Mortgage Calculator
Estimate your full monthly payment — principal, interest, tax, insurance, HOA, and PMI.
Estimated monthly payment
Loan amount
$360,000
Total interest over 30 yrs
$480,583
Estimate only. PMI is approximated at ~0.6%/yr of the loan when the down payment is under 20%; your actual rate, taxes, and insurance will vary by lender and county.
FAQ
How is a monthly mortgage payment calculated?+
The principal & interest portion 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 (PITI).
What is PITI?+
PITI stands for Principal, Interest, Taxes, and Insurance — the four core parts of a typical monthly mortgage payment. Lenders qualify you on full PITI (plus HOA and PMI where applicable), not just principal and interest.
When do I have to pay PMI?+
Private mortgage insurance is generally required on conventional loans when your down payment is under 20%. It typically runs about 0.3–1.5% of the loan per year and drops off once you reach ~20–22% equity. This calculator estimates PMI at roughly 0.6%/yr when down payment is below 20%.
Does this include closing costs?+
No. This estimates the ongoing monthly payment. Closing costs (lender fees, title, escrow, prepaids) are separate one-time costs at purchase, usually 2–5% of the price. Use the seller net sheet for the seller side of a transaction.