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📘 About the Mortgage Calculator
A mortgage payment is more than principal and interest. In the US, most lenders collect property tax and homeowner’s insurance through an escrow account each month, add private mortgage insurance (PMI) when the down payment is under 20%, and many homes have HOA fees. This calculator adds them all up.
Enter the home price, down payment, rate and term, plus tax, insurance, PMI and HOA. The calculator gives the full monthly payment and its breakdown, the loan amount, total interest over the term, when PMI ends and a yearly amortisation table.
🧮 Formula
✏️ Worked examples
$400,000 home, 20% down, 6.5%, 30 years
You get| Monthly payment | $2,514 |
| Principal & interest | $2,023 |
| Property tax · insurance | $367 · $125 |
| PMI | None (20%+ down) |
| HOA | $0 |
| Loan amount | $320,000 (down payment $80,000 = 20%) |
| Total interest over 30 years | $408,142 |
| Total cost of the home | $985,142 |
$2,514.
10% down with PMI
You get| Monthly payment | $2,717 |
| Principal & interest | $2,043 |
| Property tax · insurance | $350 · $117 |
| PMI | $158 a month (down payment under 20%; ends after about 9 years 4 months) |
| HOA | $50 |
| Loan amount | $315,000 (down payment $35,000 = 10%) |
| Total interest over 30 years | $420,510 |
| Total cost of the home | $974,150 |
$2,717.
🧭 How to use this calculator
What you enter
- Currency
- Home price
- Down payment
- Down payment is
- Interest rate (%)
- Loan term (years)
- Property tax (% of price a year)
- Home insurance (a year)
- PMI rate (if under 20% down) (% a year)
- HOA fees (a month)
What you get
- Monthly payment
- Principal & interest
- Property tax · insurance
- PMI
- HOA
- Loan amount
- Total interest over 30 years
- Total cost of the home
❓ Frequently asked questions
How much house can I afford?
A common guide is housing costs under 28% of gross monthly income and all debts under 36%.
What is PMI and how do I avoid it?
Private mortgage insurance protects the lender when you put down less than 20%. Avoid it with a 20% down payment; it is removed once you reach about 22% equity.
Is a 15-year or 30-year mortgage better?
A 15-year loan has higher payments but a lower rate and far less total interest; a 30-year loan keeps payments lower.
