Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property taxes, insurance and PMI.
🏠 Mortgage Calculator
USA · Free · Instant
$
Total purchase price of the home
%
= $70,000 down
%
Current 30yr avg: ~6.75%
Monthly Costs (Optional)
/yr
US average: ~1.1% per year
$
Annual premium ($800–$2,000 typical)
$
Monthly HOA (leave 0 if none)
$0/mo
$0$125$250$375$500
Total Monthly Payment (PITI)
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How to Use This Calculator
Formula:
Monthly P&I = P × [r(1 + r)^n ÷ ((1 + r)^n − 1)] | Total Monthly PITIA = P&I + (Annual Property Tax ÷ 12) + (Annual Hazard Insurance ÷ 12) + Monthly PMI + Monthly HOA
- Input the negotiated home purchase price and your planned down payment amount (or percentage).
- Select your loan term: 30-Year Fixed (lower monthly payments) or 15-Year Fixed (accelerated equity building and lower total interest).
- Enter the locked mortgage annual interest rate (e.g., 6.50% or 7.00%).
- Specify annual property taxes, hazard/homeowners insurance premiums, Private Mortgage Insurance (if putting down less than 20%), and HOA fees.
- Review your comprehensive monthly PITIA payment breakdown, full 360-month amortization schedule, and interest savings achieved through extra monthly principal payments.
Frequently Asked Questions
Your monthly principal and interest payment is calculated using the amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments. Our calculator adds property tax, insurance, HOA and PMI on top to give you the true PITI payment.
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.5%–1.5% of the loan annually and can be cancelled once you reach 20% equity (80% LTV).
Loan-to-Value (LTV) is the ratio of your loan to the home's value. An LTV above 80% triggers PMI. Lenders also use LTV to determine your interest rate · lower LTV generally means a better rate.
A 15-year mortgage has higher monthly payments but saves tens of thousands in interest. A 30-year mortgage offers lower payments and more cash flow flexibility. Use our 15 vs 30 comparison below to see the exact numbers for your situation.
Even a small extra payment each month can shave years off your mortgage and save thousands in interest. Use our extra payment slider to see exactly how many months and dollars you'd save on your specific loan.