Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property tax, insurance, and PMI. Get a complete breakdown and amortization schedule.
Purchase price of the home
$0.00 (20.0%)
Annual Percentage Rate (APR)
Mortgage duration
Annual property tax amount
Annual homeowners insurance
Complete Breakdown
See your full monthly payment including principal, interest, taxes, insurance, and PMI.
Flexible Down Payment
Enter down payment as a dollar amount or percentage, automatically calculates PMI if needed.
100% Private
All calculations happen in your browser. Your financial information is never sent to any server.
How It Works
Monthly Payment Components
- Principal & Interest (P&I): The loan repayment calculated using the standard mortgage formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]
- Property Tax: Annual property tax divided by 12 months
- Home Insurance: Annual homeowners insurance premium divided by 12 months
- PMI: Private Mortgage Insurance (0.5% of loan amount annually) if down payment is less than 20%
Example Calculation
$400,000 home with 10% down at 6.5% APR for 30 years:
- • Home Price: $400,000
- • Down Payment: $40,000 (10%)
- • Loan Amount: $360,000
- • P&I Payment: $2,275/month
- • Property Tax: $250/month ($3,000/year)
- • Insurance: $100/month ($1,200/year)
- • PMI: $150/month (10% down requires PMI)
- • Total Monthly Payment: $2,775
What is PMI?
Private Mortgage Insurance (PMI) protects the lender if you default on your loan. It's required when your down payment is less than 20% of the home price.
PMI typically costs 0.5% to 1% of the loan amount annually. You can request to remove PMI once you reach 20% equity through payments or home appreciation.
Frequently Asked Questions
How do you calculate monthly mortgage payments?
Monthly mortgage payment includes Principal & Interest (P&I) using the standard loan formula, plus monthly property tax (annual tax ÷ 12), homeowners insurance (annual insurance ÷ 12), and PMI if your down payment is less than 20%.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) is insurance that protects the lender if you default on the loan. It's typically required when your down payment is less than 20% of the home price. PMI usually costs 0.5% to 1% of the loan amount annually.
How much should I put down on a house?
The conventional recommendation is 20% to avoid PMI, but many loans allow 3% to 10% down. A larger down payment means a smaller loan, less interest paid over time, and no PMI requirement if you put down 20% or more.
What loan term should I choose?
Common mortgage terms are 15, 20, or 30 years. A 30-year mortgage has lower monthly payments but higher total interest. A 15-year mortgage has higher monthly payments but significantly lower total interest paid over the life of the loan.
Is my mortgage information private?
Yes, absolutely! All calculations happen entirely in your browser. Your mortgage and financial information is never sent to any server, ensuring complete privacy and security.
What's included in the monthly payment?
The total monthly payment includes: Principal & Interest (loan repayment), Property Tax (1/12 of annual tax), Home Insurance (1/12 of annual premium), and PMI if applicable (when down payment is less than 20%).