How to use the us mortgage payment calculator
- Enter the home price and your down payment, either in dollars or as a percentage. The loan amount updates automatically.
- Enter the interest rate from your lender quote and choose the loan term.
- Add your own estimates for annual property tax and homeowners insurance. Check your county assessor and insurance quotes for real figures.
- If your down payment is under 20%, enter the PMI rate from your lender. Add HOA dues if the property has them.
- Optionally add an extra monthly, yearly or one-time payment to see how much interest and time you could save.
- Review the payment breakdown, charts and amortization schedule, then download the schedule as CSV or print the page.
Worked example
$400,000 home, 20% down, 6.5% for 30 years
Loan amount: $320,000. Monthly principal and interest: $2,022.62. With $4,800 per year property tax ($400/month) and $1,800 per year insurance ($150/month), the estimated total housing payment is $2,572.62. Total scheduled interest over 30 years is about $408,000. Adding $200 per month in extra principal pays the loan off years earlier and saves a large share of that interest. Enter the numbers above to see the exact figures.
How it works
Principal and interest use the standard fixed-rate amortization formula M = P × r / (1 − (1 + r)−n), where P is the loan amount, r the annual rate ÷ 12 and n the number of monthly payments. Each month, interest is the remaining balance × r (rounded to the cent) and the rest of the payment reduces principal. Extra payments go straight to principal in the month they are paid. The final payment absorbs any rounding difference.
Assumptions
- Fixed interest rate for the whole term (not an adjustable-rate mortgage).
- Property tax, insurance, PMI rate and HOA dues are your own estimates. They are shown separately from principal and interest and are held constant.
- PMI is calculated as an annual percentage of the original loan amount. When "remove PMI at 78%" is on, it stops once the scheduled balance reaches 78% of the original home price, the point at which the federal Homeowners Protection Act generally requires automatic cancellation for conventional loans in good standing. FHA mortgage insurance follows different rules.
- Closing costs, points and escrow cushions are not included.
Frequently asked questions
What is included in PITI?
PITI stands for principal, interest, taxes and insurance. This calculator also lets you add PMI and HOA dues, and it always shows principal and interest separately so you can compare lender quotes.
Does this calculator use current mortgage rates?
No. It does not fetch or assume any market rate. Enter the rate from your own lender quote or loan estimate.
How much do extra payments save?
It depends on the rate, balance and timing. Enter an extra monthly, annual or one-time amount and the calculator shows the interest saved and how many months earlier the loan would be repaid, compared with the regular schedule.
When does PMI stop?
For conventional loans, you can usually ask to cancel PMI when your balance reaches 80% of the original value, and it must end automatically at 78% if you are current on payments. Lender and loan-type rules vary, so confirm with your servicer.
Is my data saved?
No. The calculation runs in your browser. If you use the Share button, your inputs are placed in the link fragment (after #), which is not sent to our server.
Limitations
- Estimates only. Your lender’s Loan Estimate is the authoritative source for your payment.
- Does not model adjustable rates, interest-only periods, balloon payments or escrow account shortages.
- Property tax and insurance usually change over time. The schedule holds them constant.