Mortgage Calculator

Use the Mortgage Calculator to estimate your true monthly payment — including principal, interest, taxes, insurance (PITI), PMI, and HOA fees.

Monthly Payment
$0
Total Interest
$0
Total Cost
$0

About the Mortgage Calculator

The Mortgage Calculator estimates your monthly housing cost including principal, interest, taxes, insurance, PMI, and HOA fees. It’s perfect for understanding your real affordability before buying a home.

Formula Used


M = P × (r × (1 + r)ⁿ) / ((1 + r)ⁿ – 1)

Where:
M = Monthly principal & interest payment
P = Loan amount after down payment
r = Monthly interest rate (annual ÷ 12)
n = Total number of payments (years × 12)

Including Down Payment, Taxes, and PMI

- Down Payment reduces your loan principal.
- PMI applies when your down payment is under 20%.
- Property Taxes are estimated annually and divided into monthly payments.
- Insurance and HOA Fees are added to provide a full PITI estimate.

Example

For a $400,000 home, 20% down, 6.5% interest, 30 years, 1.2% taxes, and $1,200 insurance:
Monthly Payment ≈ $2,528.00

Frequently Asked Questions

  • What is included in a mortgage payment?
    Principal, interest, property taxes, homeowners insurance, PMI, and HOA fees (if applicable).
  • How can I estimate my monthly mortgage payment?
    Enter your loan details above. The calculator will include optional costs like property taxes, insurance, and HOA fees for accuracy.
  • When can I stop paying PMI?
    Typically once you reach 20% equity in your home, PMI can be removed.
  • Does this calculator include taxes and insurance?
    Yes, it includes property taxes, insurance, and HOA fees for a complete PITI estimate.
  • How does PMI affect my monthly cost?
    PMI adds to your payment until your loan-to-value ratio drops below 80%.
  • Is it cheaper to buy or rent a home?
    Buying builds equity long-term, but renting can be cheaper short-term. Use this calculator to compare total costs.

Mortgage Basics

A mortgage is a loan used to purchase real estate. Most U.S. home loans are fixed-rate, with 15- or 30-year terms. Your payment is split between principal (the loan) and interest (the lender’s charge).

Knowing your PITI (Principal, Interest, Taxes, Insurance) helps you estimate true affordability — beyond the base loan payment.