Mortgage calculator
Estimate your monthly house payment with taxes, insurance, PMI and HOA, then see every payment in the amortization schedule.
Monthly payment
Estimates only, not financial advice. Actual rates, taxes, insurance, PMI and lender terms vary. Talk to a licensed lender before making decisions.
Amortization schedule
| # | Payment | Principal | Interest | PMI | Balance |
|---|
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Principal and interest use the standard fixed-rate formula. Taxes and insurance are divided by 12. PMI is a yearly percentage of the loan, charged monthly until the balance falls to 78% of the home price. HOA dues are added as entered.
Frequently asked questions
How is the monthly mortgage payment calculated?
Principal and interest use the standard amortization formula M = P ร r รท (1 โ (1 + r)^โn), where P is the loan amount, r is the annual rate divided by 12 and n is the number of monthly payments. Property tax, insurance, PMI and HOA are then added.
When is PMI required?
Conventional lenders usually require private mortgage insurance when the down payment is under 20%. The calculator adds PMI automatically below 20% down (0.5% of the loan per year by default, which you can edit) and drops it once the balance reaches 78% of the original price.
Should I choose a 15 or 30 year mortgage?
A 15-year loan has a higher monthly payment but far less total interest. A 30-year loan lowers the payment. Switch the term to compare the total interest for both.
Does this include closing costs?
No. Closing costs, points and escrow cushions are not included. Estimates only, not financial advice.