Mortgage Payment Calculator
Estimate your total monthly payment — principal, interest, property tax, homeowners insurance, PMI, and HOA — and download a full amortization schedule.
Principal vs. Interest
First payment split
Loan Summary
Amortization Schedule
| Payment # | Payment | Principal | Interest | Remaining Balance |
|---|
How This Mortgage Calculator Works
This calculator uses the standard amortized-loan formula that U.S. lenders use to compute fixed-rate mortgage payments. For a loan amount P, an annual interest rate r, and a term of n months, the monthly principal-and-interest payment is:
M = P × [ r(1 + r)n ] ÷ [ (1 + r)n − 1 ]
In this formula, r is the annual rate divided by 12, and n is the number of years multiplied by 12. This is the same calculation used by the PMT() function in Excel and Google Sheets: =PMT(rate/12, term*12, -loan_amount).
What Is PITI?
Lenders rarely collect just principal and interest. Most monthly payments bundle four (sometimes five) components into a single figure known as PITI:
- Principal — the portion of your payment that reduces the loan balance.
- Interest — the cost of borrowing, charged on the remaining balance.
- Taxes — property taxes, typically collected into an escrow account and paid on your behalf.
- Insurance — homeowners insurance, and often mortgage insurance (PMI) when your down payment is below 20%.
Our calculator adds all of these — plus any monthly HOA dues you enter — to show a realistic total, not just the bare principal-and-interest payment.
How Private Mortgage Insurance (PMI) Is Estimated
When your down payment is less than 20% of the home's price, most conventional lenders require borrower-paid PMI. Our tool estimates PMI between roughly 0.4% and 1.0% of the loan balance per year, depending on your loan-to-value ratio, and removes it automatically when your balance falls to 80% of the home's original value. This is an estimate; your lender's actual PMI rate depends on your credit score, loan program, and insurer.
How to Use the Results
Start with the home price and down payment you're considering, then adjust the interest rate to match current market rates. Add your estimated annual property tax and homeowners insurance so the total reflects your true monthly outlay. Use the amortization table to see how your balance declines over time and how much total interest you'll pay. Downloading the CSV lets you review every one of the 360 (or fewer) payments in a spreadsheet.
Limitations to Keep in Mind
This tool produces an estimate, not a binding offer. It does not account for closing costs, mortgage points, property tax reassessments, fluctuating insurance premiums, or adjustable-rate resets. For a personalized quote, speak with a licensed loan officer and request an official Loan Estimate, which lenders are required to provide under the Truth in Lending Act (TILA).
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your principal and interest payment comes from the standard 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. The calculator then adds property tax, homeowners insurance, PMI (if your down payment is under 20%), and HOA dues to show your full PITI payment.
What is PITI?
PITI stands for principal, interest, taxes, and insurance. It is the four-part monthly payment most lenders collect, and it is the number you should use when budgeting for a home rather than principal and interest alone.
Do I have to pay PMI?
Borrower-paid PMI is usually required on conventional loans when your down payment is below 20%. It typically costs about 0.4% to 1.0% of the loan balance per year in this calculator's estimate, and it is removed once your balance reaches 80% of the home's original value. VA loans generally do not require monthly mortgage insurance, though a one-time funding fee may apply.
What property tax rate should I enter?
Property taxes vary widely by state and county. A reasonable starting point is the effective rate in your area — many homeowners pay roughly 0.5% to 2.5% of the home's value per year. Check the current tax bill for the property or your county assessor's website for a more accurate figure.
Does the calculator include closing costs?
No. Closing costs are paid at the closing table and are separate from your monthly payment. They typically run about 2% to 5% of the loan amount, so budget for them on top of your down payment.
Can I download the amortization schedule?
Yes. Under the results you can download the full schedule as a CSV, an Excel (.xlsx) workbook, or a PDF, and preview the first six payments in the table on this page.
Is this a loan offer or a pre-approval?
No. This tool produces estimates for educational purposes only. It is not a pre-qualification, pre-approval, commitment to lend, or a binding Loan Estimate under the Truth in Lending Act (TILA) or RESPA. Speak with a licensed lender for an official quote.