Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, home insurance and PMI.
Updated 20 Jun 2026 · Free · No sign-up
PMI is estimated at ~0.5%/yr of the loan and applies only while your down payment is under 20%. Taxes and insurance are estimates — your actual escrow may differ.
Buying a home is the biggest purchase most people ever make, and the monthly payment is rarely just “loan divided by months.” This mortgage calculator estimates your full monthly payment — principal, interest, property tax, homeowner’s insurance, and PMI — so you can see what a home will really cost each month before you fall in love with it. Enter the home price, your down payment, the loan term and interest rate, and adjust the tax and insurance figures to match your area.
How the mortgage calculator works
Your payment has four parts, often called PITI: principal, interest, taxes, and insurance. The principal-and-interest portion is fixed for the life of a fixed-rate loan and is calculated from your loan amount (home price minus down payment), your interest rate, and your term. Property tax and homeowner’s insurance are usually collected monthly into an escrow account and paid on your behalf. If your down payment is less than 20%, lenders typically add private mortgage insurance (PMI) until you build enough equity.
The formula behind it
The monthly principal-and-interest payment uses the standard amortization formula:
M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments (years × 12). The calculator then adds your monthly tax, insurance, and any PMI on top to give the full payment.
A worked example
Say you buy a $350,000 home with $70,000 down (20%), leaving a $280,000 loan at 6.5% over 30 years. The principal and interest works out to roughly $1,770 a month. Add about $290 for property tax and $133 for insurance, and there’s no PMI because you put 20% down — so your full payment is around $2,193 a month. Over 30 years you’d pay roughly $357,000 in interest alone, which is why the rate and term matter so much.
How to lower your monthly payment
A few levers move the number most: a larger down payment shrinks the loan and can remove PMI; a lower interest rate (shop multiple lenders — even a quarter point adds up over 30 years); and a longer term lowers the monthly payment but increases total interest. Want to see the trade-offs between a shorter and longer loan? Read our guide on 15-year vs 30-year mortgages, and use our how much house can I afford guide before you start shopping.
Frequently asked questions
What does this mortgage calculator include?
It estimates your full monthly payment: principal and interest on the loan, plus property tax, homeowner's insurance, and PMI if your down payment is under 20%. It also shows your loan amount and the total interest you'd pay over the life of the loan.
How is the monthly mortgage payment calculated?
The principal and interest use the standard amortization formula M = P×r×(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly rate, and n is the number of monthly payments. Monthly tax, insurance, and any PMI are then added on top.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender if your down payment is less than 20% of the home price. It's added to your monthly payment until you build roughly 20% equity. This calculator estimates PMI at about 0.5% of the loan per year and removes it once your down payment reaches 20%.
Are the results exact?
No — they're careful estimates to help you plan. Your actual payment depends on your lender's exact rate, your real property tax and insurance, PMI rate, HOA fees, and other factors. Always confirm figures with your lender. See our disclaimer; this is not financial advice.