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Mortgage Calculator

Mortgage Payment Calculator

Your real monthly payment (principal, interest, taxes, insurance, PMI, HOA and flood), with each cost entered yearly or monthly, the exact formula behind every number, and the full payoff curve.

$
Common:
%
years
Common terms:
Taxes, insurance & fees

Enter each yearly or monthly; we convert it and add it to your payment. Leave a field blank to skip it.

$
$
$
$
$
$
Total monthly payment
/mo
Total monthly payment$0
Paying down the loan
What it costs over the loan

Principal & interest over the full term, plus taxes, insurance and fees held at today's amount (real bills usually rise over time).

Loan amount (principal)$0
Total interest$0
Total taxes, insurance & fees$0
Total cost of ownership$0
What if the rate is different?

Same home, recomputed at nearby rates; your taxes, insurance and fees stay put, only principal & interest moves. Your current rate is highlighted.

Interest rateTotal payment
Next step

Know the payment? Check what the property earns with the cap rate calculator, see what invested savings become with the investment growth calculator, or browse all the calculators. Already own the property? Track its real equity and cash flow as the loan pays down instead of re-running the numbers.

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Common questions

How is the monthly mortgage payment calculated?

Principal and interest use M = P·r·(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments (at 0% it is simply P ÷ n). The calculator then adds your monthly property tax, home insurance, PMI, HOA, and flood insurance to give the full payment, and shows every step filled in with your numbers.

Can I enter taxes and insurance yearly or monthly?

Either. Every recurring cost (property tax, home insurance, PMI, HOA dues, and flood insurance) has a yearly/monthly toggle. Enter a bill however you have it and the calculator converts it (a yearly amount is divided by 12; a monthly amount is used as-is) and folds it into your payment. The converted figure is shown right under each field.

Does it include PMI, and when does PMI go away?

Yes. When your down payment is under 20% the calculator estimates monthly PMI automatically, and you can override it. On a conventional loan you can request cancellation once you reach 20% equity (80% loan-to-value) and PMI terminates automatically at 22% equity (78% LTV) of the home's original value.

Why does most of my early payment go to interest?

Interest each month is charged on the remaining balance. Early on the balance is at its largest, so interest takes most of the payment; as the balance falls, more of each identical payment goes to principal. The chart shows that crossover.

How much does the interest rate matter?

A lot. On a $300,000 30-year loan, each half-percent of rate moves the payment by roughly $95 a month: tens of thousands of dollars of interest over the life of the loan. Use the sensitivity table to see nearby rates.

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

A 15-year loan means higher monthly payments but far less total interest, and usually a slightly lower rate. A 30-year loan costs more over its life but keeps the required payment smaller and more flexible. Run both terms here and compare the totals.

Can I pay the loan off faster?

Yes. Extra principal payments shorten the loan and cut total interest, because interest is charged on the remaining balance. This calculator models the standard fixed schedule without extra payments.