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Mortgage Calculator

Estimate your monthly mortgage payment with taxes, insurance, and HOA fees included. Adjust the down payment and loan term to compare scenarios before you decide.

Understanding the Mortgage Calculator

This mortgage calculator estimates the monthly cost of a home loan using the PITI model: Principal, Interest, Taxes, and Insurance. Enter the home price, down payment, loan term, and interest rate, plus annual property tax, homeowners insurance, and any HOA dues or PMI, to see your full monthly housing payment and total interest over the life of the loan. It helps buyers and refinancers budget realistically. Calculations run locally in your browser for privacy.

How it works

The principal and interest portion uses the standard fixed-rate amortization formula on the loan amount (home price minus down payment). The tool converts the annual rate to a monthly rate and the term to months, then computes a level payment. Property tax and homeowners insurance are entered annually and divided by 12, then added to the payment, along with monthly HOA and PMI if applicable. The result is your true PITI. An amortization view shows how the interest share falls and the principal share rises each month. Total interest is the sum of all interest payments across the term.

Monthly P&I = L x r x (1+r)^n / ((1+r)^n - 1); PITI = P&I + (annual tax + annual insurance)/12 + HOA + PMI

Worked example

A 300,000 home with 20% down means a 240,000 loan. At 6.5% for 30 years, monthly rate r = 0.065/12 = 0.005417 and n = 360. P&I = about 1,517. Add property tax of 3,600/year (300/mo) and insurance of 1,200/year (100/mo): PITI is roughly 1,917 per month. Over 30 years you pay about 546,000 in P&I, of which around 306,000 is interest. A larger down payment or shorter term lowers that interest sharply.

Tips & common mistakes

  • Putting less than 20% down usually triggers PMI; include it for an honest monthly figure.
  • Property tax and insurance rise over time, so treat the monthly figure as a starting estimate.
  • Compare the APR, not just the note rate, to account for lender fees and points.
  • A 15-year term has higher payments but can cut total interest by more than half.
  • This estimate excludes closing costs, maintenance, and utilities; budget for those separately.

Sources & methodology

  • • Consumer Financial Protection Bureau — Understand your mortgage and PITI (https://www.consumerfinance.gov/owning-a-home)
  • • Freddie Mac — Mortgage payment basics (https://myhome.freddiemac.com)

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EMI CalculatorCalculate monthly EMI for home, car, or personal loans with a full amortization schedule.House Affordability CalculatorFind out how much house you can afford from your income using the 28/36 rule.Credit Card Payoff CalculatorSee how long to clear a card balance and how much interest you save by paying more.Compound Interest CalculatorSee how your money grows with daily, monthly, or annual compounding.

Reviewed by the TopOpenTools editorial team · Last updated June 2026. These tools provide general estimates for educational purposes only and are not financial, tax, insurance, investment, or medical advice. Verify important decisions with a qualified professional.

How to Use the Mortgage Calculator

  1. 1Enter the home price and your planned down payment (percentage or dollar amount).
  2. 2Select your loan term (15 or 30 years is most common) and enter the interest rate.
  3. 3Optionally add property tax (annual) and home insurance (annual) for a complete PITI estimate.
  4. 4Click Calculate Mortgage to see your monthly payment breakdown.

Frequently Asked Questions

What does PITI mean?

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full monthly mortgage payment. Our calculator includes all four.

What is a good interest rate for a mortgage?

A "good" rate depends on the market, your credit score, loan term, and down payment. As a benchmark, check current average rates from the Freddie Mac Primary Mortgage Market Survey each week.

How does the down payment affect my payment?

A larger down payment lowers your loan amount, reducing both your monthly payment and the total interest paid over the life of the loan. A 20% down payment also lets you avoid private mortgage insurance (PMI).

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but builds equity faster and costs much less in total interest. A 30-year mortgage has lower payments, giving you more monthly cash flow. Use this calculator to compare both.

Does this calculator include PMI?

Not directly. If your down payment is less than 20%, add your estimated PMI cost (typically 0.5%–1.5% of the loan per year) to the insurance field to get a more accurate monthly figure.