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Mortgage Calculator
How much is the monthly payment on a home? Put in the price, your down payment and the rate, and this mortgage calculator works out principal and interest, property taxes, homeowners insurance, HOA dues and PMI — the full monthly payment, not just the loan part.
How to use this calculator
- Enter the home price and your down payment.
- Enter the interest rate and the loan term (30, 20 or 15 years).
- Add property taxes and homeowners insurance per year, and any HOA dues per month.
- The mortgage calculator shows principal and interest, taxes, insurance, HOA and PMI, and the total monthly payment.
Formula and method
Monthly payment M = P × r × (1+r)n / ((1+r)n − 1), where P is the loan amount (home price minus down payment), r is the monthly rate (annual rate / 12) and n is the number of monthly payments (years × 12). Property taxes and insurance are split into 12 monthly parts and added on top. PMI is charged at the rate you enter, but only when the down payment is under 20% of the price — that is, when the loan-to-value is over 80%.
Worked example
$400,000 home, $80,000 down (20%), $320,000 loan, 6.5% example rate, 30 years, $4,800 a year of property taxes, $1,800 a year of insurance, no HOA: principal and interest $2,022.62 + taxes $400.00 + insurance $150.00 + HOA $0.00 + PMI $0.00 = $2,572.62 a month. Total interest over the 30 years is $408,142.36.
With only 10% down ($40,000) the loan is $360,000: principal and interest $2,275.44 + taxes $400.00 + insurance $150.00 + PMI $150.00 = $2,975.44 a month. The smaller down payment costs $402.82 more every month — $252.82 of it is the bigger loan, and $150.00 is PMI.
Frequently asked questions
How much is a mortgage on a $400,000 house?
It depends on the down payment and the rate. At a 6.5% example rate over 30 years, a $400,000 home with 20% down costs $2,572.62 a month including taxes and insurance, and with 10% down it costs $2,975.44 a month including $150.00 of PMI. Change the rate above to the one a lender quotes you — 6.5% here is an example, not a live market rate.
What is PITI in a mortgage payment?
PITI is principal, interest, taxes and insurance — the four parts of most monthly mortgage payments. This calculator shows each part separately, plus HOA dues and PMI when they apply.
Does a bigger down payment lower my monthly payment?
Yes, twice over: the loan is smaller, so principal and interest fall, and at 20% down PMI drops away altogether. On the $400,000 example above, going from 10% down to 20% down cuts the monthly payment from $2,975.44 to $2,572.62.
How much house can I afford on $80,000 a year?
On $80,000 a year with $400 a month of other debts and $40,000 down, the worked example on our home affordability calculator comes to a $259,492.69 home. Run your own numbers on that page — income, debts and down payment all change the answer.
Is this mortgage calculator exact?
No — it is an estimate. It uses the standard amortization formula and the numbers you type in. A lender's quote will differ because the real rate, fees, taxes and insurance depend on your credit, the home and the lender.
Sources and method. Standard amortization formula: monthly rate r = annual rate / 12, n = years × 12, payment M = P × r × (1+r)n / ((1+r)n − 1). PMI usually ends when the loan balance reaches 80% of the home value (Consumer Financial Protection Bureau guidance). Affordability uses the 28/36 rule of thumb used by many lenders. Rates in examples are examples only, not live market rates. Results are estimates, not financial advice.
Estimate, not financial advice. This calculator uses the standard amortization formula and the numbers you type in. It is not a loan offer and not financial advice. A lender will check your credit, income and debts and quote its own rate and fees before you borrow.