1. Enter the home price and your down payment, as a percent or as cash. The tool works out the loan amount.
2. Enter the interest rate and loan term, then the yearly property tax and home insurance, monthly HOA dues and a PMI rate if you put down less than 20 percent.
3. Read the total monthly payment and its parts, then open the amortization schedule under the result. Optional: add an extra monthly payment or a what-if rate.

What each result tells you:

A mortgage calculator works out what a home loan costs each month and over its full life. You enter the home price, down payment, interest rate and term, and it returns the monthly payment, the loan amount and an amortization schedule.

The monthly payment has four basic elements. The Consumer Financial Protection Bureau (CFPB) calls them principal, interest, taxes and insurance, known together as PITI. Principal repays the amount borrowed. Interest is the cost of borrowing. Taxes means property tax, and insurance means homeowners insurance. Many payments also carry two more items: private mortgage insurance (PMI) and homeowners association (HOA) dues.

Lenders often collect the tax and insurance parts in an escrow account and pay those bills for you. The guide on what an escrow account is explains how that works.

A mortgage payment is not the same as the total cost of owning a home. Repairs, utilities and closing costs sit outside it. It is also not a lender quote: the rate and fees you are offered depend on your credit and the loan type.

The calculator finds the level principal and interest payment with the standard amortization formula, adds the monthly share of each other cost, and then builds the full repayment schedule.

1. Loan amount = home price - down payment. LTV = loan amount / home price.
2. Principal and interest come from the formula above. A rate of 0 percent uses loan amount / n.
3. Monthly tax = yearly property tax / 12. Monthly insurance = yearly premium / 12.
4. Monthly PMI = loan amount x PMI rate / 12, only when the LTV is above 80 percent.
5. Total = principal and interest + tax + insurance + PMI + HOA dues.

The Amortization Schedule

Each month, interest is charged on the balance left, and the rest of the principal and interest payment reduces that balance. Early payments are mostly interest; later payments are mostly principal. The schedule under the result sums these into a year-by-year table of principal paid, interest paid and the year-end balance. A year-by-year and month-by-month breakdown also lives on the 15 vs 30 year mortgage calculator for term comparisons.

The tool also finds the month when the scheduled balance first reaches 78 percent of the home price. The CFPB states that a servicer must end PMI automatically on the date the balance is scheduled to reach 78 percent of the original value of the home.

A buyer purchases a 400,000 home with 10 percent down on a 30-year fixed loan at 7.03 percent. That rate is the Freddie Mac average for the week of September 24, 2026. The 4,800 tax, 1,800 insurance and 0.5 percent PMI rate are illustrations.

Meaning: tax, insurance and PMI add 700.00 a month, or 22.6 percent of the payment. PMI is scheduled to end by month 116, after 17,400.00 in premiums. Total interest over 30 years is 504,844.78. Paying 200 extra each month clears the loan in 23 years 9 months and saves 123,974.76 in interest.

Interest Rate

The rate has the largest effect on principal and interest. On a 320,000 loan over 30 years, 7.03 percent costs 2,135.42 a month. One point lower costs 1,924.74 and one point higher costs 2,354.74. A year earlier the Freddie Mac average was 6.30 percent, which gives 1,980.71.

Down Payment

A larger down payment lowers the loan and can remove PMI. On the 400,000 example, moving from 10 to 20 percent down cuts the total from 3,102.35 to 2,685.42. Use the related down payment calculator to see how much cash each level needs.

Loan Term

A shorter term raises the payment and cuts the interest. The next section compares 30 and 15 years.

Property Tax and Insurance

These depend on where the home is and what it is worth, not on the loan. The CFPB notes that tax and insurance premiums can change from year to year, and your total monthly payment changes with them. The guide on how property tax is calculated helps you estimate the tax line.

PMI

The CFPB explains that PMI is usually required on a conventional loan with a down payment under 20 percent. At 5 percent down the example loan is 380,000, PMI is 158.33 a month and it runs until month 142.

HOA Dues

Dues are added in full. A 250 monthly fee lifts the 20 percent down example from 2,685.42 to 2,935.42.

A 15-year loan costs more each month and far less overall. Both rows use a 320,000 loan with 400 tax and 150 insurance a month, at the Freddie Mac average rates for the week of September 24, 2026.

The 15-year loan costs 638.07 more a month and saves 269,522.80 in interest. It only works when the higher payment fits your budget every month. The 15 vs 30 year mortgage calculator compares the two terms in more detail.

Which Calculator Fits Which Question?

Before You Shop for a Home

Test prices against the monthly payment you are comfortable with. Include tax, insurance and HOA dues, because they are part of what you pay every month.

When Comparing Down Payments

Run 5, 10 and 20 percent down. The PMI line shows what a smaller down payment costs each month and for how long.

When a Rate Quote Changes

Put the new rate in the what-if field. On the 360,000 example, 6.5 percent instead of 7.03 percent lowers principal and interest by 126.90 a month. The refinance savings calculator turns a lower rate into a break-even date.

When Planning Extra Payments

Add an extra monthly amount to see the payoff time and interest saved, then check the amortization schedule for the new balance each year.

1. Looking Only at Principal and Interest

A quote of 2,402.35 becomes 3,102.35 once tax, insurance and PMI are added. Budget on the full figure.

2. Entering the APR as the Rate

The payment formula uses the note rate. The APR also includes fees, so it is higher and overstates the payment.

3. Typing Monthly Tax in the Yearly Field

Property tax and insurance go in as yearly amounts. A monthly figure in a yearly field makes the payment look far too low.

4. Forgetting PMI Under 20 Percent Down

Leaving the PMI rate blank on a 10 percent down loan hides 150.00 a month in the example.

5. Assuming the Payment Never Changes

Principal and interest stay level on a fixed-rate loan. Tax and insurance can rise, so the total can rise too.

6. Expecting PMI to Last for the Whole Loan

On a conventional loan the CFPB says you can ask to cancel PMI when the balance is scheduled to fall to 80 percent of the original value, and it must end at 78 percent.

Principal and interest follow the standard fixed-rate formula and match a lender schedule to within cents of rounding. The other lines are only as accurate as the tax, insurance, PMI and HOA figures you enter.

PITI stands for principal, interest, taxes and insurance. The CFPB calls these the four basic elements of a monthly mortgage payment.

A 300,000 loan at 7.03 percent over 30 years costs 2,001.96 a month in principal and interest. Property tax, insurance, PMI and HOA dues are added on top of that amount.

It does when your lender uses an escrow account. The lender collects one twelfth of the yearly tax and insurance with each payment and pays the bills for you.

It is a table of every payment split into principal and interest, with the balance left after each one. Early payments are mostly interest; later ones are mostly principal. This tool shows a year-by-year version under the result.

On a conventional loan PMI must end when the balance is scheduled to reach 78 percent of the original home value, and you can ask to cancel it at 80 percent. In the 10 percent down example, the balance reaches 80 percent in month 101 and 78 percent in month 116.

The escrow part changed. The CFPB notes that property taxes and insurance premiums can change from year to year, and the total monthly payment changes with them.

On a 320,000 loan over 30 years, a move from 7.03 to 8.03 percent adds 219.32 a month, and a move down to 6.03 percent saves 210.68 a month.

Neither suits everyone. A 15-year loan has a higher payment and much lower total interest, while a 30-year loan keeps the monthly payment lower. Compare both against your budget.

LTV is the loan-to-value ratio: the loan amount divided by the home price. A 360,000 loan on a 400,000 home is a 90 percent LTV.

Extra principal lowers the balance sooner, so less interest builds up and the loan ends early. In the example, 200 extra a month ends the loan 6 years 3 months early.

No. The calculation runs in your browser and nothing is sent to our servers. Anything you Save stays in this browser only.

• What is PITI? (Consumer Financial Protection Bureau, Ask CFPB; read October 3, 2026).
• What is private mortgage insurance? (Consumer Financial Protection Bureau, Ask CFPB; read October 3, 2026).
• When can I remove private mortgage insurance (PMI) from my loan? (Consumer Financial Protection Bureau, Ask CFPB: 80 and 78 percent rules; read October 3, 2026).
• Primary Mortgage Market Survey: weekly average mortgage rates (Freddie Mac, example rates as of September 24, 2026).
• Amortization Schedule (Corporate Finance Institute, payment and schedule formula).