Mortgage Calculator
Monthly payment with taxes, insurance, PMI and HOA. Runs in your browser.
About this mortgage calculator
This mortgage calculator works out your full monthly house payment: principal and interest, plus property tax, home insurance, PMI and HOA dues. It is built for home buyers who want the number they will actually pay each month, not just the loan part.
Enter the home price and your down payment as a percentage or an amount. The calculator shows the loan, the payment split, when PMI stops, your payoff date and the total interest. A yearly chart and a full amortization schedule show how the balance falls, and you can download the schedule as a CSV file.
Add extra payments every month, once a year or as a one-time lump sum to see how many years and how much interest you save. It all runs in your browser, so your figures stay on your device.
Features
The full payment, not just the loan
Principal and interest plus property tax, home insurance, PMI and HOA, with a donut chart and a line-by-line breakdown of the first month.
Down payment as % or amount
Switch between a percentage and a dollar figure without losing your number. The loan amount and loan-to-value (LTV) update as you type.
PMI that ends when it should
PMI drops off when the balance is scheduled to reach 78% of the home's value, or after the loan's midpoint. Tick a box to ask for cancellation at 80% instead.
Three kinds of extra payment
A fixed extra each month, one extra payment in a month of your choice every year, and a one-time lump sum. See the interest and PMI saved and how much sooner you finish.
Amortization chart and schedule
Yearly bars of principal and interest with the remaining balance as a line. Switch between a yearly summary and every monthly payment, or download it all as CSV.
Total cost of the home
One line adds the down payment, principal, interest, tax, insurance, PMI and HOA over the life of the loan.
How to use the mortgage calculator
- 1Enter the home price, down payment, rate and loan term.
- 2Add property tax, insurance, PMI, HOA and any extra payments.
- 3Read the full monthly payment, PMI end date and payoff date, then view or download the schedule.
When to use it
Setting a house budget
Try a few prices until the full monthly payment fits. Check your monthly income with the salary calculator first.
Deciding on the down payment
Compare 10% and 20% down. On a 400,000 home at 6.5%, putting 20% down cuts the first payment from 2,883.77 to 2,480.95 and removes PMI.
Paying off early
Test an extra 100 or 200 a month, or a yearly bonus payment, before you commit. The savings card shows exactly what it buys you.
How is a mortgage payment calculated?
The principal and interest part uses the standard amortization formula: M = L × r(1 + r)^n ÷ ((1 + r)^n − 1). L is the loan amount, r is the yearly rate divided by 12 and n is the number of monthly payments.
Say you buy a 400,000 home with 10% down. The loan is 360,000 at 6.5% for 30 years, so r is 0.5417% and n is 360. M comes to 2,275.44. Add 1% property tax (333.33 a month), 1,500 a year of insurance (125 a month) and PMI at 0.5% of the loan (150 a month). The full first payment is 2,883.77.
In that first month, 1,950 of the 2,275.44 is interest and only 325.44 pays down the loan. Over 30 years you would pay 459,164 in interest, more than the amount you borrowed.
What is PMI and when does it stop?
Private mortgage insurance protects the lender on a conventional loan when you put down less than 20%. It is usually quoted as a yearly percentage of the loan and added to your monthly payment. Your lender sets the rate based on your credit score and down payment.
Under the US Homeowners Protection Act, as the CFPB explains it, PMI must end automatically when your balance is scheduled to reach 78% of the home's original value. It must also end the month after the midpoint of the loan term. You can ask your servicer to cancel it earlier, once the balance reaches 80%, if you are current on payments.
In the example, PMI ends after payment 109, about nine years in, and costs 16,350 in total. Add 200 a month extra and ask at 80%, and it stops after payment 64, cutting the PMI bill to 9,600.
How much do extra mortgage payments save?
Every extra dollar goes straight to principal, so it never gathers interest again. On the 360,000 loan, an extra 200 a month finishes the loan after 287 payments instead of 360, about six years sooner, and saves around 108,900 in interest.
Early extra payments save the most because the balance is highest then. Before you prepay, check that your loan has no prepayment penalty and tell your servicer to apply the money to principal.
Prepaying is like earning your mortgage rate with no risk. If you are weighing it against saving, run the same 200 a month through the compound interest calculator at the rate your savings would earn.
15-year vs 30-year mortgage
Using the same 360,000 at 6.5%, a 15-year term costs 3,135.99 a month in principal and interest against 2,275.44 for 30 years. The total interest drops from 459,164 to 204,477. PMI also ends much sooner, after 37 payments.
15-year loans often come with a slightly lower rate too. The trade-off is less room in your monthly budget.
Why use Mavros
| Mavros | Typical upload sites | |
|---|---|---|
| Tax, insurance, PMI and HOA | Yes, all four | Often only tax and insurance |
| PMI end date | 78%, midpoint or 80% on request | Flat fee for the whole loan |
| Extra payments | Monthly, yearly in any month, one-time | Monthly only |
| Formula with your numbers | Yes | No |
| Schedule download | Free CSV with every cost | Print only or sign-up |
| Lead forms and ads | None | Rate offers and contact forms |
Tips
- Use your county's real property tax rate. It can be well under 1% or above 2% depending on where you buy.
- Ask for an insurance quote before you make an offer. Coastal and wildfire areas can cost several times the national average.
- One percentage point matters. On a 360,000 loan, 7.5% instead of 6.5% adds about 242 a month.
- If your down payment is just under 20%, find out what it takes to reach 20%. Skipping PMI can be worth more than it looks.
- For a car, personal or any non-housing loan, the loan EMI calculator is simpler and has the same schedule.
Questions
What is included in a monthly mortgage payment?
Principal and interest, plus property tax and homeowners insurance (often collected through escrow), PMI if you put down under 20%, and HOA dues if your home has them. Together these are often called PITI plus HOA.
How much is the payment on a 400,000 house?
With 10% down at 6.5% for 30 years, principal and interest is 2,275.44 a month. Adding 1% property tax, 1,500 a year of insurance and 0.5% PMI brings it to 2,883.77. Your rate and local costs will change this.
Can I avoid PMI?
Yes, usually by putting down at least 20% on a conventional loan. Some lenders offer loans with the insurance built into a higher rate instead. FHA and VA loans have their own fees, which this calculator doesn't model.
When can I remove PMI?
You can ask your servicer to cancel PMI when your balance reaches 80% of the home's original value. It must end automatically at 78%, or the month after your loan's midpoint, if you are current on payments.
Is it better to pay extra each month or once a year?
Monthly extras save slightly more because they reach the principal sooner. The difference is small, so pick whatever you can keep up. A yearly payment from a tax refund or bonus works well too.
Why is most of my early payment interest?
Interest is charged on the balance you still owe, which is highest at the start. On a 360,000 loan at 6.5%, the first payment is 1,950 interest and 325.44 principal. The split shifts toward principal every month.
Does this work outside the US?
Yes. Pick your currency and set PMI and HOA to 0 if they don't apply. The principal and interest formula is the same for any fixed-rate home loan with monthly payments. To compare prices abroad, use the currency converter.