Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and full amortization schedule.
No PMI required — down payment is 20% or more.
About the Mortgage Calculator
This calculator estimates your total monthly home payment — principal, interest, property tax, homeowners insurance, any HOA fee, and PMI if applicable — from your home price, down payment, loan term, and interest rate. Enter your down payment as a dollar amount or a percentage and the other field updates automatically. It also generates a full month-by-month amortization schedule showing how much of each payment goes toward principal versus interest, how your remaining balance declines over the life of the loan, and exactly when PMI drops off if your down payment is under 20%. Use it to compare a 15-year term against a 30-year term, see how a larger down payment lowers your monthly payment and removes PMI, or estimate total interest paid before you lock in a rate.
The principal-and-interest portion uses the standard fixed-rate amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly rate (annual rate ÷ 12), and n is the total number of monthly payments. For example, a $400,000 home with a $80,000 (20%) down payment leaves a $320,000 loan; at 6.5% over 30 years that formula gives a principal-and-interest payment of about $2,022/month, and since the down payment already hits 20%, no PMI applies. Every month in the schedule, interest is charged on the remaining balance at r, and whatever is left of the fixed payment reduces principal — which is why the interest share of each payment is highest at the start of the loan and shrinks as the balance falls.
What is included in the monthly payment?+−
Principal and interest, plus 1/12th of your annual property tax and insurance, plus any HOA fee, plus PMI if your down payment is under 20% — commonly called PITI (+ PMI).
How is the amortization schedule calculated?+−
Each month, interest is charged on the remaining balance at your rate divided by 12; the rest of your fixed payment reduces the principal.
What is PMI and when does it go away?+−
Private Mortgage Insurance is typically required whenever your down payment is under 20% of the home price. It automatically drops off once your loan balance falls to 78% of the original home price — this calculator tracks that month for you.
What is the formula behind the monthly principal and interest payment?+−
It uses the standard fixed-rate amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments (years × 12).
Why does so much of my early payment go to interest?+−
Interest is charged on the current balance, which is highest at the start of the loan, so early payments are interest-heavy. As the balance shrinks each month, more of the fixed payment shifts toward principal — this is normal amortization, not an error.
Should I choose a 15-year or 30-year term?+−
A 15-year term has a higher monthly payment but a much lower interest rate is often available and total interest paid is far less. A 30-year term has a lower monthly payment, easier to qualify for, but costs substantially more in total interest over the life of the loan.
How does a larger down payment change my results?+−
A larger down payment shrinks the loan principal (lowering both the monthly principal-and-interest payment and total interest), and once it reaches 20% of the home price, it eliminates PMI entirely.
What are property tax, insurance, and HOA fees added on top of principal and interest?+−
These are real recurring costs of owning the home that a lender typically collects monthly into an escrow account alongside your loan payment — property tax and insurance are entered here as annual figures divided by 12, and HOA is entered directly as a monthly fee.