Mortgage Calculator
Estimate your monthly payment, see the full PITI breakdown, and find out how much interest you will pay over the life of a fixed-rate home loan.
This calculator provides general estimates for a fixed-rate loan with monthly compounding (annual rate / 12). It is not a loan offer, and is not financial or tax advice. Your actual rate, taxes, insurance and PMI will vary.
How the mortgage calculator works
Your monthly principal and interest are found with the standard amortization formula:
M = P × i(1 + i)n ÷ ((1 + i)n − 1)
where P is the loan amount (home price minus down payment), i is the monthly interest rate (your annual APR divided by 12), and n is the number of monthly payments (years × 12). Early payments are mostly interest; as the balance falls, more of each payment goes to principal. That schedule is called amortization.
The full monthly payment, often called PITI, adds property tax, homeowners insurance, PMI (private mortgage insurance, required by most lenders when your down payment is under 20%), and any HOA dues. This calculator drops PMI automatically once your balance reaches 78% of the home's value, the point at which lenders must cancel it on a conventional loan.
Example
A $400,000 home with $80,000 down (20%) at 6.5% over 30 years has a $320,000 loan and a principal-and-interest payment of about $2,022.62 per month. Adding $4,800/year in property tax and $1,800/year in insurance brings the total to roughly $2,572.62 per month. Over 30 years you would pay about $408,000 in interest.
Frequently asked questions
What is PITI? Principal, Interest, Taxes and Insurance, the four core parts of a monthly mortgage payment (PMI and HOA are often included too).
When does PMI go away? Automatically at 78% of the original home value; you can request removal at 80%.
Does paying extra help? Yes, extra payments go straight to principal, so you pay off the loan sooner and pay less total interest.
Buying a home and want help with the tax side?
Mortgage interest and property taxes can be deductible. A tax accountant can help you make the most of it.
Find a tax accountant