Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, home insurance, PMI, and HOA fees.
$80,000.00 down
$4,400.00/yr
Total monthly payment
$2,489.28
- Principal & interest
- $2,022.62
- Property tax
- $366.67
- Home insurance
- $100.00
- Total interest (life of loan)
- $408,142.36
Amortization schedule
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $3,576.72 | $20,694.69 | $316,423.28 |
| 2 | $3,816.26 | $20,455.15 | $312,607.02 |
| 3 | $4,071.84 | $20,199.57 | $308,535.17 |
| 4 | $4,344.54 | $19,926.87 | $304,190.63 |
| 5 | $4,635.50 | $19,635.91 | $299,555.13 |
| 6 | $4,945.95 | $19,325.46 | $294,609.18 |
| 7 | $5,277.19 | $18,994.22 | $289,331.98 |
| 8 | $5,630.62 | $18,640.80 | $283,701.37 |
| 9 | $6,007.71 | $18,263.70 | $277,693.66 |
| 10 | $6,410.06 | $17,861.36 | $271,283.60 |
| 11 | $6,839.35 | $17,432.06 | $264,444.26 |
| 12 | $7,297.39 | $16,974.02 | $257,146.86 |
| 13 | $7,786.11 | $16,485.30 | $249,360.75 |
| 14 | $8,307.56 | $15,963.85 | $241,053.19 |
| 15 | $8,863.94 | $15,407.48 | $232,189.25 |
| 16 | $9,457.57 | $14,813.84 | $222,731.68 |
| 17 | $10,090.96 | $14,180.45 | $212,640.72 |
| 18 | $10,766.77 | $13,504.64 | $201,873.95 |
| 19 | $11,487.84 | $12,783.57 | $190,386.11 |
| 20 | $12,257.20 | $12,014.21 | $178,128.90 |
| 21 | $13,078.09 | $11,193.32 | $165,050.81 |
| 22 | $13,953.96 | $10,317.46 | $151,096.86 |
| 23 | $14,888.48 | $9,382.93 | $136,208.38 |
| 24 | $15,885.59 | $8,385.83 | $120,322.79 |
| 25 | $16,949.47 | $7,321.94 | $103,373.32 |
| 26 | $18,084.61 | $6,186.80 | $85,288.71 |
| 27 | $19,295.77 | $4,975.64 | $65,992.94 |
| 28 | $20,588.05 | $3,683.37 | $45,404.89 |
| 29 | $21,966.86 | $2,304.55 | $23,438.03 |
| 30 | $23,438.03 | $833.39 | $0.00 |
About this calculator
This calculator estimates your total monthly mortgage payment (PITI): principal, interest, property tax, and home insurance, plus PMI if your down payment is under 20%, and any HOA fees. Enter your home price, down payment, loan term, and interest rate to see a full month-by-month amortization schedule showing exactly how much of each payment goes to principal versus interest, and how your remaining balance decreases over the life of the loan.
Lenders quote a principal-and-interest payment, but that's rarely what actually leaves your account each month. Property tax and homeowners insurance are usually collected monthly into an escrow account, and together they can add several hundred dollars to the payment in high-tax areas. PMI and HOA dues add more. Seeing the full number up front is the most useful thing a mortgage calculator can do, because it's the number your budget has to absorb.
The defaults are a starting point, not a quote: property tax rates vary enormously between states and even neighboring towns, and insurance depends on location, coverage, and the home itself. For a real estimate, use the tax rate from the county listing for a specific home and an insurance quote. If you're still working out what price range makes sense, the affordability calculator works backward from your income instead.
Frequently asked questions
- What is PITI?
- PITI stands for Principal, Interest, Taxes, and Insurance: the four components that typically make up a full monthly mortgage payment. This calculator breaks out all four, plus PMI and HOA fees when applicable, so you can see your true total monthly cost.
- What is a millage rate, and how is assessed value calculated?
- A mill is $1 of tax per $1,000 of assessed value, so a millage rate of 33.6 means $33.60 in tax per $1,000 assessed. Enter it directly in the calculator's "Mills" mode along with your assessed value. Assessed value is set by your local assessor and is often not the same as market value: many states and counties apply an assessment ratio (a fixed fraction, sometimes 100% of market value, sometimes a lower percentage set by local law) to arrive at the taxable assessed value, and some also apply exemptions (homestead, senior, veteran, etc.) that reduce it further. Reassessment timing also varies; some jurisdictions reassess annually, others only when a property sells. None of this is standardized nationally, so the exact ratio and millage for your property are set locally. Check your property tax bill or county/township assessor's website for the actual figures, then enter them here.
- When does PMI go away?
- Private mortgage insurance (PMI) is generally required when your down payment is less than 20% of the home price. It typically drops off once your loan balance falls to 80% of the original home value; this calculator estimates that point automatically based on your amortization schedule.
- How is my monthly principal and interest payment calculated?
- It uses the standard fixed-rate amortization formula based on your loan amount, interest rate, and loan term. Every payment is the same amount, but the split between principal and interest shifts over time: early payments are mostly interest, later payments are mostly principal.
- What if I make extra payments?
- Enter an optional extra monthly payment amount and the calculator will apply it directly to your principal balance, showing you how much faster you'd pay off the loan and how much interest you'd save.