Mortgage Calculator

The mortgage calculator projects a monthly mortgage payment from principal and interest, property taxes, home insurance, HOA dues, and private mortgage insurance (PMI) when it applies. Comparing 15-year and 30-year terms, or testing different down payments, against a full amortization schedule shows how a payment splits and how the loan balance falls over time.

Home price, down payment, interest rate, and loan term together determine the monthly payment; property tax, insurance, and HOA dues then layer location and policy costs on top of principal and interest. The amortization schedule can be read monthly or yearly, tracking how much of each payment goes to principal versus interest, and comparing loan types side by side shows the tradeoff between total interest paid and time to payoff. Saved settings make it possible to return to a scenario without re-entering every figure.

An affordable home price follows from testing different down payment amounts and rates against a target monthly payment. PMI affects the payment whenever the down payment falls below 20 percent of the home price. A 15-year mortgage usually reduces total interest while increasing the monthly payment compared with a 30-year term at the same rate, and even a small rate change compounds into a measurable difference in total interest over the life of the loan. Realistic annual estimates for taxes and insurance, converted to monthly amounts, keep the payment estimate complete.

• Mortgage Value is the target purchase price or offer the loan is based on.
• Down Payment, in dollars or percent, is the lever that avoids PMI once it reaches 20 percent of the home price.
• Type of Mortgage compares 15-year, 30-year, or 5/1 ARM assumptions against each other.
• Interest Rate reflects current market rates or a specific pre-approval offer.
• Property Tax, Home Insurance, HOA Dues, and Other Costs complete the monthly estimate beyond principal and interest.

The Monthly Payment Breakdown shows each cost component and the total. The Amortization Schedule shows how interest declines and principal increases as the loan is paid down. PMI appears in the breakdown when the down payment is under 20 percent and disappears once equity reaches the required threshold. Charts visualize payment composition and the changing split between principal and interest over the loan term.

A $400,000 home with a 10 percent down payment on a 30-year fixed rate shows how PMI affects both the monthly payment and total lifetime cost. Raising the down payment to 20 percent removes PMI and lowers the payment further. Switching to a 15-year term compares a higher monthly payment against significantly lower total interest over the loan. A 0.5 percentage point change in the interest rate shows how much the monthly payment and total interest shift for a small rate difference. Adding HOA dues or updating home insurance reflects the cost structure of a specific neighborhood or policy.

• Local property tax rates change by jurisdiction and are worth confirming for the annual amount used.
• Mortgage interest rates vary by lender, so checking more than one quote or a trusted aggregator gives a realistic current rate.
• Homeowners insurance estimates are worth verifying against a provider or an online quote rather than a generic assumption.
• HOA dues and any mandatory community fees belong in the estimate to avoid a surprise at closing.

What is PMI and when does it apply? PMI is a lender protection fee that usually applies when the down payment is under 20 percent. The calculator shows PMI as a monthly cost when required.

How do taxes and insurance affect my payment? Property taxes and homeowners insurance are divided into monthly amounts and added to principal and interest to show a complete payment estimate.

How accurate are the results? Results reflect the entered inputs and standard mortgage formulas. Actual payments can differ based on lender fees, escrow practices, rate changes, and closing details.

Can I compare 15-year and 30-year loans? Yes. Comparing loan types shows monthly payments, total interest, and time to payoff side by side. A shorter term usually saves interest but increases the monthly payment.

This tool is intended for informational and educational purposes only. It does not provide financial, investment, or tax advice. The amounts and payments shown are estimates and may not reflect actual figures. Results are not guaranteed and may vary based on individual circumstances. Always consult a qualified financial advisor before making any financial decisions.