Use this mortgage payment calculator to estimate your total monthly payment with principal, interest, taxes, insurance, PMI, and HOA dues for a fixed-rate, fully amortizing 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 At zero interest: M = L / n
Choose "Include housing costs" to add entered tax, insurance, HOA and an initial PMI estimate. Blank costs count as $0; HOA may be paid separately. These amounts can change:
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.
Choose "Include housing costs" to include the costs you enter. Annual property tax and insurance become monthly amounts, and HOA is added. The initial PMI estimate applies your entered rate only below 20% down; at 20% or more, it is ignored. This convention does not determine whether a particular loan requires mortgage insurance. Blank costs are omitted, so the result may be incomplete.
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:
Using the unrounded monthly rate r = 6.5/1200, M = 320,000 * r / (1 - (1+r)^-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. A conventional loan with less than 20% down may require private mortgage insurance. Government loan programs have different insurance rules. Homes in managed communities may also have HOA dues.
When does PMI go away?
For many covered conventional loans, you can request PMI cancellation at 80% of the home’s original value, subject to payment-history, value and other conditions. In general, automatic termination occurs when the scheduled balance reaches 78% of original value if payments are current. Exceptions apply; ask the servicer about your loan. This calculator estimates initial PMI only and does not project cancellation.
How much house can I afford?
The 28/36 rule is a budgeting heuristic, not an approval standard or a guarantee of affordability. Compare housing costs and other debts with your income, savings and other expenses, and obtain current lender quotes for rates, fees and closing costs. This payment calculator does not decide how much you can afford.
