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Career & Money

Mortgage Calculator

Estimate the full monthly cost of a mortgage — principal and interest plus property tax, homeowners insurance, PMI and HOA fees — and see how the balance falls year by year.

By Aditya Kr Sharma Formula checked

  • Free
  • Instant
  • No sign-up

How to use this calculator

  1. Pick what to find Choose a mode, or start with the first box.
  2. Enter your numbers Type your values into the boxes.
  3. Read the result See the answer and the working, then copy or share it.

Under 20% of the price usually means PMI.

Taxes, insurance, PMI and HOA

Only charged when the down payment is under 20%.

Enter the price, down payment, rate and term, then press Calculate payment.

How to use the mortgage calculator

  1. Enter the home price and your down payment.
  2. Enter the interest rate and choose the term.
  3. Open "Taxes, insurance, PMI and HOA" to add those costs.
  4. Press Calculate payment to see the monthly total, its parts and the yearly schedule.

What goes into the payment (PITI)

  • Principal — repays the loan.
  • Interest — the lender's charge on the balance.
  • Taxes — property tax, usually collected monthly into escrow.
  • Insurance — homeowners insurance, and PMI if the down payment is under 20%.

Frequently asked questions

How is a mortgage payment calculated?

Principal and interest = L × i × (1 + i)^n ÷ ((1 + i)^n − 1), with L the loan, i the monthly rate and n the number of payments. Property tax, insurance, PMI and HOA are added on top.

What is the payment on a $320,000 loan at 6.5% for 30 years?

$2,022.62 a month in principal and interest; about $408,143 of interest over the 30 years.

What is PMI?

Private mortgage insurance, usually charged on conventional loans when the down payment is under 20%. It is often 0.3% to 1.5% of the loan a year.

15-year or 30-year?

A 15-year loan has a higher payment but much less interest. Change the term and compare the total interest.

About these results

An estimate. Your lender's figures depend on your credit, the exact tax and insurance bills, and fees not included here.

PMI is shown as a flat yearly rate; in practice it ends when you reach about 20–22% equity.

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