Mortgage Payment Calculator (Taxes, Insurance, PMI)
Enter the home price and down payment (or the loan amount), the rate and term, and the yearly tax and insurance to see the full monthly payment a lender would collect, the principal-and-interest part on its own, the total interest you will pay over the term, and a year-by-year table of how the balance comes down.
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Read the how-to guide
How it works
Principal and interest use the standard amortization formula: payment = L × r ÷ (1 − (1 + r)−n), where L is the loan, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments (years × 12). Each month the interest is the balance times r and the rest of the payment goes to principal, so the balance falls slowly at first and faster at the end. Total interest = payment × n − loan.
The escrow items are added at one-twelfth of the yearly amount: property tax, home insurance and, when the down payment is under 20%, PMI at the rate you enter times the loan. HOA dues are added as entered. Together that is the PITI payment a lender quotes. The table shows the interest and principal paid in each year and the balance at the end of it.
Worked example
$350,000 with 20% down is a $280,000 loan. At 6.5% for 30 years the principal and interest come to $1,769.79 a month; with $4,200 of tax and $1,800 of insurance a year the full payment is $2,269.79. Over 30 years you pay $357,125 in interest, and after the first year the balance is still $276,870: only $3,130 of the first year's $21,237 in payments went to principal.
Frequently asked questions
What is included in a mortgage payment?
Principal, interest, property tax and insurance (PITI), plus PMI if you put down less than 20% and HOA dues if the property has them. Only the principal part reduces what you owe.
How does a 15-year loan compare?
The payment is higher but the total interest is far less, and 15-year rates are usually lower too. Change the term above to compare: on a $280,000 loan at 6.5%, 15 years costs about $2,439 a month in principal and interest instead of $1,770, and $159,038 in interest instead of $357,125.
When can I drop PMI?
Under the Homeowners Protection Act you can ask to cancel it once the balance reaches 80% of the original value, and the lender must cancel it automatically at 78% if you are current on payments. Extra principal payments get you there sooner.
Does the calculator show the payoff date?
The term is the payoff date if you make every scheduled payment. The year-by-year table shows the balance at the end of each year; extra payments toward principal shorten it.
Why does my lender's number differ?
Escrow accounts hold a cushion and are re-analyzed every year as taxes and premiums change, and lenders round differently. The principal-and-interest figure should match to the cent for a fixed-rate loan.
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This calculator gives an estimate for planning and is not tax, legal or engineering advice. Confirm code-related results against the code edition adopted in your jurisdiction and with your authority having jurisdiction, and follow the manufacturer's instructions.