Mortgage Calculator (with Taxes, Insurance & PMI)
Estimate your monthly mortgage payment with taxes, insurance, PMI and HOA, see total interest and payoff date, and test extra payments. Any currency.
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Mortgage Calculator estimates your monthly home loan payment, including principal and interest, property tax, home insurance, PMI and HOA fees. Change the price, down payment, rate or term and the payment updates instantly, with total interest, payoff date, an amortization schedule and the savings from paying extra each month. It works in any currency.
More about Mortgage Calculator (with Taxes, Insurance & PMI)How to use, good to know & FAQ
How to use the mortgage calculator
- Enter the home price and your down payment, as a percentage or an amount.
- Add the interest rate and choose the loan term, such as 30 or 15 years.
- Open Taxes, insurance, PMI, HOA & extra payments to include the full monthly cost.
- Read the monthly payment breakdown, then open the amortization schedule or download it as a CSV.
Mortgage payment formula
The principal and interest part of a fixed-rate mortgage is M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Example: a $400,000 home with 20% down is a $320,000 loan. At 6.5% for 30 years, the principal and interest payment is about $2,022.62 a month, and the total interest over the full term is roughly $408,000.
What is included in a mortgage payment (PITI)
- Principal: the part that pays down the loan.
- Interest: the lender’s charge, largest in the early years.
- Taxes: yearly property tax, usually collected monthly into escrow.
- Insurance: homeowners insurance, and PMI if your down payment is under 20% on a conventional US loan.
- HOA fees: if the home is in a homeowners association.
How extra payments save money
Every extra amount goes straight to the principal, so less interest builds up afterwards. In the example above, paying an extra $200 a month cuts total interest by about $105,000 and pays the loan off around 6 years and 7 months sooner. Check with your lender that extra payments go to principal and that there is no prepayment penalty.
Frequently asked questions
Is a 15-year or 30-year mortgage better?
A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan keeps the monthly payment lower and leaves more room in your budget. Compare both by switching the loan term.
How much down payment do I need?
Many conventional US loans allow 3–5% down, but under 20% usually means paying PMI. Other countries have their own rules, so check with lenders where you are buying.
Does this calculator work outside the US?
Yes. Choose your currency and enter your local rate and costs. Leave property tax, insurance, PMI and HOA at zero if they do not apply.
Are these results exact?
They are estimates for planning. Your lender’s quote will include your exact rate, fees, escrow and local taxes.
When to use the Mortgage Calculator
Use it before house hunting to set a budget, when comparing loan offers, or when deciding whether to refinance or pay extra. For car or personal loans, use the Loan Calculator; to see how savings grow, try the Compound Interest Calculator. Our guide on how to calculate loan payments explains the maths step by step.