Mortgage Calculator
Estimate your full monthly mortgage payment — principal, interest, property tax, insurance, PMI and HOA — plus total interest over the life of the loan.
About this calculator
This free mortgage calculator estimates your full monthly house payment — not just principal and interest, but property tax, home insurance, PMI and HOA dues too, so the figure matches what you'll actually pay each month.
How it works
Principal and interest use the standard amortized-loan formula: M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1) — loan amount P, monthly rate r (annual APR ÷ 12) and n months (years × 12). Monthly property tax, insurance, PMI and HOA are added on top to give your PITI payment.
Worked example
A $400,000 home with $80,000 down (20%) on a 30-year loan at 6.5% has a principal & interest payment of about $2,023. Add $400 tax and $150 insurance a month and the total is roughly $2,573 — with no PMI, since the down payment reaches 20%.
Buying a car instead? Try the auto loan calculator, or see how any loan amortizes with the loan calculator.
Why use this mortgage calculator
Your real monthly payment
See the full PITI figure — principal, interest, property tax, insurance and PMI — not just principal and interest, so it matches what you'll actually pay.
PMI handled automatically
Enter your down payment and the tool adds PMI while you're under 20% down and drops it once you cross the threshold.
Total cost, not just the payment
It shows the total interest over the life of the loan, so you can see what a lower rate or bigger down payment really saves.
Common use cases
- Check whether a home price fits your monthly budget before you tour it
- Compare a 15-year and 30-year loan side by side
- See how a larger down payment removes PMI and lowers the payment
- Estimate the payment on a refinance at today's rate
Frequently asked questions
Principal and interest use M = P · r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of months. This calculator then adds monthly property tax, home insurance, PMI and HOA to give your full PITI payment.
PITI stands for Principal, Interest, Taxes and Insurance — the four parts of a typical mortgage payment. Lenders look at PITI (plus HOA) when deciding how much you can borrow.
Private mortgage insurance is usually required when your down payment is under 20% of the home price. This calculator adds PMI while your down payment is below 20% and drops it once you reach 20% down.
Yes. A larger down payment shrinks the loan amount, reduces interest over the life of the loan and — once you reach 20% — removes PMI, all of which lower the monthly payment.
Completely. The calculator runs entirely in your browser and nothing you enter is uploaded or stored.
Related calculators
Explore more free tools
Every category runs free in your browser — nothing is uploaded.