Mortgage Calculator
Full monthly payment, PMI & taxes, extra-payment savings, and refinance comparison
Quick answer
Mortgage Calculator
L = loan amount (home price − down payment), r = monthly interest rate, n = number of months. Your total monthly payment also adds property tax, insurance, PMI, and HOA.
Formula
Monthly P&I = [L × r × (1 + r)^n] / [(1 + r)^n − 1]
🏠 Home & Loan
💵 Monthly Payment
📉 Loan Balance Over Time
How your mortgage payment is built
Your monthly mortgage payment is more than principal and interest. Lenders bundle in property tax, homeowner's insurance, and — if your down payment is under 20% — private mortgage insurance (PMI), often called the "PITI + PMI" payment. HOA dues, where they apply, are paid on top. This calculator shows each component so you can see where every $ goes and how a larger down payment (removing PMI) or extra principal payments change the picture.
Should you refinance?
Refinancing replaces your current loan with a new one at a different rate or term. It usually makes sense when the monthly saving pays back the closing costs well before you plan to sell or move — the "break-even" figure above. Use the refinance comparison to test a new rate against your current loan.
🏠Formula
Monthly P&I = [L × r × (1 + r)^n] / [(1 + r)^n − 1]💡How it works
L = loan amount (home price − down payment), r = monthly interest rate, n = number of months. Your total monthly payment also adds property tax, insurance, PMI, and HOA.
ℹ️ What is Mortgage Calculator?
A mortgage calculator estimates your monthly home loan payment including principal and interest. It helps you compare loan options, understand your total cost of homeownership, and determine how much house you can afford.
📐 Formula
✏️ Worked Example
- 1Principal P = $400,000 − $80,000 = $320,000
- 2Monthly rate r = 7 / 12 / 100 = 0.005833
- 3n = 30 × 12 = 360 payments
- 4M = $320,000 × [0.005833 × (1.005833)³⁶⁰] / [(1.005833)³⁶⁰ − 1]
- 5M ≈ $2,129 / month
- 6Total paid = $2,129 × 360 = $766,440 | Total interest = $446,440
💡 How to Interpret Results
- ▸The 28% rule: your mortgage payment should not exceed 28% of your gross monthly income.
- ▸The 36% rule: total debt payments (mortgage + all loans) should stay under 36% of income.
- ▸A 30-year mortgage has lower monthly payments but far higher total interest than a 15-year term.
- ▸Adding $100–$200 extra per month to principal can cut 4–7 years off a 30-year mortgage.
- ▸PMI (Private Mortgage Insurance) is required if your down payment is under 20% — it adds $50–$250/month.
❓ Frequently Asked Questions
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Continue the calculation
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Get answers to common questions about mortgage calculator