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Mortgage Calculator

Calculate monthly mortgage payments with taxes, insurance, PMI, and amortization schedule.

Estimated Monthly Payment

$2,022.62

$2,022.62P&I
$0.00Tax
$0.00Insurance
$320,000.00Loan Amount
$408,142.36Total Interest
$728,142.36Principal + Interest

Monthly estimate includes entered tax and insurance plus estimated PMI below 20% down. This model holds PMI constant for the displayed payment; it does not calculate a cancellation date or include HOA dues, closing costs, or other lender charges. Principal + Interest excludes those additional costs.

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How this is calculated

The principal-and-interest part is the standard fixed-rate amortization formula. Property tax, insurance and PMI are added as monthly amounts you enter or estimate.

Formulas

  • The amount financed is the home price minus the down payment.

    P = price − down payment

  • The monthly rate is the annual rate divided by 12.

    r = rate ÷ 100 ÷ 12

  • The level monthly payment over n months is:

    payment = P × r ÷ (1 − (1 + r)⁻ⁿ)

  • At 0% interest the payment is the amount divided by the number of months.

    payment = P ÷ n

  • Property tax and insurance are the yearly amounts you enter, divided by 12.

  • When the down payment is under 20%, a PMI estimate is added: the PMI rate you enter, applied to the amount financed, divided by 12. The rate is an input because PMI pricing varies by lender and loan.

    PMI per month = P × PMI rate ÷ 100 ÷ 12

Sources

How we test this

This tool is checked against independent formulas every time the site is released, and a release does not ship if a check fails. Example from the test suite: $350,000 for 30 years at 6.5% gives $2,212 a month, $446,406 total interest. The test finds each payment by bisection and checks the calculator's closed-form result matches it at 7%, 6.5%, 5.5% and 3.5%.

The test is “mortgage: $350,000 for 30 years at four rates” in tests/golden-calculators.test.mjs. More on how all tools are tested: our testing approach.

Assumptions and limits

  • Fixed rate. Adjustable-rate mortgages are not modeled.
  • PMI is held constant in the monthly figure; real PMI usually ends once enough equity is built. The calculator does not model when that happens.
  • Taxes, insurance and HOA dues are what you enter, held constant. They change from year to year.
  • An estimate for planning, not a loan offer or financial advice.

Last reviewed , the date of the latest change to this tool's calculation or content.

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When to use this

You found a house listed at $425,000 and want to estimate the monthly cost of borrowing. Enter the home price, down payment, rate, property tax, and insurance; the calculator adds an estimated PMI amount below 20% down. Compare that estimate with lender disclosures and other housing costs before deciding what fits your budget.

Mortgage calculators are also essential for comparing scenarios. What happens if you put 10% down instead of 20%? How much does a 0.5% rate difference cost over 30 years? What if you choose a 15-year term instead of 30? The monthly payment is just the starting point — the total interest paid is where the real surprises are.

Run the numbers before you talk to a lender. Walking into a pre-approval meeting with a clear picture of your budget puts you in a stronger position — and prevents you from being steered toward the maximum loan amount you qualify for rather than the amount you're comfortable with.

Good to know

Principal and interest shift over time. On a $350,000 fixed-rate loan at 6.5% over 30 years, the first principal-and-interest payment is about $2,212: about $1,896 interest and $316 principal. This split changes as the balance falls; your actual mortgage payment may include tax, insurance, and other charges.

PMI cancellation has conditions. Many conventional loans with less than 20% down require PMI. For many covered mortgages, you can request cancellation when the balance reaches 80% of the home's original value if eligibility rules are met; general automatic termination occurs when the scheduled balance reaches 78%, if payments are current. FHA, VA, and other arrangements differ. This calculator shows an initial PMI estimate, not a cancellation timeline. Read the CFPB's PMI cancellation guide.

Term changes total interest. For a $350,000 fixed-rate loan at 6.5%, 30 years produces about $2,212 per month in principal and interest and about $446,406 in total interest. Fifteen years raises the payment to about $3,049 but reduces total interest to about $198,798, before fees and other housing costs.

Use your own tax and insurance estimates. Both vary by property and location, and the calculator uses the annual amounts you enter. It does not include HOA dues, closing costs, or a changing PMI schedule. The CFPB explains the difference between principal and interest and the total payment.

Quick Reference

Scenario ($350K loan, 30yr)RateMonthly P&ITotal Interest
Scenario A7.0%$2,329$488,281
Scenario B6.5%$2,212$446,406
Scenario C5.5%$1,987$365,414
Scenario D3.5%$1,572$215,796

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