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.
Your monthly mortgage payment is calculated using the PMT formula: multiply the loan amount by the monthly interest rate, then divide by 1 minus (1 + monthly rate) to the power of negative loan months. Our mortgage calculator does this instantly as you type.
A full mortgage payment (PITI) includes Principal (paying down the loan balance), Interest (cost of borrowing), Taxes (property taxes, usually escrowed monthly), and Insurance (homeowner's insurance, also escrowed). If your down payment is less than 20%, PMI (private mortgage insurance) is added as well.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender if you default. PMI typically costs 0.5%–1.5% of the loan amount annually. Once you reach 20% equity, you can request PMI removal.
A longer loan term (e.g., 30 years) means lower monthly payments but significantly more total interest paid over the life of the loan. A 15-year mortgage has higher monthly payments but you pay roughly half the total interest and build equity much faster.
An amortization schedule shows how each monthly payment is split between principal and interest over the life of your loan. Early in the loan, most of each payment goes to interest. Over time, more goes to principal. Our mortgage calculator generates a full year-by-year amortization table.