mtgcalculator

Mortgage Calculator

Estimate your full monthly mortgage payment in seconds — principal, interest, taxes, insurance, PMI, and HOA. Then explore prepayment, refinance and affordability with the same trusted math.

Mortgage payment calculator

Purchase & loan

Price, down payment, term, and rate set your principal & interest payment.

$

Purchase price of the home.

$
or
%

Loan amount: $320,000 · LTV 80.0%

Most US mortgages are 15 or 30 years.

%

Annual rate from your lender quote.

Taxes, insurance, PMI & HOA

Added to P&I for your full monthly housing payment (PITI + dues).

%

US average is ~1.1% of home value/yr.

$

Estimated homeowners insurance.

%

Charged when down payment < 20%.

$

Optional condo/HOA dues.

Optional: extras & start date

Model an early payoff and see your real payoff date.

$

Applied to principal each month — shrinks interest dramatically.

Used to project your final payoff date.

Monthly payment (PITI)

$2,489.28

Principal & interest: $2,022.62

Tax + ins + (PMI) + (HOA): $466.67

Loan amount

$320,000

LTV 80.0% · down $80,000

Total interest

$408,142

Total of all payments

$728,142

Payoff

30 yr

Final payment: —

PMI ends at month

—

Effective lifetime cost

128% of loan amount paid in interest

Payment breakdown

  • P&I $2,022.62
  • Tax $366.67
  • Insurance $100.00
  • PMI $0.00
  • HOA $0.00

Insights for your numbers

  • Down payment is at least 20% — no PMI required.
  • On your first payment, $1,733.33 goes to interest and $289.28 to principal. That ratio flips later — that's how amortization works.
  • Add an extra principal amount above to see how many years you can shave off and how much interest you'd save.
  • You'll be mortgage-free in 30 yr.
View amortization schedule (yearly)
Year Interest paid Principal paid Cumulative interest Balance

Rent vs buy

Proper NPV math: appreciation, opportunity cost, taxes, selling costs.

Loan offer comparison

Three lender quotes, monthly + APR + 5-yr cost side-by-side.

Refinance break-even

How long until lower payments pay back your closing costs.

Prepayment comparator

Bi-weekly vs extra monthly vs lump sum — ranked by $ saved per $ spent.

Affordability (28/36)

See your max home price using the classic DTI guideline.

DTI & qualification

Pass-fail check vs conventional, FHA, VA, and jumbo guidelines.

HELOC & home equity

Equity available, max line at your lender’s CLTV cap, payment estimate.

How this mortgage calculator works

We use the standard closed-form amortizing mortgage formula. Each month, interest is computed on the current balance, the rest of your payment goes to principal, and the balance shrinks. We add property taxes, insurance, PMI, and HOA fees to model your true PITI payment — what your lender will actually escrow for.

Why our results may differ from your lender

Lenders sometimes round, use different day-count conventions, escrow taxes based on assessor figures rather than market price, or quote PMI bands that depend on credit score. Our tool surfaces every assumption so you can reconcile differences. If our number is more than a few dollars from your Loan Estimate, ask the lender to walk through the breakdown.

What makes this calculator different

Frequently asked questions

How is a mortgage payment calculated?
Use the standard amortization formula: P × r ÷ (1 − (1 + r)−n), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12). The result is the fixed principal-and-interest portion. Your full PITI payment also adds property taxes, homeowners insurance, PMI (if your down payment is less than 20%) and any HOA dues.
What is included in PITI?
PITI stands for principal, interest, taxes, and insurance. Lenders use it to estimate your true monthly housing cost. Property taxes are set by your county and are usually paid through an escrow account; homeowners insurance is required by lenders; PMI (private mortgage insurance) is added when the loan-to-value ratio is above 80%.
When does PMI go away?
Under the federal Homeowners Protection Act, lenders must automatically cancel borrower-paid PMI once the loan balance reaches 78% of the original home value, assuming you are current on payments. You can also request manual cancellation at 80% LTV. FHA mortgage insurance follows different rules and often lasts the life of the loan.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan typically carries a lower interest rate and saves a large amount of total interest, but the monthly payment is roughly 50% higher than the 30-year equivalent. A 30-year loan is more flexible and forgiving in tight months. Many homeowners take a 30-year loan and prepay voluntarily — see our prepayment calculator for the math.
How much extra cash do I need at closing?
Beyond the down payment, plan for 2–5% of the home price in closing costs (lender fees, title insurance, taxes, escrow funding). On a $400,000 home that is roughly $8,000–$20,000 of additional cash needed at closing.
Are these calculator results legally binding?
No. They are estimates for educational purposes. Actual loan terms, taxes, insurance and PMI rates depend on the lender, your credit profile, and your location. Always confirm numbers with a licensed mortgage professional before making a financial decision.

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