About Mortgage Calculator

Calculate monthly mortgage payments with a full breakdown of principal and interest, property tax, homeowner’s insurance, and PMI. The tool uses the standard amortization formula, automatically adds PMI when the down payment is below 20%, and generates a month-by-month amortization schedule. Down payment can be entered as a dollar amount or percentage, with the other value auto-calculated.

• Inputs: home price, down payment ($/%), interest rate, loan term (15/20/25/30 years)
• Includes property tax (annual %), homeowner’s insurance (annual $), and PMI rate
• PMI automatically applied when down payment is under 20% of home price
• Monthly payment breakdown shows percentage distribution across P&I, tax, insurance, and PMI
• Amortization schedule with principal, interest, and remaining balance per month
• Results update in real time as inputs change

Frequently Asked Questions

When does PMI go away?

In practice, PMI is removed once you reach 20% equity. This calculator applies PMI as a flat monthly cost based on the initial loan amount. It does not model PMI removal mid-loan—the amortization schedule shows the base P&I payment.

Does total monthly payment include taxes and insurance?

Yes. The “Total Monthly Payment” figure sums principal and interest, monthly property tax (annual rate × home price ÷ 12), monthly insurance (annual premium ÷ 12), and PMI if applicable. This represents your actual monthly housing cost.