Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, PMI, and HOA fees.
Before you calculate
PMI is an estimate, not an insurer quote. Taxes, insurance and HOA costs may change; mortgage interest tax deductions are excluded.
How Your Mortgage Payment Is Calculated
Your monthly principal & interest payment is calculated using the standard amortization formula. The total monthly payment also includes property tax, homeowner's insurance, HOA fees, and PMI (if applicable).
M = P × [r(1+r)^n] / [(1+r)^n − 1]Example Scenarios
Example: $400,000 home with 20% down
A $320,000 loan at 7.00% for 30 years gives a P&I payment of ~$2,129/month. With $400/month in taxes and insurance, the total PITI is ~$2,529/month.
15-year vs. 30-year trade-off
On the same $320,000 loan, a 15-year term at 6.5% costs ~$2,790/month but saves over $130,000 in total interest compared to the 30-year option.
Methodology & Assumptions
Calculations use standard amortization. PMI is estimated at 0.85% annually when LTV > 80%. Taxes and insurance are divided evenly across 12 months. Results are pre-tax and do not account for the mortgage interest deduction.
Sources & calculation notes
Maintained by MoneyCalc. Results are estimates based on the inputs and assumptions shown, not personalized financial advice or a lender quote. Default rates are examples unless a specific tax year or official table is identified.
References explain the underlying concepts or rules. They do not endorse or independently certify this implementation.
Calculations run in your browser. Some tools retain settings on this device. Displayed rounding can produce small differences from a statement or contract.