US Mortgage Calculator
Calculate your monthly mortgage payment with PITI — principal, interest, property taxes, insurance, and optional PMI — for any US home loan.
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How to use this calculator
- 1
Enter the home price and your down payment in dollars. The loan amount is the price minus the down payment.
- 2
Enter the annual interest rate (0 is allowed) and choose a 10, 15, 20 or 30-year fixed term.
- 3
Enter your yearly property tax and homeowner’s insurance in dollars. The tool divides each by 12.
- 4
If the loan is more than 80% of the price, the tool adds mortgage insurance at 1% of the loan per year. It does not remove it later.
Frequently asked questions
What formula does this calculator use?
This tool uses the standard fixed-rate payment formula: monthly rate is the annual rate divided by 12, the number of payments is the term in years times 12, and principal and interest are the loan times r(1+r)^n divided by (1+r)^n minus 1. At a 0% rate it divides the loan by the number of payments. Tax and insurance are added as one-twelfth of the yearly dollars you enter.
How is PMI estimated?
If the loan-to-value ratio is above 80%, the tool charges 1% of the loan amount per year, shown as a monthly figure. At exactly 80% there is no charge. The amount stays flat for the whole result and is not removed when equity builds, so it is a rough illustration. Real policies depend on credit score, loan type and loan-to-value.
What does Total interest over life include?
It is monthly principal and interest times the number of payments, minus the loan amount. It assumes you make only the scheduled payments with no extra principal and no refinancing. Property tax, insurance and PMI are not part of that figure.
What happens if I leave fields blank or enter zero?
A rate of 0, which is also what an emptied box becomes, is treated as an interest-free loan rather than replaced by 7%. A cleared tax or insurance field counts as $0. If the down payment is equal to or more than the price, the loan is $0 and the tool shows a $0 payment instead of a breakdown.
Is the total a full housing cost?
It covers principal, interest, property tax, insurance and flat PMI, which is why it is labelled PITI. HOA dues, utilities, maintenance, mortgage insurance on government-backed loans, closing costs, points and any change in tax or insurance over time are not included.
Which loan types can I model?
Fixed-rate loans with terms of 10, 15, 20 or 30 years. Adjustable-rate, interest-only, balloon and buydown loans are not covered, and there is no amortisation table or extra-payment option. Rate changes can be tested by running different rates.
Does it show current mortgage rates?
No. The 7.0% starting value is only a default in the field and is not a quote or a forecast. Enter the rate on an actual loan estimate from a lender.
US mortgage payment: principal, interest, taxes, insurance and PMI
How the monthly payment is assembled
The tool subtracts your down payment from the price to get the loan, converts the annual rate to a monthly rate and applies the fixed-rate payment formula over the chosen term. That gives principal and interest, which stays the same for the life of the loan. It then adds one-twelfth of your yearly property tax and one-twelfth of your yearly insurance. If the loan is more than 80% of the price, it adds 1% of the loan per year as mortgage insurance. The total is labelled PITI, and the page also shows the loan amount, the down payment as a percentage of price, total interest over the term and the loan-to-value ratio.
Worked examples
The defaults are a $400,000 home with $80,000 down, 7%, a 30-year term, $4,800 of tax and $1,200 of insurance. The loan is $320,000, principal and interest is $2,128.97, tax is $400.00 and insurance is $100.00, so PITI is $2,628.97. The loan-to-value ratio is exactly 80.0% so no mortgage insurance is added, and total interest over the life is $446,428. A $300,000 home with $60,000 down, 6.5%, a 15-year term, $3,000 of tax and $1,500 of insurance comes to $2,465.66 a month and $136,318 of interest. A $250,000 home with $12,500 down at 0% shows PMI of $197.92 and a total of $1,357.64, with no interest.
Term comparison on one loan
The table keeps the default $320,000 loan at 7% with the same tax and insurance and changes only the term. The payment climbs steeply as the term shortens, while total interest falls far faster than the payment rises, because interest is charged on the outstanding balance for fewer months.
| Term | Principal and interest | Total monthly payment | Total interest over life |
|---|---|---|---|
| 10 years | $3,715.47 | $4,215.47 | $125,857 |
| 15 years | $2,876.25 | $3,376.25 | $197,725 |
| 20 years | $2,480.96 | $2,980.96 | $275,430 |
| 30 years | $2,128.97 | $2,628.97 | $446,428 |
How PMI behaves in this tool
The PMI line appears only when the down payment is under 20% of the price. In the $250,000 example with $12,500 down, the loan-to-value ratio is 95.0%, so the tool adds 1% of the $237,500 loan per year, or $197.92 a month. It does not change as the balance falls and it never switches off, so a long-term view will overstate PMI for anyone who reaches 80% equity and has it removed. It also ignores the difference between a lender-paid and borrower-paid policy and any upfront premium.
What the payment does not cover
This is a fixed-rate payment estimate and nothing more. Tax and insurance are treated as constants for the life of the loan even though both usually change. HOA dues, utilities, maintenance, closing costs, points and the cost of moving are outside the result. The interest figure assumes no extra payments, so paying additional principal or refinancing would change it. Check each assumption against an official loan estimate before using any figure in a purchase decision.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →