Mortgage Calculator
Enter the purchase price, down payment, rate and term to see your full monthly payment — principal, interest, taxes, insurance and PMI included.
| Year | Principal paid | Interest paid | Balance left |
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Estimates only. Actual payments depend on lender fees, escrow rules, mortgage insurance requirements and local tax assessments.
Frequently asked questions
What is included in a monthly mortgage payment?
Most US mortgages are paid as PITI: principal, interest, property taxes and homeowners insurance. If your down payment is under 20%, lenders usually add private mortgage insurance (PMI) until you reach 20% equity. HOA dues, if any, are paid on top of that. This calculator breaks out each part so you can see where the money goes.
How is the monthly principal and interest calculated?
The standard amortizing formula is M = P × i / (1 − (1 + i)^−n), where P is the loan amount, i is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Early payments are mostly interest; the principal share grows every month until the final payment is almost all principal.
How much down payment do I need to avoid PMI?
20% of the purchase price is the standard threshold in the US. Below that, PMI typically costs 0.3%–1.5% of the loan amount per year depending on credit score and loan-to-value ratio. You can usually request PMI removal once your balance falls to 80% of the original value — and it must be cancelled automatically at 78%.
Does a shorter term always save money?
It saves interest but raises the monthly payment. A 15-year fixed loan typically carries a lower rate and roughly 60% less total interest than a 30-year loan on the same amount, but the monthly payment is around 45% higher. Whether that trade is worth it depends on how comfortably you can cover the higher payment.