Calculate your monthly mortgage payment — principal, interest, taxes, insurance, PMI and HOA — with a payment breakdown and amortization schedule.
Only charged when your down payment is under 20%.
Estimates only. Your actual rate, property tax, insurance, PMI and HOA dues vary by lender, location and loan program, and PMI removal timing is approximate — confirm the details with your lender.
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Buying a home is likely the biggest financial decision you'll make. This mortgage calculator shows the true monthly cost of homeownership — not just principal and interest, but property taxes, homeowners insurance, PMI, and HOA dues — plus how much interest you pay over the life of the loan and when PMI drops off. Get the complete picture before you commit.
Most monthly mortgage payments have four core parts, known as PITI: Principal (the portion that pays down your loan balance), Interest (the lender's charge for borrowing), Taxes (property taxes, usually collected monthly through escrow), and Insurance (homeowners insurance). If your down payment is under 20%, you also pay PMI (private mortgage insurance) until you build about 22% equity, and a condo or planned community may add monthly HOA dues. Your total monthly payment is the sum of all of these.
Monthly Principal & Interest Formula
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The principal-and-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 monthly payments (years × 12). Monthly property tax, homeowners insurance, PMI and HOA dues are then added on top to reach your total monthly payment.
PITI stands for Principal, Interest, Taxes and Insurance. Principal and interest repay the loan; property taxes and homeowners insurance are usually collected monthly into an escrow account and paid on your behalf. If you put down less than 20% you also pay PMI, and condos or HOA communities add monthly dues.
Putting 20% down avoids PMI and lowers your payment, but many buyers put down 3–10% to keep cash for emergencies and repairs. Weigh the lower monthly cost of a bigger down payment against keeping liquid savings — there is no single right answer for everyone.
PMI (private mortgage insurance) protects the lender when your down payment is under 20%, typically 0.3–1.5% of the loan per year. You avoid it with 20% down, and on most loans it cancels automatically once the balance reaches 78% of the original value; you can request removal at 80%.
A 15-year loan has a higher monthly payment but far less total interest — often a six-figure difference — and usually a lower rate. A 30-year loan has a lower payment and more flexibility. Use the term selector above to compare both on the same home.
At a 6.5% rate over 30 years, a $300,000 loan costs about $1,896 per month in principal and interest. Adding typical property tax and homeowners insurance usually pushes the total to roughly $2,300 per month. Your figure depends on your exact rate, taxes and insurance — enter them above for a precise estimate.
Property taxes commonly run 1–2% of the home's value per year and homeowners insurance a few thousand dollars annually; both are usually split into monthly escrow. In high-tax areas they can add $500–$1,000+ to the payment, so always check local rates before you buy.