Mortgage Calculator
Full monthly payment: principal, interest, taxes, insurance, PMI.
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Enter your numbers to see the result.
This mortgage calculator shows your complete monthly housing payment, often called PITI: principal, interest, property taxes and homeowners insurance, plus PMI and HOA dues if they apply. Enter the home price, down payment, rate and term. It also shows total interest, when PMI drops off and how much an extra monthly payment saves.
What is a Mortgage Calculator?
A mortgage is a loan to buy a home, repaid in monthly installments. Lenders often talk about PITI, the four parts of a typical payment: principal, interest, taxes and insurance. If you put down less than 20% on a conventional loan, you’ll usually also pay private mortgage insurance (PMI), and some homes have HOA dues.
A mortgage calculator adds all of these together so you know the real monthly cost of owning, not just the loan payment. It also shows total interest over the life of the loan and how extra payments shorten it.
How does the Mortgage Calculator work?
Principal and interest are worked out with the standard amortization formula. Property tax is the yearly rate times the home price, divided by 12; insurance is the yearly premium divided by 12. PMI is a yearly percentage of the loan amount.
The calculator then runs the loan month by month to find total interest, the month your balance reaches 78% of the original home value (when PMI must automatically end on conventional loans), and the effect of any extra principal payment.
How to use the Mortgage Calculator step by step
- Enter the home price and down payment.
- Enter the interest rate and choose the term.
- Enter the property tax rate and insurance.
- Set the PMI rate if you’re putting down less than 20%.
- Add HOA dues and any extra payment.
- Read the full monthly payment and the breakdown.
Mortgage Calculator example with real numbers
You’re buying a $400,000 home with 10% down, a 30-year fixed rate of 6.5%, a 1.1% property tax rate, $1,800 a year for insurance and PMI at 0.5% a year.
| Example input | Value |
|---|---|
| Home price | $400,000 |
| Down payment | 10% |
| Interest rate | 6.5% |
| Loan term | 30 years |
| Property tax rate (yearly) | 1.1% |
| Homeowners insurance (yearly) | $1,800 |
| PMI rate (yearly, if under 20% down) | 0.5% |
| HOA dues (monthly) | $0 |
| Extra principal payment (monthly) | $0 |
| Example output | Value |
|---|---|
| Total monthly payment | $2,942.11 |
| Principal and interest | $2,275.44 |
| Property tax | $366.67 |
| Homeowners insurance | $150.00 |
| PMI | $150.00 |
| HOA | $0.00 |
| Loan amount | $360,000 |
| Total interest | $459,160 |
| PMI ends (78% loan-to-value) | After 9 years 1 month |
The mortgage calculator puts your full monthly payment at $2,942.11, of which $2,275.44 is principal and interest. PMI adds $150.00 until your loan reaches 78% of the home’s original value, about After 9 years 1 month with regular payments.
Key features of this Mortgage Calculator
- Full PITI with PMI and HOA
- PMI end date at 78% LTV
- Total interest
- Extra payment savings and payoff time
- 10- to 30-year terms
Who should use the Mortgage Calculator?
Who is this Mortgage Calculator for?
- First-time homebuyers
- Buyers comparing 15- and 30-year loans
- Homeowners planning extra payments
- Real estate agents and loan officers
Practical use cases
- Estimating the payment on a $400,000 home
- Comparing 10% and 20% down
- Seeing when PMI ends
- Testing an extra $200 a month
Key benefits
- Real cost: not just principal and interest.
- PMI clarity: know when it drops off.
- Savings view: extra payments quantified.
- Fast: answers as you type.
Tips for better results
- Keep total housing costs within about 28% of gross income.
- Compare loan estimates using the APR, which includes fees.
- Ask your lender about removing PMI at 80% LTV; it must end automatically at 78% on conventional loans.
- Property taxes and insurance can rise; budget for increases.
Common mistakes to avoid
- Budgeting only for principal and interest.
- Forgetting PMI with a small down payment.
- Ignoring closing costs.
- Choosing the longest term without comparing total interest.
Limitations of this Mortgage Calculator
- It assumes a fixed rate.
- FHA mortgage insurance works differently from PMI and isn’t modeled exactly.
- Taxes and insurance are estimates; your escrow may differ.
Mortgage Calculator vs other ways to calculate
| Loan term | Monthly payment | Total interest | Equity build-up |
|---|---|---|---|
| 30 years | Lowest | Highest | Slowest |
| 20 years | Middle | Middle | Faster |
| 15 years | Higher | Much lower | Fast |
| 10 years | Highest | Lowest | Fastest |
To see if refinancing could lower your payment, use the refinance calculator. If you’re deciding how much rent you can afford instead, try the rent affordability calculator.
Privacy and data handling
This Mortgage Calculator runs entirely in your browser. The numbers you type are not sent to Qorico or stored on any server, and nothing is saved after you close the page. The Copy and Download buttons create the result on your own device. If the page has analytics turned on, it may count that a calculation happened, but it does not record the values you entered.
Mortgage Calculator FAQs
What is PITI?
Principal, interest, taxes and insurance: the four main parts of a monthly mortgage payment.
When can I remove PMI?
You can ask to cancel PMI when your balance reaches 80% of the original value; on conventional loans it must end automatically at 78%.
Is a 15-year or 30-year mortgage better?
A 15-year loan costs much less interest but has a higher payment. A 30-year loan is more affordable monthly. Choose based on your budget and goals.
How much house can I afford?
A common guideline is housing costs under 28% of gross income and total debt under 36%, though lenders may allow more.
Do extra payments help?
Yes. Extra principal payments reduce interest and shorten the loan. Check that your loan has no prepayment penalty.
What is the difference between rate and APR?
The rate sets your payment; APR includes the rate plus certain fees, so it’s better for comparing offers.
Related tools
Sources and references
We checked the method and the current figures used in this Mortgage Calculator against these official and primary sources:
- Consumer Financial Protection Bureau
- CFPB: Owning a home
- U.S. Department of Housing and Urban Development
- Fannie Mae: homebuyer resources
Written and reviewed by the Qorico Team
