Mortgage Calculator
Estimate your monthly mortgage payment, including principal, interest, property tax, insurance, and HOA fees — plus a full month-by-month amortization schedule.
This tool provides estimates for educational purposes only and does not constitute financial advice. See our Disclaimer.
What is PITI?
A typical mortgage payment has four parts, often abbreviated PITI: Principal (paying down the loan balance), Interest (the lender's charge for borrowing), Taxes (property tax, usually collected monthly and held in escrow), and Insurance (homeowner's insurance, and sometimes mortgage insurance). This calculator breaks out all four so you can see the full picture, not just the loan payment itself.
The formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (loan term in years × 12).
Why a bigger down payment helps
A larger down payment reduces the principal you're borrowing, which lowers both your monthly principal-and-interest payment and the total interest paid over the life of the loan. In many markets, a down payment below 20% also triggers private mortgage insurance (PMI), an added monthly cost not included in this calculator's tax/insurance fields unless you add it in manually.
Worked example
A $350,000 home with a 10% ($35,000) down payment leaves a $315,000 loan. At 6.5% annual interest over 30 years, the principal-and-interest portion alone comes to roughly $1,991/month. Add $4,200 a year ($350/month) in property tax and $1,440 a year ($120/month) in homeowner's insurance, and the full PITI payment lands around $2,461/month — noticeably more than the loan payment by itself.
Method and sources
The principal-and-interest payment uses the standard fixed-rate amortization formula above, with interest compounding monthly. Property tax and insurance are entered as yearly amounts and divided by 12, while HOA fees are entered per month; PMI and escrow adjustments are not modeled unless you add them to the insurance field. The results and the amortization schedule were checked against an independent calculation for several loan sizes, rates and terms, and the worked example matches. A lender's quote can differ because of rounding, fees or a rate that resets.
How to use this calculator
Enter the home price and down payment (or the loan amount directly), the interest rate, and the loan term. Add your estimated monthly property tax, homeowner's insurance, and any HOA fees to see the full monthly cost, not just principal and interest. If your down payment is under 20%, add an estimated PMI amount into the insurance field so the total reflects it.
Reading the amortization schedule
The schedule shows how each fixed principal-and-interest payment splits between the two over time. Interest is charged on the remaining loan balance, so early payments are mostly interest; as the balance shrinks, more of each payment goes toward principal — by the last several years of a 30-year loan, the split flips almost entirely toward principal.
When PMI drops off
PMI is typically required until your loan balance falls to 80% of the home's original value, and lenders are required to automatically cancel it at 78% under US federal law (the Homeowners Protection Act) for most conventional loans. Extra principal payments can reach that threshold faster, but this calculator doesn't automatically remove PMI partway through the schedule — factor that in manually if you're estimating long-term costs.
Frequently asked questions
What's included in the monthly payment estimate?
Principal and interest (from the loan itself), plus whatever property tax, homeowner's insurance, and HOA fees you enter — the full PITI picture, not just the loan payment.
Does this include PMI (private mortgage insurance)?
Not automatically. PMI is often required when the down payment is below 20% of the home price — if that applies to you, add the estimated monthly PMI cost into the insurance field to include it.
How is this different from the EMI Calculator?
The math is the same reducing-balance loan formula, but this calculator adds the property tax, insurance, and HOA fields specific to a home mortgage, giving a fuller picture of the total monthly housing cost.
When does PMI go away?
US federal law requires lenders to automatically cancel PMI once your loan balance reaches 78% of the home's original value, and you can typically request cancellation yourself at 80%. Paying extra toward principal can get you there sooner, but this calculator doesn't model PMI dropping off partway through the loan.
Why is the total interest so much higher than the loan amount on a 30-year term?
Because interest compounds on the outstanding balance for three decades — even at a moderate rate, a 30-year term can result in total interest that's comparable to or exceeds the original loan amount. A shorter term or extra principal payments reduce this significantly, at the cost of a higher monthly payment.