Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI. See your full amortization schedule and how extra payments save you thousands.
How It Works
Enter your home price, down payment, interest rate, and loan term to see your full monthly mortgage payment — principal, interest, property tax, homeowners insurance, and PMI (if your down payment is under 20%). You also get a complete month-by-month amortization schedule you can export to CSV.
Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where: M = monthly principal & interest payment | P = loan amount (home price minus down payment) | r = monthly interest rate (annual rate ÷ 12 ÷ 100) | n = total number of monthly payments (loan term in years × 12). Property tax, insurance, PMI, and HOA are added on top of M to get your total monthly payment.
Worked Example
Financing a $400,000 home with 20% down
- Home price: $400,000, Down payment: 20% = $80,000
- Loan amount (P): $320,000
- Interest rate: 6.875% APR → monthly rate r = 0.0057
- Term: 30 years → n = 360 payments
- Principal & interest (M) ≈ $2,100/month
- Add property tax ($300/mo) and insurance ($100/mo): total payment ≈ $2,500/month
- No PMI required since down payment is 20%
Common Mistakes
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Only budgeting for principal and interest
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Property tax, homeowners insurance, PMI, and HOA dues can add hundreds of dollars a month. Always budget for the full PITI payment, not just P&I.
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Assuming a lower rate always means a lower total cost
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A longer term can lower your monthly payment but dramatically increase total interest paid. Compare the 'Total Interest' figure across different terms before deciding.
Frequently Asked Questions
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DisclaimerThe results provided by this calculator are estimates and for informational purposes only. They do not constitute financial, legal, or professional advice. Please consult with a qualified professional for your specific needs.