Mortgage Calculator
Estimate your full monthly mortgage payment — principal, interest, property tax, insurance and PMI.
The Mortgage Calculator gives you the complete monthly picture of owning a home. Instead of showing only the principal and interest payment, it also includes the costs every homeowner pays: property taxes, homeowners insurance and PMI (private mortgage insurance) when your down payment is below 20%.
Enter the home price, your down payment percentage, the interest rate and loan term, plus rough annual figures for property tax and insurance, and the tool returns your loan amount, the principal & interest payment, the escrow portion (taxes, insurance and PMI) and — the number that really matters when budgeting — your total monthly payment. It also shows the total interest you would pay across the whole loan, which makes the long-term cost of a higher rate very visible.
Results are estimates for planning and comparison. Property tax rates, insurance premiums and PMI pricing vary widely by location, lender and credit profile, so treat the escrow numbers as ballpark figures and confirm with a lender. All math runs locally in your browser — nothing is uploaded.
Below 20% usually requires PMI.
Loan amount
$320,000.00
Down payment $80,000.00 (80% LTV)
Principal & interest
$2,022.62
Taxes, insurance & PMI
$400.00
no PMI
Total monthly payment
$2,422.62
Over 30 years you would pay $408,142.36 in mortgage interest plus $144,000.00 in taxes, insurance and PMI payments.
How to use the Mortgage Calculator
- Enter the home purchase price.
- Set your down payment as a percentage of the price (20% or more avoids PMI).
- Add the annual interest rate and the loan term in years.
- Optionally enter estimated annual property tax and home insurance, plus monthly PMI if your down payment is under 20%.
- Read your total monthly payment and the lifetime interest figures, then adjust inputs to compare scenarios.
Frequently asked questions
What is PMI and when do I have to pay it?
Private mortgage insurance protects the lender when your down payment is less than 20% of the home price. It is typically 0.3%–1.5% of the loan amount per year, added to your monthly payment, and usually falls away automatically once you have built up 20% equity.
What counts as my 'total monthly payment'?
Most lenders quote PITI: Principal and Interest (the actual loan payment), Property taxes, Insurance and, when applicable, PMI — often held in an escrow account. Some budgets also include HOA fees and utilities, which this calculator does not estimate.
Is the 30-year or 15-year mortgage better?
A 15-year mortgage has a higher monthly payment but far less total interest, and builds equity twice as fast. A 30-year mortgage keeps payments lower, freeing cash for other goals. Run both terms through this calculator to see the interest difference for your specific numbers.
How accurate are the property tax and insurance estimates?
The calculator uses the annual amounts you type in — it cannot know your local mill rate or insurer. A common rule of thumb is 1% of the home price per year in property tax and a few hundred dollars a year in insurance, but check your county and local quotes for realistic figures.
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