In short: A mortgage calculator estimates your monthly house payment — principal and interest plus property tax, homeowners insurance, HOA fees and PMI — from the home price, down payment, rate and term.
About Mortgage Calculator
The monthly payment on a home is more than the loan itself. Lenders in the US usually quote PITI: principal and interest on the mortgage, plus one-twelfth of the yearly property tax and homeowners insurance, collected into an escrow account. Condo and estate owners may also pay HOA dues, and with less than 20% down most conventional loans add private mortgage insurance (PMI).
This calculator uses the standard amortization formula for the principal-and-interest part and adds the other costs on top. PMI is applied only while the loan is above 80% of the home price and is dropped automatically once the balance reaches 78%, matching the US Homeowners Protection Act.
How to use Mortgage Calculator
- Enter the home price and your down payment (as an amount or a percentage).
- Set the interest rate and term.
- Adjust property tax, insurance, HOA and PMI to your local figures.
- Read the monthly total and breakdown; open the table to see the balance year by year.
Examples
$400,000 home, 20% down, 6.5% for 30 years: principal and interest ≈ $2,023; with 1.1% tax and $1,500 insurance the total is about $2,515 per month.
With 10% down, PMI of 0.5% adds about $150 per month until the balance falls to 78% of the price.
Frequently asked questions
How much house can I afford?
A common guideline is keeping the total housing payment under about 28% of gross monthly income and all debt payments under 36%, though lenders may allow more.
What is PMI and when does it end?
Private mortgage insurance protects the lender when you put down less than 20%. On conventional US loans it can be canceled at 80% loan-to-value and ends automatically at 78%.
Is a 15-year mortgage better?
The payment is higher, but the rate is usually lower and you pay far less interest in total. Compare both terms here.
Does this include closing costs?
No. Closing costs (typically 2–5% of the price) are paid upfront and are not part of the monthly payment.
Updated November 2026 · Free, no signup · How we build and test tools