Mortgage Calculator

A mortgage calculator estimates the monthly payment on a home loan in the United States. Principal and interest are only part of it: most homeowners also pay property tax, homeowners insurance and, with a small down payment, private mortgage insurance, often through the same monthly payment.

This calculator adds all of those, plus HOA dues, so the number matches what you'll budget for. It also produces a yearly amortization schedule and a chart of principal versus interest, which shows how slowly equity builds in the early years of a 30-year loan. It defaults to US dollars but works in any currency.

Lenders often quote PITI: principal, interest, taxes and insurance. Principal and interest come from the standard amortization formula and stay fixed on a fixed-rate loan. Property tax and insurance are usually collected monthly into an escrow account and change from year to year.

With less than 20% down on a conventional loan, lenders add private mortgage insurance. Under the Homeowners Protection Act, PMI ends automatically once the balance is scheduled to reach 78% of the home's original value, and you can ask to cancel it at 80%. The calculator shows how many months you'll pay it.