Mortgage Calculator: Monthly Payment, Interest, Taxes & PMI
Estimate your full monthly housing payment — principal and interest plus property taxes, homeowners insurance, PMI and HOA — then compare rates and terms, test extra payments, and see when PMI can end.
Advanced — start date, original value, APR (informational), other costs
Estimated initial monthly housing payment
| Principal & interest | $2,038.80 |
| Property taxes | $0.00 |
| Homeowners insurance | $0.00 |
| PMI | $0.00 |
| HOA | $0.00 |
| Other | $0.00 |
| Total initial housing payment | $2,038.80 |
Calculation receipt — how this number was produced
Mortgage decision engine v1.0.0 Principal (loan amount): $322,560.00 Home price $403,200.00 − down payment $80,640.00 (20.00%) Note (contract) interest rate: 6.50% — APR, if any, is informational only and unused Monthly decimal rate r = 6.5% ÷ 100 ÷ 12 = 0.00541667 Term n = 360 months · scheduled payment count = 360 PMT: M = P·r/(1−(1+r)^−n) = $322,560.00 × 0.00541667 / (1 − (1+0.00541667)^−360) = $2,038.80 Housing costs (monthly): tax $0.00 + insurance $0.00 + PMI $0.00 + HOA $0.00 + other $0.00 Estimated initial monthly housing payment = $2,038.80 + $0.00 = $2,038.80 Extra payments in this scenario: none (contractual schedule) Reference dataset: Freddie Mac PMMS as of 2026-08-06 (within the 14-day freshness window)
Amortization
| Year | Paid | Principal | Interest | Extra principal | Ending balance |
|---|---|---|---|---|---|
| 1 | $24,465.58 | $3,605.34 | $20,860.25 | $0.00 | $318,954.66 |
| 2 | $24,465.58 | $3,846.79 | $20,618.79 | $0.00 | $315,107.87 |
| 3 | $24,465.58 | $4,104.42 | $20,361.17 | $0.00 | $311,003.46 |
| 4 | $24,465.58 | $4,379.30 | $20,086.28 | $0.00 | $306,624.16 |
| 5 | $24,465.58 | $4,672.59 | $19,793.00 | $0.00 | $301,951.57 |
| 6 | $24,465.58 | $4,985.52 | $19,480.06 | $0.00 | $296,966.05 |
| 7 | $24,465.58 | $5,319.41 | $19,146.17 | $0.00 | $291,646.64 |
| 8 | $24,465.58 | $5,675.66 | $18,789.92 | $0.00 | $285,970.98 |
| 9 | $24,465.58 | $6,055.77 | $18,409.81 | $0.00 | $279,915.21 |
| 10 | $24,465.58 | $6,461.34 | $18,004.25 | $0.00 | $273,453.87 |
| 11 | $24,465.58 | $6,894.06 | $17,571.52 | $0.00 | $266,559.81 |
| 12 | $24,465.58 | $7,355.77 | $17,109.81 | $0.00 | $259,204.04 |
| 13 | $24,465.58 | $7,848.40 | $16,617.18 | $0.00 | $251,355.64 |
| 14 | $24,465.58 | $8,374.02 | $16,091.56 | $0.00 | $242,981.61 |
| 15 | $24,465.58 | $8,934.85 | $15,530.74 | $0.00 | $234,046.77 |
| 16 | $24,465.58 | $9,533.23 | $14,932.35 | $0.00 | $224,513.54 |
| 17 | $24,465.58 | $10,171.69 | $14,293.89 | $0.00 | $214,341.85 |
| 18 | $24,465.58 | $10,852.91 | $13,612.68 | $0.00 | $203,488.94 |
| 19 | $24,465.58 | $11,579.74 | $12,885.84 | $0.00 | $191,909.20 |
| 20 | $24,465.58 | $12,355.26 | $12,110.32 | $0.00 | $179,553.94 |
| 21 | $24,465.58 | $13,182.72 | $11,282.87 | $0.00 | $166,371.22 |
| 22 | $24,465.58 | $14,065.59 | $10,400.00 | $0.00 | $152,305.63 |
| 23 | $24,465.58 | $15,007.59 | $9,458.00 | $0.00 | $137,298.05 |
| 24 | $24,465.58 | $16,012.67 | $8,452.91 | $0.00 | $121,285.37 |
| 25 | $24,465.58 | $17,085.07 | $7,380.51 | $0.00 | $104,200.31 |
| 26 | $24,465.58 | $18,229.29 | $6,236.29 | $0.00 | $85,971.02 |
| 27 | $24,465.58 | $19,450.14 | $5,015.45 | $0.00 | $66,520.88 |
| 28 | $24,465.58 | $20,752.75 | $3,712.83 | $0.00 | $45,768.13 |
| 29 | $24,465.58 | $22,142.60 | $2,322.98 | $0.00 | $23,625.53 |
| 30 | $24,465.58 | $23,625.53 | $840.05 | $0.00 | $0.00 |
PMI milestones (Homeowners Protection Act)
With 20% or more down, this loan starts at or below 80% of the original value, so PMI would generally not be required on a conventional loan.
Milestones apply to conventional-loan PMI for single-family principal residences under the federal Homeowners Protection Act, as described by the CFPB: cancellation on request at 80% of original value is subject to eligibility (payment history, no junior liens, value not declined) and servicer confirmation; automatic termination at the 78% scheduled point or the term midpoint requires you to be current. FHA/VA insurance follows different rules.
Both comparisons reuse the loan you entered on the Monthly payment tab and recompute automatically.
Rate sensitivity (−1.00 to +1.00 percentage point)
A 0.25 percentage-point increase changes this payment by $53.32/month and total interest by $19,194.99.
| Note rate | Monthly P&I | Payment vs entered | Total interest | Interest vs entered |
|---|---|---|---|---|
| 5.50% | $1,831.46 | −$207.34 | $336,765.67 | −$74,641.83 |
| 6.00% | $1,933.91 | −$104.89 | $373,647.66 | −$37,759.84 |
| 6.25% | $1,986.06 | −$52.74 | $392,420.66 | −$18,986.84 |
| 6.50% (entered) | $2,038.80 | — | $411,407.50 | — |
| 6.75% | $2,092.12 | $53.32 | $430,602.49 | $19,194.99 |
| 7.00% | $2,146.00 | $107.20 | $449,999.90 | $38,592.40 |
| 7.50% | $2,255.39 | $216.59 | $489,379.07 | $77,971.57 |
Term comparison at the same note rate
This table isolates the effect of the loan term alone, holding your entered note rate constant. Real market rates differ by term — 15-year loans usually price below 30-year loans — and 40- and 50-year terms are shown as modeling references: the 50-year term is hypothetical/non-standard and not universally available.
| Term | Monthly P&I | Total interest | Total of payments |
|---|---|---|---|
| 10 years | $3,662.60 | $116,952.43 | $439,512.43 |
| 15 years | $2,809.84 | $183,211.91 | $505,771.91 |
| 20 years | $2,404.92 | $254,620.97 | $577,180.97 |
| 30 years (entered) | $2,038.80 | $411,407.50 | $733,967.50 |
| 40 years (uncommon) | $1,888.45 | $583,895.75 | $906,455.75 |
| 50 years (hypothetical, non-standard) | $1,818.33 | $768,435.11 | $1,090,995.11 |
Extra amounts go to principal after that month's scheduled interest. Your contractual scheduled P&I payment does not change; the loan simply ends sooner.
Calculation receipt — extra-payment scenario
This is arithmetic on your own budget — not lender underwriting, pre-qualification or approval. It reverse-solves the largest loan whose initial housing payment fits the budget, using the rate, term, down-payment percentage and cost assumptions below.
Rate, term, taxes, insurance, PMI, HOA and other costs are taken from the Monthly payment tab.
Largest supported home price
Calculation receipt — budget solver
Mortgage payment by loan amount
Monthly principal & interest only — taxes, insurance, PMI and HOA excluded. Computed by the same engine as the calculator at the Freddie Mac PMMS weekly national average rates for the week of August 6, 2026: 30-year 6.69%, 15-year 6.01%. Your quoted rate will differ.
| Loan amount | 30-year P&I at 6.69% | 15-year P&I at 6.01% |
|---|---|---|
| $100,000 | $644.61 | $844.40 |
| $150,000 | $966.92 | $1,266.60 |
| $200,000 | $1,289.23 | $1,688.79 |
| $250,000 | $1,611.54 | $2,110.99 |
| $275,000 | $1,772.69 | $2,322.09 |
| $300,000 | $1,933.84 | $2,533.19 |
| $350,000 | $2,256.15 | $2,955.39 |
| $400,000 | $2,578.46 | $3,377.59 |
| $500,000 | $3,223.07 | $4,221.99 |
| $600,000 | $3,867.69 | $5,066.38 |
| $750,000 | $4,834.61 | $6,332.98 |
| $1,000,000 | $6,446.15 | $8,443.97 |
How mortgage payments are calculated
A fixed-rate mortgage is repaid with a constant monthly principal-and-interest payment. The engine behind this page computes it with the standard amortization formula: M = P·r / (1 − (1 + r)−n), where P is the loan amount, r is the monthly rate — the note rate divided by twelve — and n is the number of monthly payments. When the rate is exactly zero the payment is simply the principal divided by the number of months. The same payment is then split differently every month: interest is charged on the balance that remains, and whatever is left of the payment retires principal. Because the balance starts large, early payments are interest-heavy; as the balance shrinks, the split flips. The amortization section above shows the exact month, for your inputs, when principal first overtakes interest within a payment.
Your monthly housing bill is usually larger than P&I. Lenders commonly collect property taxes and homeowners insurance through escrow, PMI is added when required, and homes in managed communities carry HOA dues. This calculator keeps those pieces visible and separate: the headline figure is the estimated initial monthly housing payment, and the breakdown table shows precisely how much of it is loan repayment versus carrying costs. That separation matters when you compare loans — a lender controls the rate and term, but not your county's tax bill.
Interest rate vs APR
The interest rate (note rate) is the contract rate on the promissory note. It is the only rate that determines your monthly payment and amortization schedule, and it is the rate this calculator uses everywhere. The APR is a disclosure figure: it restates the cost of the loan after folding in certain charges such as discount points and some closing costs, which is why it is normally higher than the note rate. The APR exists to compare offers on a like-for-like basis — a loan with a low rate but heavy fees can carry a higher APR than a loan with a slightly higher rate and few fees. Entering an APR here as if it were the note rate would overstate your payment, so the form asks for the note rate and accepts the APR only as an optional informational field that never enters any calculation. The CFPB's explanation of the two figures is linked in the sources below.
What PITI includes
PITI stands for principal, interest, taxes and insurance — the four components most servicers collect monthly. Principal repays the amount borrowed; interest is the lender's charge on the outstanding balance; taxes are your property taxes, usually escrowed as one-twelfth of the annual bill; and insurance is your homeowners premium handled the same way. When the down payment on a conventional loan is under 20%, lenders typically add PMI — insurance that protects the lender, priced individually by credit score, loan-to-value and insurer, which is why this page asks for your lender's estimate instead of inventing one. HOA dues sit outside the mortgage entirely — the association bills them — but they are a genuine, recurring housing cost and lenders count them when qualifying you, so the calculator includes them as their own line. The result: one realistic monthly figure, with every component visible and none silently merged into another.
How the down payment changes the payment and PMI
The down payment works on three levers at once. First, it directly shrinks the loan: every extra dollar down is a dollar less borrowed, which reduces the monthly P&I and every future interest charge. Second, it sets the loan-to-value ratio — loan amount divided by home value — which lenders use for pricing; lower LTV generally means better offered rates. Third, it controls PMI: at 20% down (80% LTV) conventional loans generally do not require PMI at all, while below that threshold PMI is added until the balance works its way down. The calculator synchronizes the dollar and percentage entries, reports the resulting LTV, and — when your inputs allow it — estimates the three Homeowners Protection Act milestone dates at which PMI can end: the 80%-of-original-value request point, the 78% scheduled automatic-termination point, and the term midpoint. If you are weighing how much to put down, run two scenarios and compare the initial housing payments and PMI lines side by side.
15 vs 20 vs 30 vs 40 vs 50 years
The term is a straight trade between the size of the monthly payment and the total interest paid. A shorter term forces larger payments, so the balance falls quickly and interest has less time and less balance to accrue; a longer term does the opposite. The comparison tab quantifies this for your own loan at your entered rate, and the effect is large — stretch the same loan far enough and lifetime interest can exceed the amount borrowed. Two honesty notes about that table: it holds the note rate constant to isolate the term effect, while real market pricing differs by term (15-year money is usually cheaper than 30-year money, which makes short terms look even better than the table shows); and the 40- and 50-year rows are modeling references — 40-year loans are uncommon and often tied to loan modifications, while a 50-year fixed mortgage is a hypothetical, non-standard product you should not assume is available. If the 30-year payment is comfortable, a common middle path is taking the 30-year contract and prepaying on a 15- or 20-year schedule: the extra-payments tab shows exactly what that voluntary acceleration saves, with none of the obligation of the shorter contract.
Assumptions and limitations
- Fixed note rate for the whole term; payments are monthly and on time.
- Property tax, insurance, PMI, HOA and other costs are treated as constant monthly amounts — real escrow items change over time.
- Extra payments are applied to principal immediately after the scheduled payment of the same month.
- PMI milestone months assume the modeled amortization and the original property value; servicer rules, payment history and property-value changes can move the real dates.
- Educational estimate, not a loan offer, underwriting decision or approval amount.
- Adjustable-rate, interest-only, balloon, FHA, VA and USDA loan mechanics are not modeled.
- Lender pricing, points, credit score and closing costs are outside this tool's scope.
The tool models fixed-rate, fully amortizing loans only. Adjustable-rate mortgages, interest-only periods, balloon structures and the insurance rules of FHA, VA and USDA programs are deliberately out of scope rather than half-modeled; the specialist calculators linked below cover several adjacent decisions. Every displayed number is produced by the tested engine at full float precision and rounded to cents only for display, so small apparent discrepancies between rounded components and rounded totals can occur.
Frequently Asked Questions
How do I calculate my monthly mortgage payment?
The principal-and-interest part uses the fixed-rate amortization formula: multiply the loan amount by the monthly rate (note rate divided by 12) and divide by 1 − (1 + monthly rate) raised to the negative number of payments. Your real monthly bill usually adds escrow items — property taxes, homeowners insurance and PMI — which this calculator itemizes separately.
What is included in a mortgage payment?
Most payments combine four pieces, often called PITI: principal, interest, taxes and insurance. Depending on the loan you may also pay PMI, and homeownership can add HOA dues, which are billed by the association rather than the lender. This calculator shows each component on its own line so you can see what drives the total.
Does this calculator include property taxes?
Yes. Enter property tax as an annual dollar amount or as an annual percentage of the home's value; the calculator converts it to a monthly amount and adds it to the housing payment while keeping it separate from principal and interest.
Does it include homeowners insurance?
Yes. Enter your annual premium and the calculator spreads it across twelve months inside the estimated initial housing payment. If you don't have a quote yet, you can leave it at zero and add it later.
Does it include PMI?
Yes, three ways: no PMI, a monthly dollar amount from your lender's estimate, or an annual PMI rate as a percentage of the loan. With 20% or more down, PMI defaults to zero. Below 20% the calculator prompts you for your lender's estimate rather than inventing one, because real PMI pricing depends on credit score, LTV and the insurer.
What interest rate should I enter?
Enter the note rate — the contract interest rate on your quote or Loan Estimate. That is the rate that determines the payment. Do not enter the APR, which blends certain fees into a comparison number; the calculator accepts APR only as an optional informational field.
Is mortgage interest rate the same as APR?
No. The interest rate is the cost of borrowing the principal and sets your monthly payment. The APR reflects the interest rate plus certain fees such as points and some closing costs, so it is usually higher, and it exists to compare offers — not to compute payments. This tool never uses APR in any calculation.
How does a larger down payment affect my mortgage?
A larger down payment shrinks the loan amount, which lowers both the monthly principal-and-interest payment and lifetime interest, and it lowers your loan-to-value ratio. Reaching 20% down generally lets you avoid PMI on a conventional loan, which cuts the monthly housing payment further.
How does a 15-year mortgage compare with a 30-year mortgage?
At the same rate, the 15-year payment is substantially higher each month but repays principal much faster, so total interest is far lower. Market 15-year rates are also typically below 30-year rates, which widens the gap. The term-comparison tab isolates the term effect at your entered rate; check real quotes for both terms before deciding.
What happens if I make extra payments?
Extra amounts go entirely to principal after that month's scheduled interest, so every future month accrues interest on a smaller balance. The loan pays off early and lifetime interest falls; your contractual scheduled payment does not change. The extra-payments tab reports months saved, interest saved and the new payoff date for your exact inputs.
When can PMI be removed?
Under the federal Homeowners Protection Act, you can request cancellation when your balance reaches 80% of the home's original value (subject to conditions like a good payment history and no junior liens), and the servicer must terminate PMI automatically when the contractual schedule brings the balance to 78%, or the month after the midpoint of the term, whichever comes first — provided you are current. The calculator estimates all three dates for your loan.
Why is my lender's payment different from this estimate?
Lenders quote using your exact escrow amounts, PMI pricing, rounding conventions and start dates, and the first payment can include prepaid interest. This tool is an educational model with your entered assumptions — expect small differences, and treat the Loan Estimate and Closing Disclosure as authoritative.
Does HOA count as part of my mortgage?
No — HOA dues are owed to the homeowners association, not the lender, and are never part of the loan. They are still a real monthly housing cost, and lenders count them when qualifying you, so this calculator includes them as a separate line in the housing payment.
Can this calculator tell me how much a lender will approve?
No. The payment-budget mode reverse-solves the largest loan that fits a monthly housing budget you choose — pure arithmetic on your assumptions. Lender approval depends on underwriting: income verification, debt-to-income limits, credit history, reserves and program rules, none of which this tool models.
Does it work for FHA, VA or USDA loans?
Only partially, so treat results as rough. The fixed-rate amortization math is the same, but FHA mortgage insurance premiums, VA funding fees, and USDA guarantee fees follow their own rules that this calculator deliberately does not model. PMI-cancellation milestones shown here also do not apply to FHA or VA mortgage insurance.
Evidence, sources and editorial review
Mortgage Calculator: Monthly Payment, Interest, Taxes & PMI groups its evidence and methodology review here so sources, assumptions and responsibility can be checked together.
Primary Sources
- CFPB — Consumer Financial Protection Bureau — What's the difference between a mortgage interest rate and an APR? · consulted August 7, 2026 · Note rate vs APR — the interest rate determines the payment; APR bundles certain fees for offer comparison
- CFPB — Consumer Financial Protection Bureau — What is included in my monthly mortgage payment? · consulted August 7, 2026 · Payment components — principal, interest, taxes, insurance (PITI) and mortgage insurance
- CFPB — Consumer Financial Protection Bureau — When can I remove private mortgage insurance (PMI) from my loan? · consulted August 7, 2026 · Homeowners Protection Act — 80% borrower-request cancellation, 78% automatic termination, loan-midpoint termination
- Freddie Mac — Primary Mortgage Market Survey — weekly average mortgage rates · consulted August 6, 2026 · National average 30-year and 15-year fixed rates; distributed via FRED series MORTGAGE30US / MORTGAGE15US
Methodology & Version History
Engine: mortgage decision engine v1.0.0 · PMMS dataset: as of 2026-08-06 · Last updated:
Every quantitative value on this page is produced by the mortgage decision engine v1.0.0, a single tested code path shared verbatim between the build server and the browser. Principal & interest uses the fixed-rate amortization formula M = P·r/(1−(1+r)^−n) with r = note (contract) interest rate ÷ 12 and n = term in months; at 0% the payment is P ÷ n. APR is accepted only as an informational comparison field and never enters any calculation — the payment, schedule, payoff and interest totals are APR-invariant by test. The loan amount defaults to home price minus down payment (dollar and percentage entries stay synchronized), or can be entered directly. The estimated initial monthly housing payment adds property taxes (annual dollars or percent of home value), homeowners insurance, PMI (none, monthly dollars, or annual rate percent), HOA dues and other recurring costs to P&I — the components are always reported separately. Extra payments are principal-only, applied after scheduled interest, and never change the contractual scheduled payment; the final payment is capped at the amount owed so no balance goes negative, and the annual schedule is an aggregation of the same monthly rows. The payment-budget mode reverse-solves the largest supported loan amount analytically when housing costs are fixed, and with bounded deterministic bisection when a cost depends on home value; the result is forward-recomputed to within $0.01 of the budget. PMI milestones follow the Homeowners Protection Act thresholds described by the CFPB: the 80%-of-original-value borrower-request point (modeled balance, including extras, subject to eligibility and servicer rules), the 78% scheduled automatic-termination point (contractual schedule only), and the loan-term midpoint. Values are kept at full float precision internally and rounded to cents only for display. The Freddie Mac PMMS reference rates carry their own as-of date and are presented as current only within a 14-day freshness window; otherwise they are labeled historical reference and are never auto-applied. Supported: fixed-rate, fully amortizing US mortgages. Not modeled: ARM, FHA/VA/USDA specifics, interest-only or balloon structures, lender underwriting or approval, escrow accounting, or closing costs.
- May 17, 2026 (v1.x): Legacy generic P&I amortization page (loan-amortization archetype).
- August 7, 2026 (v2.0): Mortgage-specific decision workspace: PITI-style housing payment with taxes, insurance, PMI and HOA; rate and term comparison; extra payments; PMI milestones; payment-budget reverse solver; engine-generated tables; note-rate/APR semantics corrected.
Reviewed according to the CalcDomain Editorial Policy & Calculator Methodology. We document formulas, edge cases, sources, update dates, and correction paths for calculator pages.
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