Mortgage Calculator
Work out what a house actually costs each month — including tax, insurance, PMI and HOA — and see the full amortization schedule behind the number.
Your loan
Taxes, insurance, PMI & extra payments
Only applied when your down payment is under 20%.
Goes straight to principal.
Estimated monthly payment
Balance and interest over time
Amortization schedule
| Period | Principal | Interest | PMI | Balance |
|---|
This is an estimate, not a quote. Real payments depend on your lender, credit profile, local tax rate and insurance quote. Use these numbers to compare scenarios, then confirm the actual figures with a mortgage professional.
What this calculator works out
Most mortgage calculators give you principal and interest and stop there, which is why the number they show rarely matches what leaves your bank account. This one models the whole monthly payment: principal, interest, property tax, homeowners insurance, private mortgage insurance and HOA dues, then shows how that total is split.
It also shows what the payment is doing over time. Early in a 30-year loan, the overwhelming majority of each payment is interest, and the balance barely moves — the chart above makes that visible, and the schedule gives you the exact figures month by month.
How to use it
- Enter the price and your down paymentSwitch between dollars and a percentage with the $/% toggle. The calculator tells you the percentage as you type, and flags when you are below the 20% PMI threshold.
- Set your term and rateDrag the rate slider to see instantly how sensitive your payment is to rate changes — on a large loan, half a percentage point is often a couple of hundred dollars a month.
- Open the second section for the real totalProperty tax and insurance are not optional, and on many homes they add several hundred dollars a month. Entering them is the difference between an estimate and a guess.
- Try an extra monthly paymentEnter even a small amount and the calculator shows how many years it removes from the loan and how much interest it saves.
The parts of a monthly payment
Principal and interest
This is the loan repayment itself, and it is the only part that stays fixed on a fixed-rate mortgage. The split between principal and interest changes every month: interest is charged on the balance you still owe, so as the balance falls, more of the same payment goes to principal. This is why the balance line in the chart starts almost flat and steepens later.
Property tax and insurance
Both are usually collected monthly by the lender into an escrow account and paid on your behalf once a year. They are entered here as annual figures and divided by twelve. Unlike principal and interest, they can rise over time as assessments and premiums change.
Private mortgage insurance
PMI is normally required when you put down less than 20%, and typically costs between 0.3% and 1.5% of the loan per year. It protects the lender if you default — it does nothing for you. The calculator adds it automatically when your down payment is under 20% and removes it once your balance reaches 80% of the purchase price, which is the point at which you can usually request cancellation.
HOA dues
Condominiums and many planned communities charge monthly dues that are not part of the mortgage but are unavoidable if you buy there. Lenders count them when assessing what you can afford, so they belong in the monthly figure.
Why extra payments do so much
An extra payment goes entirely to principal. That dollar not only reduces what you owe, it also cancels every future interest charge that dollar would have generated for the remaining decades of the loan. On a 30-year mortgage, an extra $200 a month commonly removes five or more years from the term and saves tens of thousands in interest. Enter a figure above and the calculator will tell you the exact effect for your numbers.
Nothing you enter leaves your browser
The entire calculation runs in JavaScript on your own device. Your home price, income assumptions and loan figures are never transmitted to us or to anyone else — there is no server involved after the page loads. The share button works by putting the numbers in the URL, so you control exactly who sees them.
Frequently asked questions
How is my monthly mortgage payment calculated?
Principal and interest come from the standard amortization formula, which uses your loan amount, interest rate and term. This calculator then adds monthly property tax, homeowners insurance, PMI and HOA dues to show the full amount that leaves your account each month.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender, not you, and is normally required when your down payment is under 20%. It typically costs 0.3% to 1.5% of the loan per year. This calculator adds it automatically when your down payment is below 20% and removes it once the balance falls to 80% of the purchase price.
How much difference does an extra monthly payment make?
More than most people expect, because every extra dollar goes straight to principal and stops accruing interest for the rest of the term. Enter an amount in the extra payment field and the calculator shows exactly how many years it removes and how much interest it saves.
What is a good down payment?
20% is the common benchmark because it avoids PMI, but many loan programs allow far less. A larger down payment lowers your monthly payment and total interest; a smaller one preserves cash. The right balance depends on your savings, the rate you can get, and what else you need the money for.
Does this include closing costs?
No. Closing costs are one-off charges paid at purchase, typically 2% to 5% of the loan, and are separate from the ongoing monthly payment this calculator models.
Is this financial advice?
No. This is an estimating tool for informational purposes. Your actual rate, payment and eligibility depend on your lender, credit profile and local tax rates, so confirm real numbers with a mortgage professional before making a decision.
More calculators
The Calculators section lists the rest, including a tip calculator currently in development. If there is a calculation you keep doing by hand, let us know.