Use this mortgage calculator to estimate your monthly payment on a fixed-rate home loan. Enter the home price, your down payment, the interest rate and the loan term. You can also add property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues to see a fuller monthly number.
Estimate your monthly mortgage payment
Your estimate
| Loan amount | – |
|---|---|
| Down payment | – |
| Principal and interest | – |
| Property tax | – |
| Homeowners insurance | – |
| PMI | – |
| HOA dues | – |
| Total monthly payment | – |
| Total interest over the loan | – |
| Total of principal and interest payments | – |
Yearly amortization summary
| Year | Interest paid | Principal paid | Balance at year end |
|---|
How the mortgage calculator works
The principal and interest figure uses the standard amortization formula for a fixed-rate loan: M = P × r ÷ (1 − (1 + r)−n). P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. For example, a $300,000 loan at an illustrative 6% rate over 30 years works out to $1,798.65 a month.
Early in the loan, most of each payment goes to interest. As the balance drops, more of each payment goes to principal. The yearly table shows that shift.
What goes into a monthly payment
The CFPB describes PITI (principal, interest, taxes and insurance) as the four basic parts of a monthly mortgage payment. Property tax and homeowners insurance may be paid through an escrow account. If your loan requires private mortgage insurance, that premium may be part of the payment too. HOA dues are usually paid separately, but we include them so you can see your full monthly housing cost.
Want to know how much house fits your budget first? Try our home affordability calculator, or browse more guides in Saving & Credit.
Mortgage calculator FAQ
What is PITI?
PITI stands for principal, interest, taxes and insurance. According to the CFPB, these are the four basic elements of a monthly mortgage payment. Principal and interest repay the loan, while taxes and insurance may go into an escrow account.
What is PMI?
Private mortgage insurance is a type of insurance you might have to buy if you take out a conventional loan with less than 20% down. The CFPB explains that PMI protects the lender, not you, if you stop making payments. It’s most often paid as a monthly premium added to your mortgage payment.
When does PMI end?
For many conventional loans on a single-family principal residence that closed on or after July 29, 1999, federal law gives you two milestones, per the CFPB. You can ask in writing to cancel PMI once your balance is scheduled to reach 80% of the home’s original value, if you meet conditions such as a good payment history. Your servicer generally must end PMI automatically when the balance is scheduled to reach 78%, as long as you’re current. It also must end the month after the midpoint of the loan term. FHA and VA loans follow different rules.
Why is my lender’s payment different from this estimate?
Your tax and insurance amounts may differ from what you entered, and the escrow part of a payment can change over time. The CFPB suggests checking the estimated total monthly payment on page 1 of your Loan Estimate, in the Projected Payments section.
Disclaimer: This calculator gives an educational estimate for a fixed-rate loan only. It isn’t financial advice or a loan offer. Rates shown are illustrative. It doesn’t cover closing costs, points, adjustable rates or FHA/VA mortgage insurance.
By Fintrovert Team