Mortgage Calculator
Monthly payment with taxes, insurance and PMI, plus a full amortization schedule
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Estimate, not a loan offer. Your rate depends on credit, location, loan type and lender. We may earn a commission when you click. It does not change your estimate. How we calculate · How we make money
- PMI
- Down payment
- Loan payoff date
- Total interest paid
- Property tax
- Home insurance
- Annual payment
- Total of all payments
| Year | Ends | Principal | Interest | Balance |
|---|
| # | Date | Principal | Interest | Balance |
|---|
Your estimate uses an example rateYour real payment depends on the rate lenders offer you. Compare quotes to see your actual number.
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The rate in this calculator is an example. To see what lenders would offer you, compare quotes based on your own details. It's free and doesn't commit you to anything.
- Check rates from several lenders at once
- A quarter point lower saves about $60 a month on a $360,000 loan
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How this estimate works
Your loan amount is the home value minus your down payment. The calculator spreads that loan over your term with the standard amortization formula lenders use, M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the monthly rate and n is the number of payments. That gives your principal and interest, which stays the same each month on a fixed-rate loan.
Most lenders also collect property tax and home insurance each month and pay them from an escrow account. Those are added to the total, along with mortgage insurance and HOA dues when they apply.
Early payments go mostly to interest. The share that pays down principal grows every month, which you can see in the chart and the amortization tables.
Reading your mortgage amortization schedule
The amortization schedule lists every payment with how much goes to principal and interest and the balance left afterward. Open the yearly table for an overview or the monthly table for each payment. Switch to biweekly to see how half-payments every two weeks shorten the loan, or see the biweekly mortgage calculator. For a schedule on its own, use the amortization calculator. The row where PMI drops off is highlighted.
- Down payment
- Cash you pay up front. Less than 20% down on a conventional loan usually means PMI.
- Loan term
- Years to repay. Shorter terms cost more per month and far less in total interest.
- PMI
- Private mortgage insurance on conventional loans. By law it ends automatically when your balance is scheduled to reach 78% of the home's original value, and you can request removal at 80%.
- FHA MIP
- Annual mortgage insurance on FHA loans. It lasts 11 years with 10% or more down, otherwise for the life of the loan. The upfront premium is not included here.
- VA and USDA
- VA loans have no monthly mortgage insurance but charge an upfront funding fee. USDA loans charge an annual fee for the life of the loan. Upfront fees are not included here.
- Biweekly payments
- Paying half your payment every two weeks adds up to 13 full payments a year, which pays the loan off years sooner.
Ways to lower your cost
Put more down to shrink the loan and remove PMI. Choose a 15-year term if the payment fits, since it cuts total interest sharply. Try biweekly payments above to see how much sooner the loan ends.
Property tax varies by county, so check your county appraiser's site for the real figure. Shop at least three lenders: rates for the same borrower can differ by a quarter point or more.
Frequently asked questions
How do you calculate a mortgage payment?
Monthly principal and interest is M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the annual rate divided by 12 and n is the number of monthly payments. For a $360,000 loan at 6.5% over 30 years, that's about $2,275 a month. Add property tax, homeowners insurance, PMI and HOA dues to get the full payment.
What is included in a monthly mortgage payment?
Usually principal, interest, property tax and homeowners insurance, often called PITI. If you put less than 20% down on a conventional loan you'll also pay PMI, and FHA and USDA loans have their own mortgage insurance. HOA dues are paid separately but belong in your budget, so the calculator includes them.
What would my mortgage payment be on a $400,000 house?
With 10% down, a 6.5% rate and a 30-year term, principal and interest is about $2,275 a month. With $4,400 a year of property tax, $1,800 of insurance and PMI at 0.5%, the total is about $2,942. Your rate, tax and insurance will differ, so enter your own numbers above.
Why did my mortgage payment go up?
On a fixed-rate loan, principal and interest don't change, so an increase almost always comes from escrow: higher property tax, a higher insurance premium, or a shortage your servicer is collecting after its yearly escrow review. On an adjustable-rate mortgage, the rate itself can reset.
How can I lower my mortgage payment without refinancing?
Ask to remove PMI once you reach 80% loan-to-value, appeal your property tax assessment, shop your homeowners insurance, or ask your lender about a recast, where you pay a lump sum and the payment is recalculated on the lower balance. If you're facing hardship, ask your servicer about a loan modification.
What happens if you miss a mortgage payment?
Most loans charge a late fee after a grace period, often 15 days. Once a payment is 30 days late it can be reported to the credit bureaus. Under federal rules a servicer generally can't start foreclosure until you're more than 120 days behind. Call your servicer as soon as you know you'll be late, since they may offer options.