Mortgage Calculator

Estimate your full monthly payment - principal, interest, property tax, insurance, PMI and HOA - and see exactly how much interest you pay over the life of the loan.

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yr
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$
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$
Estimated monthly payment
$0
Principal & interest Tax Insurance PMI
Principal & interest$0
Property tax$0
Home insurance$0
PMI$0
HOA$0
Down payment$0
Loan amount$0
Total interest paid$0
Total of payments$0

Amortisation schedule

YearPrincipal paidInterest paidBalance

How the payment is calculated

Your principal and interest payment comes from the standard amortising-loan formula. Every lender uses the same one, so the figure above should match a lender quote for the same inputs:

M = P × [ r(1 + r)n ] / [ (1 + r)n − 1 ]

M = monthly principal & interest
P = principal (home price − down payment)
r = monthly rate (APR ÷ 12 ÷ 100)
n = total payments (years × 12)

The remaining pieces are added on top to reach the figure most people actually care about, the full monthly housing cost sometimes called PITI:

Interest is charged on the balance remaining at the start of each month. Early on, most of your payment goes to interest and very little to principal - which is why the balance in the table above falls so slowly in the first years and then accelerates. The schedule recalculates the split every single month rather than estimating it.

Worth knowing: this is an estimate for planning, not a loan offer. Lenders may also charge origination fees, points, escrow set-up and closing costs, none of which appear in a monthly payment figure. Your actual rate depends on credit score, loan type and the lender.

Common questions

How much house can I afford?
A widely used guideline is that total housing costs stay at or below 28% of gross monthly income, and all debt payments below 36%. On a $6,000 monthly income that is roughly $1,680 of housing. Enter different home prices above until the monthly figure fits your budget.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has a higher monthly payment but dramatically less total interest, because you are borrowing for half the time and usually at a lower rate. Set the term field to 15 and compare the "total interest paid" line - the difference is often six figures.
When does PMI go away?
PMI is generally required until you hold 20% equity. Under US federal rules it must be cancelled automatically at 78% loan-to-value on the original schedule, and you can usually request cancellation at 80%. Rules differ for FHA loans, where the premium may last the life of the loan.
Does a bigger down payment save money?
Yes, in three ways at once: you borrow less, you pay interest on a smaller balance for the whole term, and at 20% you stop paying PMI entirely. Try changing the down payment from 10% to 20% and watch the total interest line.
What is not included in this estimate?
Closing costs, origination fees, discount points, escrow deposits, utilities and maintenance. Budget for maintenance separately - a common rule of thumb is around 1% of the home's value each year.
Is my data sent anywhere?
No. Every calculation runs in your browser. Nothing you type is transmitted to us or to anyone else, and nothing is stored.

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