Calculate your monthly mortgage payment with taxes, insurance, and PMI. Full amortization schedule included. Instant results, no signup.
A mortgage calculator helps you understand the true cost of homeownership before signing. By entering your home price, down payment, interest rate, and loan term, you can see your exact monthly payment including principal and interest, property taxes, homeowner's insurance, and PMI. Comparing different loan terms shows how a 15-year mortgage vs a 30-year mortgage affects both your monthly cash flow and total interest paid. All calculations run entirely in your browser — your financial data never leaves your device.
At the core of every mortgage payment is the PMT (payment) formula from financial mathematics. It calculates a fixed monthly payment that, over the life of the loan, fully repays both the principal borrowed and all accrued interest. The formula is:
Payment = P × [r(1+r)^n] / [(1+r)^n − 1]
Here, P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and nis the total number of monthly payments (loan term in years multiplied by 12). This gives you the principal and interest (P&I) portion of your payment.
The full PITI payment adds property taxes (typically 0.5%–2% of home value per year, divided by 12), homeowner's insurance (around $100–$200/month), and PMI if your down payment is under 20%. Amortization — the process by which each payment shifts over time from mostly interest to mostly principal — is shown in the year-by-year breakdown table below the calculator results.
Sarah is buying a $350,000 home in Arizona with a 20% down payment ($70,000), leaving a loan amount of $280,000. Her lender quotes a 6.5% interest rate on a 30-year fixed mortgage. Property taxes in her county run about 0.7% of the home value per year ($2,450/year or ~$204/month), and her homeowner's insurance is $130/month.
Plugging into the PMT formula: r = 6.5% / 12 = 0.5417% per month, n = 360 payments. The P&I payment comes to approximately $1,770/month. Adding taxes ($204) and insurance ($130) brings her total PITI payment to about $2,104/month. Because her down payment is exactly 20%, no PMI is required.
Over 30 years, Sarah will pay roughly $637,000 in total — $280,000 in principal and about $357,000 in interest. If she had chosen a 15-year term instead, her P&I payment would rise to about $2,440/month but total interest paid would drop to around $159,000, saving nearly $200,000 over the life of the loan. The amortization table in the calculator makes this comparison visible at a glance.
Your monthly mortgage payment is calculated using the PMT formula: Payment = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan principal, r is the monthly interest rate, and n is the number of payments. For a $280,000 loan at 6.5% over 30 years, the monthly P&I payment works out to about $1,770. Our mortgage calculator runs this formula instantly as you type, so you always see an accurate result without needing to do the math yourself. Adding property taxes, homeowner's insurance, and PMI gives you the full PITI payment you'll actually owe each month.
A full mortgage payment (PITI) includes four components: Principal (the portion that reduces your loan balance), Interest (the lender's charge for borrowing), Taxes (property taxes, typically collected monthly and held in escrow until the annual bill is due), and Insurance (homeowner's insurance, also escrowed). If your down payment is less than 20%, PMI (private mortgage insurance) is added as a fifth item, usually costing 0.5%–1.5% of the loan amount per year. Understanding all four components is important because the sticker price of a home doesn't tell you what you'll actually pay each month. Our calculator lets you enter each component separately so you can see the true cost of ownership.
PMI (Private Mortgage Insurance) is required by most lenders when your down payment is less than 20% of the home price. It protects the lender — not you — if you default on the loan. PMI typically costs 0.5%–1.5% of the loan amount annually, which on a $300,000 loan is $1,500–$4,500 per year, or $125–$375 per month added to your payment. Once you reach 20% equity in your home (either through payments or appreciation), you can request PMI removal under the Homeowners Protection Act. For FHA loans, mortgage insurance premiums (MIP) work differently and may last the life of the loan unless you refinance.
A longer loan term (30 years) means lower monthly payments but you pay significantly more total interest over the life of the loan. A 15-year mortgage carries higher monthly payments — often 30–40% more — but you pay roughly half the total interest and build equity much faster. For example, a $280,000 loan at 6.5% costs about $1,770/month over 30 years (total interest: ~$357,000) versus about $2,440/month over 15 years (total interest: ~$159,000). The 15-year option saves nearly $200,000 in interest. Use the amortization table in our calculator to compare terms side by side and decide which tradeoff fits your financial goals.
An amortization schedule shows exactly how each monthly payment is divided between principal and interest throughout the life of your loan. In the early years of a 30-year mortgage, the vast majority of each payment goes to interest — sometimes 80–90% in the first few years. Over time, as the principal balance decreases, more of each payment goes toward principal and less toward interest. This shift is called amortization. Our mortgage calculator generates a full year-by-year amortization table so you can see your remaining balance at any point in the loan, which is useful for planning refinancing, extra payments, or understanding how much equity you've built.