Free calculator · Updated
Mortgage Calculator
Your full monthly payment: principal, interest, tax, insurance, HOA and PMI.
The loan
Taxes, insurance and dues
Estimated monthly payment
$2,897
On a $360,000 loan at 6.75% for 30 years.
- Principal & interest81%
- Property tax14%
- Insurance5%
Monthly breakdown
Estimate only. Your lender’s Loan Estimate shows the actual rate, PMI, taxes and insurance.
How the calculator works
- Enter the price, down payment, rate and term.
- Add the property tax rate, insurance, HOA dues and, under 20% down, your PMI rate.
- Read the full payment and how it splits, plus total interest over the loan.
Assumptions to check
- Fixed rate, fully amortizing; no adjustable-rate resets.
- Property tax = price × the yearly rate ÷ 12. Your county’s assessed value may differ from the price.
- PMI = loan × the PMI rate ÷ 12, only while the down payment is under 20%.
Frequently asked questions
How is a monthly mortgage payment calculated?
The principal and interest part uses the standard amortization formula: M = P · r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (years × 12). Property tax, homeowners insurance, HOA dues and PMI are added on top to get the full monthly payment.
What is PITI?
PITI stands for principal, interest, taxes and insurance, the four core parts of a typical monthly mortgage payment. Lenders look at the full payment (plus HOA dues and PMI where they apply), not just principal and interest.
When do I have to pay PMI?
Conventional lenders generally require private mortgage insurance when the down payment is under 20%. Its cost depends on the loan, the down payment and your credit, so the calculator lets you enter your lender’s rate (0.6% of the loan a year by default) and applies it only under 20% down. Federal law lets you ask to cancel PMI once the balance reaches 80% of the home’s original value, and it ends automatically at 78% if you are current on payments.
Does this include closing costs?
No. This estimates the ongoing monthly payment. Closing costs (lender fees, title, escrow, prepaid items) are one-time costs at purchase; your Loan Estimate lists them. For the seller side of a sale, use the seller net sheet.
Sources
- CFPB: What is private mortgage insurance?
- CFPB: When can I remove PMI from my loan?
- CFPB: Loan Estimate explainer
Links checked .
Selling a home too? The seller net sheet shows what the sale leaves after commission, taxes and the payoff.
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Estimates for planning and illustration only. Not financial, tax, legal or appraisal advice: confirm figures with the lender, title or escrow company, or other professional handling the transaction.