Mortgage Payment Calculator
Enter price, down payment, rate and term to see the monthly principal and interest, then add tax, insurance, PMI and maintenance for the true monthly cost (PITI).
These are estimates using standard formulas (loan amortization and the common 28%/36% guideline). They are not financial or real-estate advice — confirm any number with a lender or broker.
How the numbers are calculated
The monthly principal and interest payment comes from a standard loan-amortization formula: each payment covers the interest due plus a slice of the balance, so the loan balance falls over time. Add property tax, insurance, maintenance, and PMI to get the true monthly cost.
General housing facts
Home prices and property-tax rates vary a lot by location. The mortgage payment is mostly principal and interest, but taxes, insurance, maintenance and PMI often add 20–40% on top. Local prices and taxes change year to year, so always get a formal quote from a lender and check current listings.
Worked examples
Example: 30-year vs 15-year on $400,000
At 6.8% on $400,000 with 20% down, the 30-year loan pays about $2,086 a month in principal and interest and about $431,000 in total interest over its life. Switch the term to 15 years and the payment rises to about $2,841 a month, but total interest falls to about $191,000 — roughly $240,000 saved, at the cost of a higher monthly bill.
Example: adding tax, insurance and PMI
Same 30-year loan, but drop the down payment to 10% so the loan is $360,000 instead of $320,000. The monthly principal and interest rises to about $2,347, and with a 1.2% property-tax rate ($400 a month), $120 insurance, $150 maintenance and $90 PMI, the true monthly cost becomes about $3,107 instead of $2,086. The tax-and-insurance toggle is why the headline rate never tells the whole story.
Why the term changes total interest so much
On a 30-year loan you pay interest on almost the full balance for decades, so total interest piles up. A 15-year loan front-loads payoff, so far less interest accrues, but the monthly bill is higher. Use the 30 / 15 buttons to see both side by side on your own price.
PMI and when it applies
Private mortgage insurance protects the lender when your down payment is below 20%. It is not forever: once you reach 20% equity, most loans let you drop it. Enter your expected PMI above so the monthly figure reflects reality rather than the best-case 20%-down number.
When this calculator does not apply
This tool prices a fixed-rate loan. It does not model adjustable-rate mortgages (where the rate resets), interest-only periods, or builder incentives. For those, get a formal quote from a lender.
Data sources & last update
Tax rates and home prices are typical published values (Tax Foundation, FHFA, state revenue departments, Insurance Information Institute) and are examples updated for 2026. They are not a quote — confirm current figures with a lender or local assessor before acting. HomeMath runs entirely in your browser; nothing you type is uploaded.
Frequently asked questions
What is a mortgage calculator with PMI?
PMI (private mortgage insurance) applies when your down payment is under 20%. This calculator has a PMI field so the monthly total reflects the real cost of a smaller down payment, not just the loan payment.
Does it include tax and insurance?
Yes. Enter the property-tax rate, home insurance and maintenance and the result becomes the full PITI + upkeep monthly cost, which is what actually leaves your bank account.
Is a 15-year or 30-year mortgage better?
A 30-year loan has a lower monthly payment but much more total interest. A 15-year loan costs less overall but needs a higher payment. The term buttons show both on your price so you can pick what your budget allows.