Advertisement

Mortgage Calculator

See your full monthly housing payment, not just principal and interest.

$
%
%
30-yr fixed average
%/yr
US median about 1%
$
per year
$
per month
%/yr
Applies under 20% down
Estimated monthly payment-
Principal & interest
-
Property tax
-
Home insurance
-
PMI
-
HOA
-
Loan amount
-
Total interest paid
-
Payoff date
-

Advertisement

Amortization schedule

YearPrincipalInterestBalance

How your mortgage payment is calculated

Principal and interest use the standard amortization formula: M = P × r / (1 − (1 + r)−n), where P is the loan amount, r is the monthly rate and n is the number of payments. Property tax, insurance and HOA dues are added on top because most lenders collect them through escrow.

When do you pay PMI?

Conventional loans usually require private mortgage insurance when you put down less than 20%. PMI typically costs 0.3% to 1.5% of the loan per year and is removed once you reach 20% equity. This calculator drops PMI automatically when the balance falls below 80% of the home price.