Enter your home price, down payment, interest rate, and loan term to calculate your monthly mortgage payment. The Mortgage Calculator breaks down your payment into principal, interest, taxes, insurance, and HOA — and generates a full amortization schedule so you can see exactly how your loan gets paid off over time.
Total Monthly Payment
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Principal & Interest
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Loan Amount
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Total Interest Paid
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Total of All Payments
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Down Payment %
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Loan Payoff Year
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The principal and interest portion uses 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 total number of payments. Property tax, home insurance, PMI, and HOA are then added to get the total monthly payment.
PMI stands for Private Mortgage Insurance. Lenders typically require it when your down payment is less than 20% of the home's purchase price. It protects the lender if you default on the loan. Once you reach 20% equity in your home, you can usually request to have PMI removed.
A 30-year mortgage has lower monthly payments but you pay significantly more interest over the life of the loan. A 15-year mortgage has higher monthly payments but you build equity faster and pay far less total interest. Many borrowers choose based on what monthly payment fits their budget.
Conventional loans often require at least 5–20% down, though 20% avoids PMI. FHA loans allow as little as 3.5% down for qualifying borrowers, and VA loans for veterans may allow 0% down. A larger down payment reduces your loan amount, monthly payment, and total interest paid.
An amortization schedule is a complete table of all your mortgage payments over time. It shows how much of each payment goes toward interest versus principal, and your remaining loan balance after each payment. Early payments are mostly interest; later payments are mostly principal.
This depends on your financial situation, how long you plan to stay, and local market conditions. Buying builds equity and can provide stability, but it comes with upfront costs (down payment, closing costs) and ongoing expenses (maintenance, taxes, insurance). Renting offers flexibility with lower upfront costs but no equity accumulation.
A full mortgage payment (often called PITI) can include Principal, Interest, property Taxes, and homeowners Insurance. If your down payment was under 20%, PMI is typically added as well. HOA fees may apply if you're buying in a managed community. This calculator accounts for all of these.
Yes — making extra principal payments reduces your loan balance faster and saves you significant interest over time. Some mortgages have prepayment penalties, so check your loan terms. Even one extra payment per year can shave years off a 30-year mortgage.