Math

Mortgage payment calculator.

Your full monthly payment — principal, interest, tax, insurance and HOA — plus lifetime interest.

This is a planning estimate, not financial advice or a loan offer. It doesn't include PMI, and a lender's quote will reflect your exact rate, fees and escrow.

What goes into the payment

A mortgage payment is usually quoted as "PITI" — principal, interest, taxes and insurance. The principal-and-interest part comes from the loan amount, rate and term using the standard amortisation formula; taxes and insurance are added on top, typically collected monthly into an escrow account. The numbers worth watching: a longer term lowers the monthly payment but sharply increases the total interest, and putting less than 20% down usually means paying private mortgage insurance (PMI) until you build enough equity. This is an estimate for planning — your lender's quote will reflect your exact rate, fees and escrow. To see the upfront cash, use the cash-to-close estimator; to work backwards from income, try affordability.

FAQ

How is a monthly mortgage payment calculated?
Principal and interest use the amortisation formula M = P·r·(1+r)ⁿ / ((1+r)ⁿ−1), where P is the loan, r the monthly rate and n the number of payments. Property tax, insurance and any HOA are then added on top.
Do I pay PMI with less than 20% down?
Usually yes. Conventional loans typically require private mortgage insurance when your down payment is under 20%, and it drops off once you reach about 20% equity. The calculator flags this but doesn't add a PMI figure, since the rate varies.

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