Mortgage Payment Calculator
A mortgage payment is more than principal and interest — property tax, insurance and PMI can add hundreds a month. See the full monthly cost before you make an offer.
How it's calculated
Principal and interest use the standard amortization formula: M = L × r ÷ (1 − (1 + r)−n), where L is the loan amount (price minus down payment), r is the yearly rate ÷ 12, and n is the number of monthly payments. Property tax and insurance are your yearly amounts ÷ 12. PMI is added only when the down payment is below 20%, as a yearly percentage of the loan ÷ 12. On conventional loans lenders must drop PMI automatically once the balance is scheduled to reach 78% of the original home value. Rates entered are examples — use the rate from your lender's Loan Estimate.
Questions & answers
How much does PMI cost?
Private mortgage insurance on a conventional loan typically costs a fraction of a percent to a couple of percent of the loan per year, depending on your credit score and down payment. Your lender quotes the exact amount on the Loan Estimate; enter that figure as a percentage here.
Does this include property taxes and insurance?
Yes, if you enter them. Most lenders collect property tax and homeowners insurance monthly into an escrow account, so they are part of the payment you actually make each month.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a higher monthly payment but usually a lower rate and far less total interest. A 30-year loan keeps the monthly payment lower. Switch the term above to compare the monthly payment and total interest side by side.
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