Use this mortgage payment calculator to estimate your total monthly payment with principal, interest, taxes, insurance, PMI, and HOA dues on any home loan.
Mortgage Payment Formula
The calculator first finds your monthly principal and interest payment using the standard fixed-rate amortization formula:
M = L * r / (1 - (1 + r)^-n) r = i / 1200 n = t * 12
When you turn on taxes and insurance, it adds the monthly escrow-style costs to get the full PITI payment:
Total = M + T / 12 + I / 12 + HOA + L * p / 1200
Variables:
- M is the monthly principal and interest (P&I) payment
- L is the loan amount, equal to the home price minus your down payment
- r is the monthly interest rate and i is the annual rate as a percentage (6.5 means 6.5%)
- n is the number of monthly payments and t is the loan term in years
- T is the annual property tax, entered in dollars or as a percent of the home price
- I is the annual homeowners insurance premium in dollars
- HOA is the monthly homeowners association dues
- p is the annual PMI rate as a percent of the loan, applied only when the down payment is under 20%
Enter the home price, your down payment as a dollar amount or a percent of the price, the interest rate, and the loan term. With taxes and insurance turned off, the calculator returns the principal and interest payment plus the total interest and total cost over the full term.
Turn on “Include taxes & insurance” for a complete monthly housing payment. The calculator converts annual property tax and insurance to monthly amounts, adds HOA dues, and applies PMI automatically only when your down payment is below 20% of the price — the point at which conventional lenders require mortgage insurance. If you put 20% or more down, the PMI rate you enter is simply ignored.
Monthly Principal & Interest per $100,000 Borrowed
This table shows the monthly P&I payment for every $100,000 of loan amount at common rates. To estimate your own payment, multiply the table value by your loan amount divided by 100,000 — a $320,000 loan at 6.5% over 30 years costs about 3.2 * $632.07 = $2,022.62 per month.
| Interest rate | 30-year term | 15-year term |
|---|---|---|
| 5.0% | $536.82 | $790.79 |
| 5.5% | $567.79 | $817.08 |
| 6.0% | $599.55 | $843.86 |
| 6.5% | $632.07 | $871.11 |
| 7.0% | $665.30 | $898.83 |
| 7.5% | $699.21 | $927.01 |
| 8.0% | $733.76 | $955.65 |
Example Problems
Example 1: Principal and interest only.
You buy a $400,000 home with 20% down ($80,000) at 6.5% for 30 years. The loan amount is L = 400,000 – 80,000 = $320,000, and r = 6.5 / 1200 = 0.00541667 with n = 360 payments:
M = 320,000 * 0.00541667 / (1 – 1.00541667^-360) = $2,022.62 per month. Over 30 years you pay $408,142.36 in interest, for a total loan cost of $728,142.36. No PMI applies because the down payment is 20%.
Example 2: Full PITI payment with PMI.
You buy a $350,000 home with 10% down ($35,000) at 7.0% for 30 years, with property tax of 1.2% of the price, $1,800 per year insurance, a 0.8% PMI rate, and no HOA. The loan is $315,000 and the P&I payment is $2,095.70. Monthly extras are tax = 350,000 * 0.012 / 12 = $350.00, insurance = 1,800 / 12 = $150.00, and PMI = 315,000 * 0.008 / 12 = $210.00 (applied because 10% is under 20% down).
Total monthly payment = 2,095.70 + 350.00 + 150.00 + 210.00 = $2,805.70.
Frequently Asked Questions
What is included in a monthly mortgage payment?
A full mortgage payment is often called PITI: principal, interest, taxes, and insurance. Principal and interest repay the loan itself, while most lenders collect property tax and homeowners insurance in a monthly escrow account and pay those bills for you. If your down payment is under 20% you also pay private mortgage insurance, and homes in managed communities add HOA dues on top.
When does PMI go away?
On a conventional loan, PMI typically costs about 0.3% to 1.5% of the loan amount per year and is required when you put less than 20% down. By federal law it cancels automatically once your balance amortizes to 78% of the home’s original value, and you can request removal at 80%. Making extra principal payments or documenting a higher home value through a new appraisal can end PMI sooner.
How much house can I afford?
A common guideline is the 28/36 rule: keep your total housing payment (PITI plus HOA) under about 28% of gross monthly income, and all debt payments combined under about 36%. Many lenders approve debt-to-income ratios up to the mid-40s, but payments that high leave little room in the budget. Remember to plan for closing costs too, which typically run 2% to 5% of the purchase price.
