Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI
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Buying a home is likely the biggest financial decision you'll make. Our mortgage calculator helps you understand the true monthly cost of homeownership, including not just principal and interest, but also property taxes, insurance, PMI, and HOA fees. Get a complete picture before you commit.
A mortgage payment typically includes four components (PITI): Principal (loan amount), Interest (cost of borrowing), Property Taxes (annual taxes paid monthly), and Insurance (homeowners insurance). If your down payment is less than 20%, you'll also pay PMI (Private Mortgage Insurance). Understanding each component helps you budget accurately for homeownership.
Monthly Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1] + Taxes + Insurance + PMI + HOASee your total monthly payment including all costs, not just principal and interest.
Test different down payments, interest rates, and loan terms to find your best option.
See how down payment size affects PMI and total monthly costs.
Understand your budget and see how different down payments affect your monthly costs.
Compare your current payment with potential new home costs to ensure affordability.
See if a new rate or term would save you money each month.
Calculate mortgage costs to ensure rental income covers your payments.
While 20% down avoids PMI, many buyers put down 3-10% to preserve cash for emergencies and home improvements. Consider your total financial picture, not just mortgage rules. A larger down payment means lower monthly costs but less liquid savings.