Mortgage calculator
Estimate your monthly payment with taxes, insurance and PMI, and see what the loan really costs over its life. Everything runs in your browser — nothing you type is stored or sent anywhere.
ListCalc — Mortgage report · listcalc.com/mortgage-calculator
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Monthly payment
$1,770 /mo
Total cost
$707k
Payoff
Aug 2056
PMI ends
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Loan balance over time
Solid line = with your extra payment · dashed = without.
Amortization schedule
| Year | Principal paid | Interest paid | Balance |
|---|
How this calculator works
A mortgage payment has two parts that go to the loan itself — principal (repaying what you borrowed) and interest (what the lender charges) — plus costs that ride along with it: property taxes, homeowners insurance, HOA dues and, if your down payment is under 20%, private mortgage insurance (PMI). Together these are often called PITI.
The principal-and-interest portion comes from the standard amortization formula used by US lenders:
where M is the monthly payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Taxes and insurance are annual figures divided by 12; PMI is estimated as an annual percentage of the loan balance and drops off automatically once your equity reaches 20%.
Worked example
Borrow $280,000 ($350,000 price − $70,000 down) at 6.5% for 30 years: r = 0.065 ÷ 12 = 0.005417 and n = 360. The formula gives M ≈ $1,770 for principal and interest. Add $292/mo of property tax and $125/mo of insurance and the full PITI payment is about $2,187. Over the full 30 years you'd pay roughly $357,000 in interest — more than the amount borrowed, which is why the rate slider moves the anatomy bar so dramatically.
What moves the payment most
Rate and term dominate. Moving from 6.5% to 5.5% on the example loan saves about $180 every month; switching from a 30-year to a 15-year term raises the payment but cuts lifetime interest by more than half. The down payment matters twice: it shrinks the loan and, at 20%, removes PMI entirely.
Field-by-field guide: what to enter and why it matters
Every input above changes the result in a different way. Here's what each one really means, where to find your own number, and the shortcuts that experienced buyers use.
Home price
The full purchase price you'd agree with the seller — not the listing price, which homes often sell above or below. If you're just exploring, use the middle of your target range. Note that closing costs (typically 2–5% of the price) are paid separately at signing and aren't part of this monthly payment.
Down payment
The cash you bring upfront. The dollar and percent boxes stay in sync — type either one. 20% is the magic threshold: at or above it, no PMI; below it, a PMI line appears in your breakdown automatically. That said, plenty of buyers put down 3–10% and simply carry PMI for a few years — try both and compare the monthly difference before assuming you need to wait and save.
Interest rate
The annual fixed rate on the loan. Your real rate depends on your credit score, loan type and whether you pay points — so get quotes rather than guessing from headlines. Small differences compound brutally: on a $300,000 loan over 30 years, moving from 6.5% to 7% adds about $100 every month and roughly $35,900 of lifetime interest. That's why shopping two or three lenders is the highest-paid hour of the whole process.
Loan term
How long you take to repay. A 30-year term keeps the payment low and flexible; a 15-year term costs more per month but usually comes with a lower rate and slashes lifetime interest. On the example $280,000 loan, 30 years at 6.5% costs about $357,000 in interest — while 15 years at 6.0% costs about $145,000, less than half.
Extra payment per month
Anything you add on top of the required payment goes 100% to principal, which shrinks every future interest charge. It doesn't lower your required payment — it ends the loan earlier. Even a modest amount is dramatic: $100/mo extra on the example loan saves about $60,000 in interest and finishes 4¼ years early. Check your loan has no prepayment penalty (rare on standard US mortgages, but worth confirming).
Property tax
Your annual tax bill, usually collected monthly by the lender through escrow. Find the real figure in the listing's "tax history" or on the county assessor's website — rates range from a few tenths of a percent of home value in some states to over 2% in others, so a national average can be badly wrong for your county.
Home insurance
The annual homeowners premium — lenders require coverage. Costs vary hugely with location and risk (wind, wildfire, flood zones), so a quick online quote for the actual address beats any rule of thumb. Flood insurance, if required, is a separate policy on top.
HOA dues
Monthly fees for condos and many planned communities, paid directly to the association rather than through the lender. Leave it at 0 if the home has none — but if it doesn't, verify the current amount and any planned increases, because HOA dues rarely go down.
PMI rate
Private mortgage insurance costs roughly 0.3–1.5% of the loan per year depending on your credit score and down payment — better credit, cheaper PMI. This calculator applies it only while your balance is above 80% of the home's value and shows the projected end date in the "PMI ends" stat, so you can see it's a temporary cost, not a life sentence.
Frequently asked questions
What's included in PITI?
Principal, interest, taxes and insurance — the four pieces most lenders collect in one monthly payment. This calculator also lets you add HOA dues and PMI so the number matches what actually leaves your account.
How much should I put down?
20% is the classic target because it avoids PMI and lowers the payment, but it's not a rule. Many buyers put down 3–10% and pay PMI for a few years. Use the down payment field to compare both paths — the PMI line shows exactly what the smaller down payment costs you per month, and the "PMI ends" stat shows how long you'd carry it.
What is PMI and when does it end?
Private mortgage insurance protects the lender when you borrow more than 80% of the home's value. It typically costs 0.3–1.5% of the loan per year. By law it must be cancelled once your balance reaches 78% of the original value, and you can usually request removal at 80% — the calculator estimates that month from your amortization schedule.
Should I choose a 15-year or 30-year mortgage?
A 15-year term carries a higher monthly payment but usually a lower rate, and cuts total interest dramatically — often by 50–60%. A 30-year term keeps payments manageable and flexible; you can always pay extra toward principal when you can afford to. Toggle the term buttons above to compare both with your own numbers.
Do extra monthly payments lower my payment?
No — your required payment stays the same. Extra money goes straight to principal, so the loan ends earlier and you pay less interest overall. On a $280,000 loan at 6.5% for 30 years, an extra $100 a month saves about $60,000 in interest and pays the loan off about 4 years early.
Is this an offer or a quote?
No — it's a mathematical estimate for planning. Your actual rate and costs depend on credit, location, loan type and lender fees. Treat the result as a realistic ballpark, then compare official Loan Estimates from at least two or three lenders.