12, n = years × 12Monthly payment = P&I + property tax ÷ 12 + insurance ÷ 12 + HOA + PMI

How it works

A mortgage payment has two layers. The core is principal and interest (P&I): a fixed amount, set by the loan size, rate and term, that pays the loan off exactly on schedule. On top of that most lenders collect property tax and homeowners insurance through an escrow account, and some homes add HOA dues and private mortgage insurance. Lenders call the full bundle PITI — principal, interest, taxes and insurance.

Property tax is entered as a yearly percentage of the home price because that is how it is usually quoted; U.S. effective rates range from about 0.3% to over 2% depending on the state and county. Check the listing or the county assessor for the real figure, since a new purchase often triggers a reassessment.

Private mortgage insurance protects the lender when you put down less than 20% on a conventional loan. It typically costs 0.3%–1.5% of the loan per year. You can ask to cancel it once your balance reaches 80% of the original value, and it ends automatically at 78%. FHA loans use a different mortgage insurance premium that this calculator does not model.

The total interest figure shows how much the loan really costs. On a 30-year loan it often exceeds half the amount borrowed. A 15-year term, a bigger down payment or occasional extra principal payments all shrink it.

Frequently asked questions

How much of my income should go to the mortgage?

A common guideline is to keep the full housing payment under 28% of gross monthly income and all debt payments under 36%. Lenders may approve more, but staying under these levels leaves room for savings and surprises.

Is it worth putting 20% down?

Putting 20% down avoids PMI and lowers the payment, but it is not required. If a large down payment would empty your emergency fund, a smaller one with PMI for a few years can be the safer choice.

Why will my real payment differ from this estimate?

Escrow amounts change when tax bills and insurance premiums change, and lenders may hold a cushion in escrow. Your Loan Estimate shows the exact figures for your loan.

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