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Mortgage Calculator

Estimate your full monthly mortgage payment — principal, interest, property tax, homeowners insurance, and PMI — plus your complete amortization schedule.

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10.0% of home price — PMI will apply

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years
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Auto-filled from your state's average rate — edit if you know your county's actual rate.

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Leave at $0 if not applicable.

Total monthly payment (PITI)$3,080.10
Principal & interest$2,275.44
Property tax /mo$533.33
Insurance /mo$133.33
PMI /mo$138.00
HOA /mo$0.00
Loan-to-value90.00%

PMI applies because your down payment is below 20% (90.00% LTV). Based on your amortisation schedule, PMI is projected to be removable around month 109 (~year 9.1), once your balance reaches 78% of the original home price.

Total interest$459,160.16
Total cost over term$1,074,199.76

Balance over time

Amortisation schedule (yearly)

Yearly breakdown of principal paid, interest paid, and remaining balance
YearPrincipal paidInterest paidClosing balance
1$4,024$23,282$355,976
2$4,293$23,012$351,683
3$4,581$22,725$347,102
4$4,888$22,418$342,214
5$5,215$22,090$337,000

How this calculator works

Unlike some markets, a US monthly housing payment is conventionally PITI: Principal, Interest, Taxes, and Insurance, plus PMI (Private Mortgage Insurance) if applicable and HOAdues if your property has them. The principal & interest portion uses the standard amortizing-loan formula:

M = P × r × (1+r)n ÷ ((1+r)n − 1)

where P is your loan amount (home price minus down payment), r is your monthly interest rate (annual rate ÷ 12), and n is your total number of monthly payments (term in years × 12). Property tax and insurance are typically collected monthly into an escrow account and paid on your behalf annually, which is why lenders quote them as part of your "monthly payment" even though they aren't part of the loan itself.

Worked example

Take a $400,000 home with a 10% down payment ($40,000), a 6.5%30-year fixed rate, average property tax for your state, and typical homeowners insurance. Your loan amount is $360,000, giving a 90% loan-to-value — above the 80% threshold, so PMI applies automatically. Try adjusting the down payment to 20% ($80,000) in the calculator and watch the PMI line disappear entirely, since your LTV drops to exactly 80%.

What affects your monthly payment

  • Down payment — crossing the 20% threshold removes PMI entirely and lowers your loan amount, both cutting your payment.
  • Interest rate — the biggest driver of your principal & interest payment over a 30-year term.
  • Location — property tax rates vary enormously by state and county; two identical homes can have very different PITI payments purely based on location.
  • Loan term — 15-year loans have higher payments but dramatically lower total interest than 30-year loans.

A note on accuracy

This calculator computes on full, unrounded figures and only rounds to the cent for display, so the amortization schedule doesn't drift. PMI removal timing is estimated from your amortization schedule reaching 78% of your ORIGINAL home value, per the Homeowners Protection Act of 1998. For official consumer guidance, see theConsumer Financial Protection Bureau.

Frequently asked questions

How is my mortgage payment calculated?

Your total monthly housing payment in the US is conventionally called PITI: Principal & Interest (calculated with the standard amortising-loan formula M = P × r × (1+r)^n ÷ ((1+r)^n − 1)), property Taxes (your annual tax bill ÷ 12), homeowners Insurance (annual premium ÷ 12), plus PMI if your down payment is under 20%, and HOA dues if applicable. This calculator adds all of those together for your real total monthly cost.

How much is my mortgage payment on a $400,000 home?

It depends on your down payment, rate, term, property tax, and insurance — all of which vary by location. As a rough example, a $400,000 home with 10% down at 6.5% over 30 years, average property tax, and insurance runs to roughly $2,900–$3,200 a month including PMI. Use the calculator above with your own numbers, or your target state, for an accurate estimate.

What is PMI and when does it go away?

Private Mortgage Insurance (PMI) is required by most conventional lenders whenever your down payment is below 20% (loan-to-value above 80%). Under the Homeowners Protection Act, you can request cancellation once your balance is scheduled to reach 80% of your home's original value, and PMI is automatically terminated once it reaches 78% — this calculator estimates that month for you based on your amortisation schedule.

Why is my property tax estimate different from what I see online?

Property tax is set at the county or municipal level, not nationally or even state-wide — rates can vary by 2x or more between neighboring counties. We default to your state's published average effective rate as a starting estimate, but you should confirm the actual rate with your county assessor's office (or your real estate agent) once you have a specific property in mind.

Does this calculator include closing costs?

No — this is your ongoing monthly payment (PITI + PMI + HOA), not the one-time costs due at closing (like origination fees, title insurance, and prepaid escrow). Use our dedicated Closing Cost Estimator to plan for those separately.

What loan term should I use — 15-year or 30-year?

A 30-year fixed loan has a lower monthly payment but more total interest over the life of the loan; a 15-year fixed loan has a higher payment but builds equity faster and costs far less in total interest, since you're borrowing the money for half as long at (usually) a slightly lower rate. Try both terms in the calculator to compare your monthly budget against the total cost.

Related calculators

Home Affordability CalculatorSee how much house you can afford using the 28/36 rule.PMI CalculatorEstimate your PMI cost and when it can be removed.Refinance CalculatorCompare your current loan against a new one.