Calculators
Mortgage Payment Calculator
Calculate the monthly mortgage payment including principal, interest, property tax, insurance, PMI and HOA, with an amortisation schedule.
- Runs in your browser
- Nothing uploaded
The tool
Enter your numbers below. Results update as you type, and nothing leaves your browser.
Everything you enter stays on your own machine. Nothing is sent to us or to anyone else, which you can confirm in your browser network tab.
What people use it for
- Working out what home you can afford
- Comparing 15-year and 30-year mortgages
- Estimating total interest
- Budgeting for a home purchase
About this tool
What the Mortgage Payment Calculator does
A monthly mortgage payment has two parts: principal and interest, which repay the loan, and escrow items such as property tax and insurance. This calculator works out both, adds mortgage insurance when the down payment is under 20%, and shows the total interest and a yearly amortisation schedule.
Formula
- Monthly P&I = L × r ÷ (1 − (1 + r)^−n), with r = annual rate ÷ 12 and n = years × 12
- Total payment = P&I + property tax ÷ 12 + insurance ÷ 12 + HOA + PMI
- PMI ≈ loan × PMI rate ÷ 12 while the down payment is under 20%
Worked example
Using the starting values in the calculator above:
| Input | Value |
|---|---|
| Home price | $400,000 |
| Down payment | 20% |
| Interest rate | 6.5% |
| Loan term | 30 years |
| Property tax per year | $4,800 |
| Home insurance per year | $1,500 |
| HOA fees per month | $0.00 |
| PMI rate (if under 20% down) | 0.5% |
| Result | Value |
|---|---|
| Total monthly payment | $2,548 |
| Principal and interest | $2,023 |
| Tax, insurance and HOA | $525 |
| Mortgage insurance (PMI) | $0.00 |
| Loan amount | $320,000 |
| Total interest over the term | $408,142 |
How to read the result
Early payments are mostly interest. The schedule shows how slowly the balance falls at first, which is why extra payments early in the loan save the most.
Lenders usually want total housing costs below about 28% of gross monthly income; check affordability with the debt-to-income calculator.
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Questions
Questions about this tool
The things clients actually want to know — costs, timelines, ownership and what happens after launch.
Principal and interest use the standard amortisation formula on the loan amount, rate and term. Property tax, insurance, HOA fees and PMI are added on top.
Principal, interest, taxes and insurance: the four parts of a typical monthly mortgage payment.
On conventional loans, PMI can usually be removed once you reach 20% equity and automatically ends at 22% based on the original schedule.
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