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Mortgage Calculator

Estimate monthly mortgage payment, total interest, total repayment, taxes, insurance, PMI, and amortization.

  • home loan
  • house payment
  • amortization

Optional annual property tax estimate.

Optional annual home insurance estimate.

Optional monthly PMI estimate. PMI rules depend on lender and loan program.

Status: initial

Results

Awaiting calculation

Explore your result

Real monthly housing cost

Explore the mortgage calculator result visually while keeping this page's detailed guidance and examples.

$2,100.00Total

Real monthly housing cost

Principal and interest
$1,650.00
Property tax
$250.00
Insurance
$120.00
PMI
$80.00

Use this result well

  1. 1Verify the calculator inputs.
  2. 2Compare the key result relationships.
  3. 3Review the page guidance before acting.

Escrow, insurance, fees, and lender rules can change the quoted payment.

Calculator guide

Introduction

The Mortgage Calculator estimates principal and interest, total monthly PITI-style payment, down payment percent, loan-to-value, taxes, insurance, PMI, total interest, and amortization.

What is a mortgage calculator?

Use this calculator to estimate a fixed-rate mortgage payment and compare how down payment, interest rate, loan term, taxes, insurance, and PMI assumptions affect monthly housing cost.

Mortgage payment formula

The standard mortgage formula calculates monthly principal and interest for a fixed-rate amortizing loan. Taxes, insurance, and PMI are added separately to estimate a broader monthly housing payment.

Variable explanations

Understand what each input and result means before calculating.

Home price

The purchase price of the property.

Down payment

The amount paid upfront, reducing the mortgage principal.

Interest rate

The annual interest rate used to calculate monthly interest.

Loan term

The number of years over which the mortgage is repaid.

Property tax

Optional annual estimate converted to a monthly amount.

Home insurance

Optional annual estimate converted to a monthly amount.

PMI

Optional monthly private mortgage insurance estimate.

Loan-to-value

Loan amount divided by home price.

Reviewed by the Calculator.org.in Editorial Team

Formula behavior, validation cases, explanatory examples, and cited sources are checked before publication. This review supports educational accuracy and is not a substitute for qualified professional advice.

Last reviewed: 2026-08-03

Review process

Formula guide

See the calculation logic, variable definitions, and practical meaning.

Monthly principal and interest

M = P x r x (1 + r)^n / ((1 + r)^n - 1)

  • P is loan principal.
  • r is monthly interest rate.
  • n is number of monthly payments.

This formula spreads principal and interest across the full loan term.

Zero-interest mortgage

M = P / n

  • P is loan principal.
  • n is number of monthly payments.

When interest is 0%, the payment is principal divided equally by months.

Loan amount

Loan Amount = Home Price - Down Payment

  • Down payment can be entered as an amount or percentage.

The mortgage principal is the portion of the home price financed by the loan.

Estimated total monthly payment

Total Monthly = Principal and Interest + Property Tax / 12 + Insurance / 12 + PMI

  • Tax and insurance are annual estimates.
  • PMI is entered as a monthly estimate.

This provides a broader PITI-style monthly payment estimate.

Down payment percent

Down Payment % = Down Payment / Home Price x 100

  • Down payment is the amount paid upfront.
  • Home price is the purchase price.

This helps compare the down payment against common PMI thresholds.

Loan-to-value

LTV = Loan Amount / Home Price x 100

  • Loan amount is home price minus down payment.

Lower LTV usually means less financed principal and may affect loan terms.

Total housing outlay

Total Housing Outlay = Total P&I Repayment + Monthly Escrow Items x Number of Months

  • Escrow items include entered tax, insurance, and PMI estimates.

This estimates long-term housing cash outlay using the entered recurring costs.

Worked examples

Follow realistic inputs through the calculation step by step.

1

Worked example

30-year fixed mortgage

  1. 1Home price is 300,000.
  2. 2Down payment is 60,000.
  3. 3Loan amount is 240,000.
  4. 4At 6.5% for 30 years, principal and interest is about 1,517 per month.
2

Worked example

Down payment percentage

  1. 1Home price is 400,000.
  2. 2Down payment is 20%.
  3. 3Down payment amount is 80,000.
  4. 4Loan principal is 320,000.
3

Worked example

PITI-style payment

  1. 1Enter property tax and home insurance as annual estimates.
  2. 2Enter PMI as a monthly estimate if applicable.
  3. 3The payment breakdown shows each monthly component.
4

Worked example

PMI threshold check

  1. 1Review down payment percent.
  2. 2Down payments below 20% often trigger PMI on conventional loans.
  3. 3Actual PMI rules depend on lender and loan program.
5

Worked example

Term comparison

  1. 1Review 15-year, selected-term, and 30-year comparisons.
  2. 2Shorter terms usually raise monthly payment.
  3. 3Shorter terms usually reduce total interest.
6

Worked example

Rate comparison

  1. 1Review one percentage point lower, selected rate, and one percentage point higher.
  2. 2Use the table to understand rate sensitivity.
  3. 3Shop lender quotes carefully.
7

Worked example

Zero-interest example

  1. 1Loan amount is 120,000.
  2. 2Term is 10 years or 120 months.
  3. 3Interest rate is 0%.
  4. 4Monthly principal and interest is 1,000.

Common mistakes

Avoid these common input and interpretation errors.

Ignoring taxes and insurance

Principal and interest may be lower than the full monthly housing cost.

Using list price as loan amount

Loan amount is home price minus down payment.

Forgetting PMI

PMI may apply in some cases, especially below common 20% down payment thresholds.

Ignoring HOA or local fees

HOA dues and location-specific costs are not included unless you add them into your planning separately.

Comparing different terms

Shorter terms usually increase monthly payment but reduce total interest.

Treating estimates as approvals

Actual lender payments depend on underwriting, APR, fees, escrow, taxes, and insurance.

Assuming tax and insurance stay fixed

Property tax and insurance can change over time.

Frequently asked questions

Quick answers to the questions users ask most often.

How is a mortgage payment calculated?
It uses the amortizing loan formula with loan principal, monthly interest rate, and number of payments.
What is principal and interest?
Principal repays the loan balance, while interest is the borrowing cost.
What does PITI mean?
PITI usually means principal, interest, taxes, and insurance.
Does this include property tax?
Property tax is optional. Enter an annual estimate to include it monthly.
Does this include home insurance?
Home insurance is optional. Enter an annual estimate to include it monthly.
Does this calculate PMI automatically?
No. It includes monthly PMI if you enter an estimate.
When is PMI usually required?
Many conventional loans may require PMI when the down payment is below 20%, but lender and loan-program rules vary.
Can I enter down payment as a percentage?
Yes. Choose percentage and enter the down payment percent.
Can down payment exceed home price?
No. Down payment cannot exceed home price.
What is loan-to-value?
Loan-to-value is loan amount divided by home price.
What happens at 0% interest?
The monthly payment is loan principal divided by number of months.
What is amortization?
Amortization is how each payment is split between principal and interest over time.
What is total interest?
Total interest is total principal-and-interest payments minus the original loan amount.
What is total repayment?
Total repayment is all scheduled principal and interest payments over the term.
What does total housing outlay include?
It includes scheduled principal and interest plus entered monthly tax, insurance, and PMI estimates over the term.
Does this include HOA dues?
No. HOA dues are not a separate input in this release.
Does this calculate APR?
No. APR can include fees and lender-specific rules that are not calculated here.
Is this calculator global?
It uses standard fixed-rate amortization and USD display for this release; local taxes and fees vary.
Does this replace lender quotes?
No. It is an educational estimate and not a mortgage offer.
What is the maximum term supported?
The calculator supports terms up to 50 years.
What related calculator should I use for other loans?
Use the Loan Calculator or EMI Calculator for non-mortgage loan scenarios.

References

Sources used to support the calculator guidance.

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Version history

A transparent record of calculator content updates.

Updated 2026-08-03
  • 1.1.0 Ā· 2026-08-03

    Added PITI payment breakdown, down payment percent, loan-to-value, PMI guidance, total housing outlay, term comparison, rate comparison, and expanded mortgage guidance.

  • 1.0.0 Ā· 2026-07-04

    Initial production release with mortgage payment, optional tax/insurance/PMI, and amortization summary.