Mortgage Payment Calculator
Free mortgage payment calculator with full PITI (principal, interest, property tax, insurance) plus HOA. Includes amortization chart and PMI cancellation milestone.
Last reviewed: · Reviewed by the Money Scale editorial team · How we source our data
Power mode. Every input exposed, every assumption sourced, charts and shareables.
$400,000
20% down ($80,000)
30-year fixed
1.10% / year
$1,800
$0
Total monthly payment (PITI + HOA)
$2,510/mo
P + I
$1,993
Tax
$367
Insurance
$150
HOA
$0
Loan amount
$320,000
After 20% down ($80,000)
Total interest over 30y
$397,568
124% of the loan
PMI drops off at
Already there
When you reach 20% equity (conventional loans)
- Principal
- Interest
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.
🏠 $2,510/mo
$400,000 home, 20% down, 6.360% rate, 30-year fixed = $2,510/mo all-in.
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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).
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- Sourced defaultsStarting rates and assumptions cite real data, not made-up numbers.
How this calculator works
- Enter the home price and your down payment percentage. 20% is the standard threshold that avoids PMI on conventional loans.
- 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.
- 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%.
- Enter your local property tax rate. The national average is 1.1%, but Texas runs ~1.6%, Illinois ~2.0%, California ~0.7%.
- Add annual homeowners insurance ($1,500–$2,500 typical) and monthly HOA if applicable.
- 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 + HOAStandard 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
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