Mortgage Calculator
Estimate your full monthly payment — principal, interest, taxes, insurance, PMI, and HOA. Built for US fixed-rate mortgages (15, 20, and 30-year terms).
How this mortgage calculator works
This calculator computes your monthly mortgage payment using the standard amortization formula: PMT = P × r × (1+r)^n / ((1+r)^n − 1) where P is your loan amount, r is your monthly interest rate, and n is your total number of monthly payments. Your full PITI (principal, interest, taxes, insurance) also includes monthly property tax and homeowners insurance — typically held in escrow by your lender.
PMI (Private Mortgage Insurance) is automatically calculated when your loan-to-value ratio exceeds 80%. Under the Homeowners Protection Act of 1998, lenders must auto-terminate PMI once your LTV reaches 78% based on your original amortization schedule. You can also request PMI removal at 80% LTV if you've made all payments on time.
For FHA loans (3.5% minimum down with annual MIP), use our FHA Loan Calculator. For VA loans (0% down with funding fee), see the VA Loan Calculator. To see how extra payments accelerate payoff, check the Mortgage Payoff Calculator.