Mortgage Calculator
Calculate your full monthly mortgage payment — including principal, interest, property taxes, homeowner's insurance, and PMI. Get a complete yearly amortization schedule to see exactly where your money goes.
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Understanding Your Mortgage Payment
The 20% down payment rule
Putting at least 20% down on a home purchase eliminates PMI, which can save $100–$300 or more per month. It also reduces your loan amount, lowers your monthly payment, and means you start with meaningful equity in your home from day one. Use this calculator to see exactly how much PMI costs you at different down payment levels.
PMI explained
Private Mortgage Insurance protects the lender — not you — if you stop making payments. Most conventional loans require it when the loan-to-value ratio exceeds 80%. PMI is typically 0.5%–1.5% of the loan per year, added to your monthly payment. It automatically drops off once your balance reaches 80% of the original purchase price, or you can request cancellation at that point.
30-year vs. 15-year mortgage
On a $350,000 loan at 6.5% APR:
- 30-year: ~$2,213/mo P&I — ~$447,000 total interest
- 15-year: ~$3,051/mo P&I — ~$199,000 total interest
The 15-year term saves over $248,000 in interest, but requires a higher monthly payment. Use the calculator above to compare terms with your own numbers.
How APR affects your payment
Even a small rate difference has a large long-term impact. On a $300,000 30-year loan:
- 6.0%: ~$1,799/mo — ~$347,000 total interest
- 7.0%: ~$1,996/mo — ~$418,000 total interest
- 8.0%: ~$2,201/mo — ~$492,000 total interest
Shopping for a rate 1% lower on a $300k loan saves roughly $70,000 over the life of the mortgage.
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Calculate break-even →Frequently Asked Questions
What is PMI and when do I have to pay it?
PMI (Private Mortgage Insurance) is required by most lenders when your down payment is less than 20% of the home price. It protects the lender in case you default. PMI typically costs 0.5%–1.5% of the loan amount per year. Once your remaining loan balance falls to 80% of the original purchase price, you can request cancellation — or it drops off automatically at 78% per the Homeowners Protection Act.
Why does putting 20% down matter so much?
A 20% down payment eliminates PMI, reduces your loan amount, and can help you qualify for a better interest rate. It also means you start with meaningful equity in the home, protecting you against short-term price dips. On a $400,000 home, avoiding PMI at 0.85% saves roughly $283/month in the early years of the loan.
What is the difference between a 30-year and 15-year mortgage?
A 30-year mortgage has lower monthly payments but costs far more in total interest. A 15-year mortgage has higher monthly payments but you build equity faster and pay roughly half the total interest. The right choice depends on your income stability, other financial goals (retirement, investing), and how long you plan to stay in the home.
What factors affect my monthly mortgage payment?
Your total monthly payment (often called PITI + PMI) includes: (1) Principal and interest — the core payment determined by loan amount, rate, and term; (2) Property taxes — typically 1%–2% of home value annually; (3) Homeowner's insurance — usually $800–$2,000/year; (4) PMI — required if down payment is under 20%. Your credit score, loan type (conventional, FHA, VA), and market interest rates most strongly influence the rate you receive.
How do I calculate a mortgage payment manually?
The monthly principal and interest is: M = P × r(1+r)^n / ((1+r)^n − 1), where P = loan amount (home price minus down payment), r = annual rate ÷ 12, and n = term in years × 12. Add your monthly property tax (annual tax ÷ 12), monthly insurance (annual insurance ÷ 12), and PMI (loan amount × annual PMI rate ÷ 12) to get the full monthly payment.