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Mortgage Calculator

Full PITI + amortization + PMI cancellation date.

PrivateFreeSourcedReviewed

Total monthly payment (PITI + HOA)

$2,510

/mo
$400,000 home · 20% down · 6.360% for 30 years
Principal + interest
$1,993

per month

Tax, insurance, HOA
$517

per month

Interest over 30y
$397,568

124% of the loan

$1,993 of that goes to the loan itself; the other $517 is tax, insurance and HOA. Over 30 years you'd pay $397,568 in interest — 124% on top of the $320,000 you borrow.

Try a what-if

Where your payments go, year by yearCumulative principal repaid vs interest paid over the 30-year loan.
2y4y6y8y10y12y14y16y18y20y22y24y26y28y30y$0$200K$400K$600K$800K
  • Principal
  • Interest

Payment breakdown

Principal + interest
$1,993/mo
Property tax
$367/mo
Insurance
$150/mo
HOA
$0/mo
Loan amount (after $80,000 down)
$320,000
PMI can be cancelled at (20% equity; auto-ends at 78% LTV)
Already there

Your numbers

$400,000

20% down ($80,000)

6.360% APR

Default 6.36%Freddie Mac PMMS — 30-Year Fixed Rate Mortgage Averageas of May 2026

30-year fixed

Taxes, insurance & HOA1.10% tax · $1,800/yr ins. · $0/mo HOA

1.10% / year

$1,800

$0

Costs this calculator does NOT include: PMI (added if down payment is under 20% — typically 0.5%-1.5% of loan amount annually), maintenance (1-2% of home value annually is realistic), closing costs (2-5% of home price, paid once at signing), and utility differences vs renting. Budget for these separately.

Next steps

The Mortgage Payment Calculator returns the full PITI (Principal, Interest, Property Tax, Insurance) plus HOA — the actual monthly check a homeowner writes — not the slimmer P+I number most calculators highlight. Includes an amortization chart so you can see when interest stops dominating principal, and surfaces the exact month your loan crosses 20% equity (the PMI cancellation milestone on conventional mortgages).

How this calculator works

  1. Enter the home price and your down payment percentage. 20% is the standard threshold that avoids PMI on conventional loans.
  2. Set the interest rate. Current 30-year fixed averages are tracked in the calculator default (Freddie Mac PMMS); always get quotes from at least 2 lenders for an actual purchase.
  3. Choose the loan term. 30-year is the US default; 15-year cuts total interest roughly in half but raises the monthly payment by ~50%.
  4. Enter your local property tax rate. The national average is 1.1%, but Texas runs ~1.6%, Illinois ~2.0%, California ~0.7%.
  5. Add annual homeowners insurance ($1,500–$2,500 typical) and monthly HOA if applicable.
  6. Read the all-in monthly payment + amortization chart. Budget separately for maintenance (1–2% of home value/year) and closing costs (2–5% one-time).

M = P × [ r (1 + r)ⁿ ] / [ (1 + r)ⁿ − 1 ] + monthly tax + insurance + HOA

Standard fixed-rate amortization formula. The monthly principal-and-interest payment derives from the loan amount, the monthly rate, and the number of payments. We add property tax, insurance, and HOA to land at the all-in monthly cost — what you actually write a check for.

M
Monthly principal + interest payment
P
Loan amount (home price − down payment)
r
Monthly interest rate (APR ÷ 12)
n
Total number of payments (term in years × 12)

Frequently asked questions

What is PITI?

Principal, Interest, (property) Tax, Insurance — the four components of a typical mortgage payment when you escrow tax + insurance with the lender. Does not include HOA, PMI, or maintenance.

When can I cancel PMI?

On conventional loans, automatically at 78% of original home value (22% equity built up). You can request cancellation at 80% (20% equity). FHA loans require refinancing to drop the mortgage insurance.

Is 15-year better than 30-year?

15-year cuts total interest roughly in half but raises the monthly payment by ~50%. A common middle-ground: take the 30-year for flexibility and pay extra principal voluntarily when you can.

Sources used in this calculator

Reviewed by the Money Scale editorial team. How we source our data

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