Mortgage Payment Calculator
Calculate your complete monthly payment
Overview
The Mortgage Payment Calculator computes your complete monthly mortgage payment including principal, interest, taxes, insurance, and PMI. It also generates an amortization schedule showing how payments are applied over time.
Best Used For
Inputs
The calculator accepts the following input fields:
| Field | Type | Description | Default |
|---|---|---|---|
| Home Price | currency | Purchase price of the home | $400,000 |
| Down Payment | currency | Amount of your down payment | $80,000 |
| Interest Rate | percentage | Annual mortgage interest rate | 7.0% |
| Loan Term | select | Length of the mortgage (15, 20, or 30 years) | 30 years |
| Property Tax | currency | Annual property tax amount | $4,000 |
| Home Insurance | currency | Annual homeowners insurance | $1,200 |
| HOA Fees | currency | Monthly HOA dues (if applicable) | $0 |
Outputs
The calculator returns the following results:
| Output | Description |
|---|---|
| Total Monthly Payment | Complete monthly housing payment (PITI + HOA) |
| Principal & Interest | Monthly mortgage payment excluding escrow |
| Total Interest | Total interest paid over the loan term |
| Total Cost | Total amount paid over the loan term |
How It Works
Monthly P&I Formula
The principal and interest payment is calculated using the standard amortization formula:
M = L × [r(1+r)^n] / [(1+r)^n − 1]
M = Monthly payment (principal & interest)
L = Loan amount (home price − down payment)
r = Monthly interest rate (annual rate ÷ 12)
n = Number of payments (years × 12)
PMI Rates by Loan Type
Private Mortgage Insurance is required when your down payment is less than 20%:
| Loan Type | Annual PMI Rate | When Required |
|---|---|---|
| Conventional | 0.7% | Down payment < 20% |
| FHA | 0.55% | Down payment < 20% |
| VA | 0% | Never required |
| USDA | 0.35% | Down payment < 20% |
Total Monthly Payment Breakdown
Your total monthly payment (PITI) consists of:
Total = P&I + (Annual Tax ÷ 12) + (Annual Insurance ÷ 12) + PMI + HOA
Example Scenario
A buyer purchasing a $400,000 home with 20% down payment, looking at a 30-year conventional loan.
Inputs
Results
Explanation
With 20% down, no PMI is required. The $2,670 monthly payment includes $2,237 for principal and interest plus $433 for taxes and insurance. Over 30 years, you'll pay $485,320 in interest on the $320,000 loan.
Try the Mortgage Payment Calculator
Calculate your complete monthly payment including taxes, insurance, and PMI.
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