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Loan Inputs
Home Value $400,000
$
Down Payment 20.00%
%
Interest Rate 6.50%
%
Loan Term 30 Years
Yr
Property Tax / yr $3,600
$
Home Insurance / yr $1,800
$
PMI Rate 0.80%
%
Monthly HOA $150
$
Extra Monthly Principal $0
$
Compare Window 30 Years
Yr
Start Date
📅
Assumption: PMI is charged monthly until the estimated loan-to-value falls to 80% or below. Taxes and insurance are converted from annual amounts to monthly escrow, while HOA stays monthly.
Total Payment / mo
-
PITI + PMI + HOA
Principal & Interest
-
base mortgage payment
Payoff Date
-
loan end date
Loan Amount
-
after down payment
Total Interest
-
interest over life of loan
Total of Payments
-
principal + interest + escrow
Payment Breakdown
Live
Interest
Principal
Balance
Amortization Schedule
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter mortgage details above to see the schedule | ||||
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How This Mortgage Calculator Works
This calculator estimates a standard fixed-rate mortgage payment using your home value, down payment, rate, term, and recurring ownership costs. It shows both the base principal-and-interest payment and the more complete monthly housing payment once taxes, insurance, PMI, and HOA are added.
Core Formulas
Loan Amount = Home Value x (1 - Down Payment %)
P&I Payment = PV x [i x (1+i)^n] / [(1+i)^n - 1]
Total Monthly Payment = P&I + Monthly Tax + Monthly Insurance + PMI + HOA
P&I Payment = PV x [i x (1+i)^n] / [(1+i)^n - 1]
Total Monthly Payment = P&I + Monthly Tax + Monthly Insurance + PMI + HOA
What the Results Mean
- Total Payment: the estimated monthly housing payment including escrow items.
- Principal & Interest: the base mortgage payment before taxes, insurance, PMI, and HOA.
- Loan Amount: the financed balance after your down payment.
- Total Interest: the borrowing cost over the life of the loan.
- Total of Payments: a broader view of what you may spend over time.
Disclaimer: These are planning estimates only. Actual payments can differ based on lender fees,
insurance premiums, tax reassessments, PMI rules, escrow adjustments, and loan program details.
Frequently Asked Questions
What does this mortgage calculator estimate?
+
It estimates your monthly mortgage payment, amortization schedule, payoff date, total
interest, and the effect of taxes, insurance, PMI, HOA, and extra principal.
What is included in the total monthly payment?
+
The total monthly payment includes principal and interest plus monthly property tax, home
insurance, PMI when applicable, and HOA dues.
When does PMI stop?
+
In this version, PMI is estimated until the loan-to-value falls to 80% or below. Actual PMI
cancellation rules depend on the loan program and lender servicing rules.
Do extra payments help a lot?
+
Yes. Even modest extra principal payments can reduce total interest and shorten the payoff
timeline, especially early in the loan.
Mortgage Cost Components
Your monthly housing payment is often larger than the principal-and-interest amount quoted on a loan estimate, because escrow items and ownership costs can materially increase the total payment.
| Component | What It Covers | Typical Frequency |
|---|---|---|
| Principal | Paydown of the original loan balance | Monthly |
| Interest | Cost of borrowing from the lender | Monthly |
| Property Tax | Local government assessment on the home | Usually annual, paid monthly via escrow |
| Home Insurance | Coverage for the structure and related risks | Usually annual, paid monthly via escrow |
| PMI / HOA | Mortgage insurance and community fees when applicable | Usually monthly |