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Mortgage Calculator

Estimate your full monthly payment — not just principal and interest, but taxes, insurance, PMI, and HOA too. The tape updates as you type.

PMI is applied automatically when your down payment is under 20% and typically drops off at 20% equity.

Mortgage · Monthly Payment
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Common questions

How is the monthly mortgage payment calculated?

Principal and interest use the standard amortization formula: the loan amount, the monthly interest rate (APR divided by 12), and the number of monthly payments. Property tax, insurance, PMI, and HOA are added on top to show your true monthly housing cost.

When do I have to pay PMI?

Private mortgage insurance generally applies to conventional loans when your down payment is under 20% of the home price. It typically costs 0.3%–1.5% of the loan balance per year and can be removed once you reach 20% equity.

Does a 15-year loan really save that much?

Usually, yes. The monthly payment is higher, but you pay interest for half as long and 15-year rates are typically lower. Switch the term above and compare the total interest line on the tape.