Mortgage Payment Calculator
Estimate your total monthly payment — principal, interest, property tax, homeowners insurance, PMI, and HOA — and download a full amortization schedule.
Principal vs. Interest
First payment split
Loan Summary
Amortization Schedule
| Payment # | Payment | Principal | Interest | Remaining Balance |
|---|
How This Mortgage Calculator Works
This calculator uses the standard amortized-loan formula that U.S. lenders use to compute fixed-rate mortgage payments. For a loan amount P, an annual interest rate r, and a term of n months, the monthly principal-and-interest payment is:
M = P × [ r(1 + r)n ] ÷ [ (1 + r)n − 1 ]
In this formula, r is the annual rate divided by 12, and n is the number of years multiplied by 12. This is the same calculation used by the PMT() function in Excel and Google Sheets: =PMT(rate/12, term*12, -loan_amount).
What Is PITI?
Lenders rarely collect just principal and interest. Most monthly payments bundle four (sometimes five) components into a single figure known as PITI:
- Principal — the portion of your payment that reduces the loan balance.
- Interest — the cost of borrowing, charged on the remaining balance.
- Taxes — property taxes, typically collected into an escrow account and paid on your behalf.
- Insurance — homeowners insurance, and often mortgage insurance (PMI) when your down payment is below 20%.
Our calculator adds all of these — plus any monthly HOA dues you enter — to show a realistic total, not just the bare principal-and-interest payment.
How Private Mortgage Insurance (PMI) Is Estimated
When your down payment is less than 20% of the home's price, most conventional lenders require borrower-paid PMI. Our tool estimates PMI between roughly 0.4% and 1.0% of the loan balance per year, depending on your loan-to-value ratio, and removes it automatically when your balance falls to 80% of the home's original value. This is an estimate; your lender's actual PMI rate depends on your credit score, loan program, and insurer.
How to Use the Results
Start with the home price and down payment you're considering, then adjust the interest rate to match current market rates. Add your estimated annual property tax and homeowners insurance so the total reflects your true monthly outlay. Use the amortization table to see how your balance declines over time and how much total interest you'll pay. Downloading the CSV lets you review every one of the 360 (or fewer) payments in a spreadsheet.
Limitations to Keep in Mind
This tool produces an estimate, not a binding offer. It does not account for closing costs, mortgage points, property tax reassessments, fluctuating insurance premiums, or adjustable-rate resets. For a personalized quote, speak with a licensed loan officer and request an official Loan Estimate, which lenders are required to provide under the Truth in Lending Act (TILA).