Mortgage Calculator
United States – Home loans
Monthly mortgage payment calculator
Estimate your complete monthly payment — principal, interest, property tax, insurance, PMI, and HOA — and see how much interest you pay over the life of the loan.
Enter mortgage details
Monthly payment
$2,572.62
Principal, interest, taxes & insurance
Loan amount
$320,000
20.0% down payment
Total interest paid
$408,142
Over 30 years
Monthly payment breakdown
| Principal & interest | $2,022.62 |
| Property tax | $400.00 |
| Home insurance | $150.00 |
| Total monthly payment | $2,572.62 |
What this means
On a $400,000 home with $80,000 down, your estimated all-in monthly payment is $2,572.62. Over the 30-year term you would pay about $408,142 in interest, for a total of $728,142 in principal and interest.
- A larger down payment lowers your loan amount and can remove PMI entirely at 20% down.
- A 15-year term raises the monthly payment but cuts total interest dramatically versus 30 years.
- Property tax and insurance are estimates — check local rates, as they vary widely by state and county.
How your monthly mortgage payment is built
Lenders refer to the full monthly payment as PITI: Principal, Interest, Taxes, and Insurance. Principal and interest pay down the loan itself; property taxes and homeowner’s insurance are usually collected monthly and held in an escrow account, then paid on your behalf when they come due. If your down payment is under 20%, private mortgage insurance (PMI) is added, and if the home is in a managed community, HOA dues are added too. This calculator brings all of those together so the number matches what actually leaves your account each month.
How the down payment changes everything
Your down payment does three things at once: it lowers the loan amount, it lowers the monthly principal and interest, and — once it reaches 20% of the home price — it removes PMI. That’s why 20% down is such a common target. Putting down less isn’t wrong; conventional loans allow 3–5% down, which helps buyers get in sooner. But the trade-off is a higher payment and PMI until you build 20% equity. Try different down payment amounts above to see the monthly difference.
30-year vs 15-year: the interest trade-off
The loan term is the biggest lever on total interest. A 30-year mortgage keeps the monthly payment low and affordable, but you pay interest for three decades. A 15-year mortgage roughly doubles the principal portion of each payment, so the monthly cost is higher — but the interest rate is usually lower and you pay a fraction of the total interest. On a $320,000 loan, the difference in lifetime interest between the two terms is often well over $100,000. Enter 30 and then 15 in the term field to see it for your numbers.
Example
On a $400,000 home with $80,000 (20%) down, a 30-year loan at 6.5% gives roughly a $2,022 principal-and-interest payment. Adding $400/month in property tax and $150/month in insurance brings the all-in payment to about $2,572, with no PMI because the down payment hit 20%. Lower the down payment to 10% and PMI is added while the loan — and payment — rise. Adjust the inputs above to model your own scenario.
Limitations & disclaimer
Results are estimates using a fixed interest rate and standard amortization. Actual offers depend on your credit, lender fees, points, adjustable-rate terms, and local tax and insurance rates, which vary widely by state and county. This tool does not include closing costs and is not a loan offer or financial advice — confirm final figures with a licensed lender.
FAQs
What does a mortgage calculator include?
This calculator estimates your full monthly payment — often called PITI: Principal and Interest on the loan, plus property Taxes and homeowner’s Insurance. It also adds PMI (if your down payment is under 20%) and any monthly HOA dues, so the number reflects what you would actually pay each month.
How much should my down payment be?
20% of the home price is the threshold that lets you avoid private mortgage insurance (PMI). Many buyers put down less — conventional loans can go as low as 3–5% — but a smaller down payment means a larger loan, a higher monthly payment, and added PMI until you reach 20% equity.
What is PMI and when does it stop?
Private mortgage insurance protects the lender when your down payment is below 20%. It typically costs 0.3–1.5% of the loan amount per year. Once your equity reaches 20% (through payments or appreciation) you can usually request cancellation, and lenders must automatically remove it at 22% equity on most loans.
Is a 15-year or 30-year mortgage better?
A 30-year loan has a lower monthly payment but you pay far more total interest. A 15-year loan has a higher monthly payment but a lower rate and dramatically less interest over the life of the loan. Enter both terms above to compare the monthly payment against the total interest and decide what fits your budget.
What formula does this calculator use?
Principal and interest use the standard amortization formula: M = P × r × (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. Taxes, insurance, PMI, and HOA are added on top to give the full monthly payment.