Calculate your monthly mortgage payment including principal, interest, property tax, insurance, and PMI. View a full amortization schedule.
A mortgage calculator is a free tool that estimates your monthly home loan payment by combining your loan amount, interest rate, and loan term with property taxes, homeowner's insurance, and PMI. The standard formula used is M = P[r(1+r)n]/[(1+r)n-1], where P is the principal, r is the monthly rate, and n is total payments.
Year-by-year breakdown of your loan payments.
| Year | Payment | Principal | Interest | Balance |
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This calculator uses the standard mortgage amortization formula: M = P[r(1+r)n] / [(1+r)n - 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments.
Your total monthly payment includes principal and interest, property taxes, homeowner's insurance, PMI (if under 20% down), and HOA fees. The amortization schedule shows how each payment splits between principal and interest over the life of the loan.
In the early years, most of each payment goes toward interest. As your balance decreases, more goes to principal. Even small extra payments early on can save significant interest over the loan's lifetime.
Private Mortgage Insurance is required when your down payment is less than 20%. PMI typically costs 0.5% to 1.5% of the loan amount annually. It protects the lender, not you. PMI is removed when you reach 20% equity.
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