Mortgage Calculator
Calculate your true monthly payment with principal, interest, tax, insurance, PMI, and HOA, and see when PMI drops off.
Want to understand the concept, not just the number? Read The Mortgage Guide and more below.
Where your monthly payment goes
Loan balance over time
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $4,024 | $23,282 | $355,976 |
| 2 | $4,293 | $23,012 | $351,683 |
| 3 | $4,581 | $22,725 | $347,102 |
| 4 | $4,888 | $22,418 | $342,214 |
| 5 | $5,215 | $22,090 | $337,000 |
| 6 | $5,564 | $21,741 | $331,435 |
| 7 | $5,937 | $21,369 | $325,498 |
| 8 | $6,334 | $20,971 | $319,164 |
| 9 | $6,759 | $20,547 | $312,405 |
| 10 | $7,211 | $20,094 | $305,194 |
| 11 | $7,694 | $19,611 | $297,500 |
| 12 | $8,210 | $19,096 | $289,290 |
| 13 | $8,759 | $18,546 | $280,531 |
| 14 | $9,346 | $17,959 | $271,185 |
| 15 | $9,972 | $17,333 | $261,213 |
| 16 | $10,640 | $16,666 | $250,573 |
| 17 | $11,352 | $15,953 | $239,221 |
| 18 | $12,113 | $15,193 | $227,108 |
| 19 | $12,924 | $14,382 | $214,184 |
| 20 | $13,789 | $13,516 | $200,395 |
| 21 | $14,713 | $12,592 | $185,682 |
| 22 | $15,698 | $11,607 | $169,984 |
| 23 | $16,750 | $10,556 | $153,234 |
| 24 | $17,871 | $9,434 | $135,363 |
| 25 | $19,068 | $8,237 | $116,295 |
| 26 | $20,345 | $6,960 | $95,950 |
| 27 | $21,708 | $5,598 | $74,242 |
| 28 | $23,162 | $4,144 | $51,081 |
| 29 | $24,713 | $2,593 | $26,368 |
| 30 | $26,368 | $938 | $0 |
How it's calculated
Your real monthly payment is more than principal and interest. Lenders collect the full PITI, which is principal, interest, taxes, and insurance, add private mortgage insurance if your down payment is under 20 percent, and include any HOA dues. This calculator builds the whole payment so the number matches what actually leaves your account.
Take the default. A $400,000 home with 10 percent down means a $360,000 loan. At 6.5 percent over 30 years the principal and interest is $2,275.44. Add property tax of $366.67 a month, insurance of $150, and PMI of $150 because the down payment is under 20 percent, and the true payment is $2,942.11. That is $667 a month above the principal and interest alone.
Because you put less than 20 percent down, PMI applies until you build 20 percent equity, which happens around month 95 here. After that it drops off and your payment falls. A larger down payment removes PMI from the start and lowers both the loan and the interest. Use the advanced options to match your own tax rate, insurance, and PMI.
Assumptions
- The payment is principal and interest plus property tax, home insurance, PMI, and HOA. PMI applies while the loan is above 80 percent of the home value.
- A fixed rate for the full term, compounded monthly. Tax and insurance are held level, though in reality they drift over time.
Last updated: 2026-08-08
These assumptions follow our general methodology.
Frequently asked questions
What is included in my monthly mortgage payment?
Principal and interest on the loan, plus property tax, home insurance, and, if your down payment is under 20 percent, private mortgage insurance. Many payments also include HOA dues. Together these are often called PITI plus PMI.
What is PMI and when does it go away?
Private mortgage insurance protects the lender when you put less than 20 percent down. It typically costs 0.3 to 1.5 percent of the loan a year. It can usually be removed once you reach 20 percent equity, which this calculator estimates from your amortization.
How much house can I afford?
That depends on your income and other debts, not just the payment. The Home Affordability calculator works backward from your income using the standard debt-to-income limits to find a price.
How can I lower my monthly payment?
A larger down payment, a lower rate, or a longer term all reduce it, though a longer term costs more interest overall. Removing PMI by reaching 20 percent equity also helps. The Refinance and Biweekly Mortgage calculators show other ways to save.
Does this include property tax and insurance?
Yes. Unlike a basic principal-and-interest calculator, this adds your property tax, home insurance, PMI, and HOA to show the full payment. Adjust each in the advanced options.