Mortgage Calculator

Estimate your monthly mortgage payment with taxes, insurance and HOA fees — and see how your balance falls over the life of the loan.

Loan details

Home price ($)

Down payment ($)

Loan term (years)

Interest rate (% APR)

Property tax ($/yr)

Home insurance ($/yr)

HOA fees ($/mo)

PMI rate (% of loan/yr)

Total monthly payment

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Principal & interest

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Total interest paid

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Total cost of loan

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PMI (while owed)

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Monthly payment breakdown

Where each monthly dollar goes

Remaining balance over time

Loan balance at the end of each year

Amortization schedule

Year-by-year principal, interest and balance

How this mortgage calculator works

Your monthly principal-and-interest payment is calculated with the standard amortization formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r the monthly interest rate, and n the number of monthly payments. Property tax, homeowners insurance and HOA fees are then added to show your realistic total monthly housing cost — the number lenders use when they check your debt-to-income ratio.

Early in the loan most of each payment goes to interest; over time the split shifts toward principal. The balance chart and the year-by-year amortization schedule above show exactly how fast you build equity with your inputs.

If your down payment is under 20%, the calculator also adds private mortgage insurance — typically 0.5%–1.5% of the loan per year — and tells you roughly which month it falls away. PMI must be cancelled on request at 80% loan-to-value and terminates automatically at 78%, so it is a temporary cost, not a permanent one.

Frequently asked questions

How much house can I afford?

A common guideline is the 28/36 rule: spend no more than 28% of gross monthly income on housing and no more than 36% on total debt. On a $8,000 gross monthly income that caps housing at roughly $2,240 per month.

What is PMI and when do I pay it?

Private mortgage insurance is typically required when your down payment is below 20% of the home price. It usually costs 0.3%–1.5% of the loan amount per year and can be removed once you reach 20% equity.

Is a 15-year or 30-year mortgage better?

A 15-year loan carries a lower rate and dramatically less total interest, but a higher monthly payment. A 30-year loan maximizes flexibility and cash flow. Compare both terms above — the total interest figure usually surprises people.