Mortgage Calculator
Estimate your full monthly payment, including principal, interest, property taxes, home insurance, PMI, and HOA fees.
How this mortgage calculator helps
Lenders quote a monthly mortgage payment as PITI: Principal, Interest, Taxes, and Insurance. This calculator adds PMI and HOA fees so you can see the full monthly cost of owning the home, not just the loan payment.
What makes up the total payment
Principal and interest pay down the loan itself, calculated the same way as a standard fixed-rate amortization schedule. Property tax and home insurance are usually collected monthly and held in an escrow account, then paid by the lender when due. PMI (private mortgage insurance) is typically required when the down payment is below 20% of the home price, and protects the lender if you default. HOA fees, if any, are paid separately but are still part of the real monthly cost of the home.
Payment formula
The principal and interest portion uses the standard fixed-rate loan formula:
M = P x r(1 + r)^n / ((1 + r)^n - 1)
Where P is the loan amount (home price minus down payment), r is the monthly interest rate, and n is the number of monthly payments.
When PMI goes away
PMI is generally required until the loan balance drops to 80% of the original home price. This calculator estimates the month that happens based on your amortization schedule, so you know roughly when you can ask your lender to remove it.
Estimating taxes and insurance
Property tax rates and insurance premiums vary by location. If you are not sure what to enter, check a recent tax bill or insurance quote for the area, or use a rough estimate such as 1% of the home price per year for property tax.
See it worked through with real numbers
The Mortgage Guide walks through a standard 20%-down mortgage, a low-down-payment scenario with PMI, and a 15-year versus 30-year term comparison, using the exact fields on this page.