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Mortgage Calculator

Calculate your full monthly mortgage payment for a home purchase — principal and interest plus optional property tax, homeowners insurance, HOA dues, and PMI when your down payment is under 20%.

Currency
$
$
%
years
$
$
$
Examples

A typical first-time buyer: $350,000 home with $35,000 down (10%), 30-year at 7.25% with full taxes and insurance — triggers PMI.

Monthly Payment
$2,771.77
Principal & Interest
$2,148.86
Total Interest Over Loan
$458,587.90
Down Payment
10%

Your down payment is 10.0% — under 20%, so PMI is included until you reach 20% equity.

Estimate only — not a loan offer. Actual lender numbers will vary with credit score, down payment source, points, lender fees, and property-specific tax and insurance rates. PMI here uses a typical 0.5%/year of the loan amount; your lender may quote a different rate. Always confirm with a licensed mortgage professional before relying on this estimate for a purchase decision.

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Examples

How It Works

Formula

P=homePrice−downPaymentP = \text{homePrice} - \text{downPayment}

MP&I=P×r(1+r)n(1+r)n−1M_{P\&I} = P \times \frac{r(1 + r)^{n}}{(1 + r)^{n} - 1}

MPITI=MP&I+MPMI+Mtax+Mins+MHOAM_{\text{PITI}} = M_{P\&I} + M_{\text{PMI}} + M_{\text{tax}} + M_{\text{ins}} + M_{\text{HOA}}

Variables

PP

Loan principal — home price minus down payment(currency)

MP&IM_{P\&I}

Monthly principal and interest payment(currency / month)

MPITIM_{\text{PITI}}

Full monthly housing payment (principal, interest, taxes, insurance, plus PMI and HOA)(currency / month)

rr

Monthly interest rate — annual rate divided by 12 × 100

nn

Total number of monthly payments — years × 12

MPMIM_{\text{PMI}}

Monthly PMI — 0.5%/year of the loan amount, applied when down payment < 20%(currency / month)

The calculator takes home price minus down payment as the loan principal, then applies the standard amortization formula for principal and interest. PMI at 0.5%/year of the loan amount is added automatically whenever the down payment is under 20%. With the toggle on, monthly property tax, homeowners insurance, and HOA dues are folded in to give the full PITI monthly payment.

Frequently Asked Questions

01How is the monthly mortgage payment calculated?
Principal and interest use the standard amortization formula M = P · 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 (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments (years × 12). When the toggle is on, monthly property tax, homeowners insurance and HOA dues are added on top, plus PMI when the down payment is under 20%.
02What is PMI and when do I have to pay it?
PMI (private mortgage insurance) protects the lender when your down payment is below 20% of the home price. It is typically billed monthly as part of your mortgage payment until you reach 20% equity. This calculator assumes a typical 0.5% per year of the loan amount and adds it automatically whenever your down payment is under 20%.
03Should I include property taxes and insurance in my estimate?
Yes — if you want to know what your real monthly housing cost will be. Most lenders escrow property tax and homeowners insurance into your monthly payment, and many buyers are surprised by how much they add. Toggle "Include taxes, insurance & HOA" on for a realistic full-PITI estimate.
04How much should my down payment be?
A larger down payment reduces the loan amount and may avoid PMI. The right number depends on your savings, loan options, and monthly budget.
05Does this include closing costs?
No. This calculator covers the recurring monthly housing payment only. Closing costs such as appraisal, title, lender fees, and transfer taxes are separate upfront expenses and vary by market.

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