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Mortgage Calculator

Work out your full monthly mortgage payment, including property tax, insurance, HOA fees, and PMI. The mortgage calculator also shows total interest and an amortization schedule.

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Usually 15, 20, or 30

Taxes and costs

Charged while the loan is above 80% of the price

Monthly payment
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Estimate only. Not financial advice.

How to use the Mortgage Calculator

  1. Enter the Home price, your Down payment as a percent or an amount, the Interest rate, and the Loan term.
  2. Under Taxes and costs, fill in property tax, home insurance, HOA fees, and the PMI rate if your down payment is under 20%.
  3. Press Calculate. The total monthly payment comes first, then each part of it, the total interest, and the payoff date.

How it works

payment = L × i ÷ (1 − (1 + i)^−n)
interest this period = balance × i
principal this period = payment − interest
  • L: the amount borrowed
  • i: the interest rate per payment period (yearly rate ÷ 12 for monthly payments)
  • n: the number of payments

When the rate is 0, the payment is L ÷ n. Every early payment is mostly interest; the share of principal grows each month until the balance reaches zero. The total monthly payment adds property tax ÷ 12, insurance ÷ 12, the monthly HOA fee, and PMI (loan × PMI rate ÷ 12) for as long as the balance is above 80% of the price.

Examples

  • A $300,000 loan at 6.5% for 30 years: $1,896.20 a month in principal and interest, with $382,633.47 in interest over the life of the loan.
  • The same loan on a $375,000 home with 1.1% property tax and $1,500 a year insurance: $1,896.20 + $343.75 + $125.00 = $2,364.95 a month.
  • A $300,000 loan at 6% for 15 years: $2,531.57 a month and $155,682.69 in interest.

What is PMI and when does it stop?

Private mortgage insurance protects the lender when you put down less than 20%. Its yearly rate depends on the loan and your credit, and your Loan Estimate shows the amount. The calculator charges it until your balance reaches 80% of the home price and tells you how many months you will pay it.

For most conventional loans on a main home closed since July 1999, federal rules let you ask the servicer to cancel PMI once the balance is scheduled to reach 80% of the home's original value, if your payments are current and the home has not lost value. The servicer must end it automatically at 78%. FHA and VA loans follow different rules.

Limitations

  • Tax, insurance, and HOA amounts stay the same for the whole loan. In real life they tend to rise.
  • Closing costs and points are not included.
  • This is an estimate. Your lender's Loan Estimate is the figure to rely on.

Sources

Read the guide

Rent or buy, after you run the numbers

Price your income can carry, the full mortgage, and rent versus buy for the years you plan to stay. The figures are estimates, not a decision.

Frequently asked questions

What does PITI mean?

Principal, interest, taxes, and insurance: the four parts of a typical monthly mortgage payment.

How much house payment is $300,000 at 6.5%?

Over 30 years, principal and interest come to $1,896.20 a month. Taxes, insurance, and any HOA or PMI are added on top.

Is a 15-year mortgage better than a 30-year?

A 15-year loan has a higher payment but much less interest. At the same balance, it often costs less than half the interest of a 30-year loan.

How much should I put down?

Putting down 20% avoids PMI on most conventional loans. Less is possible, but you pay PMI until you reach 20% equity.

Often used together with Mortgage Calculator.