Mortgage Calculator
Calculate your monthly payment with principal & interest, property tax, insurance, and PMI. See the full breakdown of what homeownership will actually cost.
Loan Details
Enter your mortgage details and click Calculate to see your estimated monthly payment.
Understanding Your Mortgage Payment
A mortgage payment typically has four components — principal, interest, taxes, and insurance (PITI). This calculator computes P&I using standard amortization and adds optional escrow items so you see the true monthly obligation.
Loan Amount = Home Price − Down Payment
Monthly Rate = APR ÷ 12 ÷ 100
P&I = Loan × Rate ÷ (1 − (1 + Rate)^(−Term Months))
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender and is usually cancelled once you reach 20% equity. Rates typically range from 0.3% to 1.5% of the loan balance annually.
When to use this calculator: Use it when evaluating how much house you can afford, comparing 15-year vs. 30-year terms, or estimating the impact of a larger down payment on your monthly payment and total interest.