Principal & Interest
Uses the standard amortization formula so each payment covers interest first, then reduces your loan balance.
Home loan calculator
Mortgage Calculator
Calculate your monthly mortgage payment, interest, taxes, and total loan cost instantly.
- 1. Property
- 2. Terms
- 3. Fees
- 4. Report
How Mortgage Payments Are Calculated
Your monthly housing payment is more than principal and interest. Property taxes, homeowners insurance, PMI, and HOA fees are usually escrowed into the same payment.
Taxes & Insurance
We estimate taxes from ZIP-based state averages and let you adjust insurance to match your quote.
PMI
If your down payment is under 20%, PMI is estimated and removed in the schedule once LTV reaches 80%.
Extra Payments
Add optional principal each month to shorten the term and reduce total interest paid.
Mortgage Calculator Features
Everything you need to model a realistic U.S. home loan payment in minutes.
Monthly Payment Calculator
Calculate monthly costs including P&I, taxes, insurance, PMI, and HOA.
Loan Amortization
View a full month-by-month payment schedule and remaining balance.
Interest Insights
Understand total interest over the life of the loan and savings from extra payments.
Market Rate Tools
Reference average rates, state tax tables, and PMI bands while you plan.
Why Use Our Mortgage Calculator?
- Accurate amortization-based calculations
- Free to use — no registration required
- Instant results as you adjust inputs
- Clear breakdown of every payment component
Frequently Asked Questions
How much mortgage can I afford?
A common starting point is keeping total housing costs around 28% of gross monthly income, then stress-testing with taxes, insurance, and HOA. Use this calculator to model different prices and down payments before talking to a lender.
What factors affect mortgage payments?
Loan amount, interest rate, term length, property taxes, homeowners insurance, PMI, and HOA fees all change your monthly payment. Extra principal payments reduce interest and shorten payoff time.
How much down payment should I make?
20% typically avoids PMI on conventional loans. Smaller down payments are common but increase monthly costs through PMI until you reach about 80% loan-to-value.
What is included in a mortgage payment?
Most “full” payments include principal, interest, property taxes, and insurance (PITI). PMI and HOA may also apply depending on your down payment and property type.
How does ZIP code affect the estimate?
We map your ZIP to a U.S. state and pre-fill an average effective property tax rate plus a median home price hint. You can override tax and insurance to match a local quote.
When does PMI stop?
On conventional loans, PMI is often removable once the loan balance reaches about 80% of the original home value. This schedule estimates PMI month by month and drops it after that LTV threshold.
Should I choose a 15-year or 30-year loan?
15-year loans usually have higher payments and less total interest. 30-year loans lower the monthly bill but cost more over time. Use the sidebar comparison and amortization schedule to weigh cash flow versus interest.
Related Calculators
Continue planning with amortization, auto financing, or income tax tools.
Disclaimer
This tool provides educational estimates only. Market rates, tax figures, and PMI assumptions are illustrative and may not reflect a lender quote, insurance premium, or your local tax bill. Consult a licensed mortgage professional before making financial decisions.