Mortgage Calculator

Calculate your monthly payment with principal & interest, property tax, insurance, and PMI. See the full breakdown of what homeownership will actually cost.

Loan Details

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Optional Monthly Costs

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PMI typically applies when your down payment is less than 20%. Typical rate: 0.3%–1.5%.

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Enter your mortgage details and click Calculate to see your estimated monthly payment.

Understanding Your Mortgage Payment

A mortgage payment typically has four components — principal, interest, taxes, and insurance (PITI). This calculator computes P&I using standard amortization and adds optional escrow items so you see the true monthly obligation.

Loan Amount = Home Price − Down Payment

Monthly Rate = APR ÷ 12 ÷ 100

P&I = Loan × Rate ÷ (1 − (1 + Rate)^(−Term Months))

PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender and is usually cancelled once you reach 20% equity. Rates typically range from 0.3% to 1.5% of the loan balance annually.

When to use this calculator: Use it when evaluating how much house you can afford, comparing 15-year vs. 30-year terms, or estimating the impact of a larger down payment on your monthly payment and total interest.