Estimate your full monthly house payment — principal, interest, property tax, insurance, PMI and HOA — and see exactly how your loan is paid off over time.
How to use the mortgage calculator
Enter the purchase price of the home, your down payment as a percentage, the loan term and the interest rate you have been quoted. The calculator instantly shows your principal and interest payment and your total monthly payment, which also includes property tax, homeowner's insurance, private mortgage insurance (PMI) and any homeowners association (HOA) dues. Lenders often call this full figure PITI — principal, interest, taxes and insurance.
Use the extra payment field to see how much interest you save and how many months you cut from the loan by paying a little more principal each month. Open the amortization schedule to see how every year's payments are split between interest and principal.
The mortgage payment formula
A fixed-rate mortgage uses the standard amortizing loan formula, which keeps the payment constant while the share going to interest shrinks over time:
- M — monthly principal and interest payment
- P — loan amount (price minus down payment)
- r — monthly interest rate (annual rate ÷ 12 ÷ 100)
- n — number of monthly payments (years × 12)
Worked example
Suppose you buy a $400,000 home with 20% down ($80,000), leaving a $320,000 loan at 6.5% for 30 years. The monthly rate is 0.065 ÷ 12 = 0.0054167 and there are 360 payments. Plugging these in gives a principal and interest payment of about $2,022.62. Add property tax of 1.1% a year ($366.67/month) and insurance of $1,500 a year ($125/month) and the total is roughly $2,514 a month. Over 30 years you would pay about $408,000 in interest — more than the loan itself — which is why rate and term matter so much.
What affects your monthly payment
Interest rate
Even a small change has a big effect. On a $320,000 loan, the difference between 6% and 7% is around $210 a month and roughly $76,000 over 30 years. Improving your credit score, paying points, or choosing a shorter term can lower your rate.
Loan term
A 15-year mortgage has a higher monthly payment but usually a lower rate and dramatically less total interest. A 30-year loan keeps payments affordable and gives flexibility — you can still prepay when you have spare cash.
Down payment and PMI
Putting down less than 20% on a conventional loan typically adds PMI, often 0.3%–1.5% of the loan per year. In the US, PMI on a conventional loan ends automatically once your balance is scheduled to reach 78% of the original home value (or at the loan's halfway point at the latest), and you can ask to cancel it at 80%. The calculator drops PMI at 78% and shows when that happens; government-backed loans such as FHA follow different rules. Use our down payment calculator to plan how much to save, and the house affordability calculator to see what price fits your income.
Taxes, insurance and HOA
Property tax rates vary widely by location — from under 0.5% to over 2% of the home's value each year — and insurance depends on the home and region. These costs can rise over time even though a fixed-rate principal and interest payment never changes.
Results are estimates for planning purposes. Your actual payment depends on your lender, local taxes and insurance quotes.
Cite or link to this page
Using this mortgage calculator in an article, report or homework? Copy a citation or a ready-made link:
Calcivia. (2026). Mortgage Calculator. Retrieved October 31, 2026, from https://www.calcivia.com/mortgage-calculator/"Mortgage Calculator." Calcivia, 2026, https://www.calcivia.com/mortgage-calculator/. Accessed 31 Oct. 2026.<a href="https://www.calcivia.com/mortgage-calculator/">Mortgage Calculator</a> by Calcivia