Productive ToolboxMortgage Calculator
Estimate your monthly mortgage payment with property tax, insurance, PMI and HOA, plus total interest, extra payments and a full amortization schedule.
20.0% down payment
Pay off faster & save interest
Taxes, insurance & feesoptional · add for your full monthly cost
These vary by country, state and lender, so enter your own figures. PMI stops once the balance reaches 80% of the price; with 20% or more down it does not apply.
Monthly Payment
$1,517
Loan Amount
$240,000
Total Interest
$306,107
Total Payment
$546,107
Payment Breakdown
Principal vs InterestNext step
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What This Mortgage Calculator Shows
A lender quotes principal and interest, but the payment that leaves your account each month usually includes more. This mortgage calculator adds property tax, homeowners insurance, PMI and HOA fees to the loan payment, so you see the full monthly cost of owning the home, along with the total interest over the life of the loan.
Compare 15, 20 and 30-year terms side by side, see how an extra monthly payment shortens the loan, and open the month-by-month amortization schedule. Taxes, insurance and fees differ by country, state and lender, so every one of them is your own input, in your own currency.
How a Mortgage Payment Is Calculated
Principal & interest M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = loan amount, r = annual rate ÷ 12, n = years × 12
Monthly payment = M + property tax + insurance + PMI + HOA
Worked example
- Home price $400,000 with 20% down ($80,000) leaves a $320,000 loan.
- At 6.5% for 30 years, principal and interest are $2,022.62 a month.
- Property tax at 1.1% a year adds $366.67 a month; insurance of $1,800 a year adds $150.
- The total monthly payment (PITI) is about $2,539; total interest over 30 years is $408,142.
- With only 10% down, the loan is $360,000, principal and interest rise to $2,275.44, and PMI at 0.5% adds $150 a month for the first 95 months.
How to Use the Mortgage Calculator
- 1Enter the home price and down payment: Type the purchase price and how much you will put down; the loan amount is the difference.
- 2Set the interest rate and term: Enter the annual rate from your lender's quote and the term in years, usually 15 or 30.
- 3Add taxes, insurance, PMI and HOA: Open "Taxes, insurance & fees" and enter your property tax rate, yearly insurance premium, PMI rate and any monthly HOA or service charge. They vary by location and lender, so use your own figures.
- 4Try an extra monthly payment: Add an amount to pay on top of each payment to see how many months and how much interest you save.
- 5Compare terms or view the schedule: Switch to Compare Terms for 15, 20 and 30 years side by side, or to Schedule for every monthly payment, which you can export to CSV.
15-Year vs 30-Year Mortgage
The same $320,000 loan at 6.5%:
| Term | Monthly P&I | Total interest |
|---|---|---|
| 15 years | $2,787.54 | $181,758 |
| 30 years | $2,022.62 | $408,142 |
| 30 years + $200/month extra | $2,222.62 | $302,714 (paid off in 281 months) |
The shorter term costs $764.92 more a month but saves $226,384 in interest. An extra payment on a 30-year loan sits in between and keeps the lower required payment as a safety net.
Taxes, Insurance, PMI and HOA Explained
Property tax
Charged by local government, usually as a percentage of the home's assessed value. U.S. effective rates range from well under 1% to over 2% a year; many other countries charge a fixed yearly amount.
Homeowners insurance
Covers the building against fire, storms and other damage. Lenders require it, and it is often paid through an escrow account as part of the monthly payment.
PMI (private mortgage insurance)
Protects the lender when the down payment is under 20%. It typically costs 0.3–1.5% of the loan a year and can be removed once the balance reaches 80% of the home's original value.
HOA or service charges
Monthly fees for condos, townhouses and planned communities, or service charges and ground rent on apartments in the UK and Europe.
Tips Before You Borrow
- 💡Compare the full monthly payment, not just principal and interest: taxes and insurance can add 20–30% to it.
- 💡Put 20% down if you can to avoid PMI; if not, check when your PMI can be removed.
- 💡Get quotes from several lenders on the same day. A 0.5% lower rate on $320,000 over 30 years saves roughly $100 a month.
- 💡Keep an emergency fund after the down payment and closing costs, which are commonly 2–5% of the price.
- 💡Use the schedule to see how slowly the balance falls in the early years, and how much an extra payment speeds it up.
Frequently Asked Questions
How is a monthly mortgage payment calculated?
Principal and interest use the amortization formula M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan, r the monthly rate and n the number of payments. A $320,000 loan at 6.5% for 30 years is $2,022.62 a month. Property tax, insurance, PMI and HOA are then added on top.
What does PITI mean?
Principal, Interest, Taxes and Insurance: the four parts of a typical monthly housing payment. With a $400,000 home, 20% down, 6.5% for 30 years, 1.1% property tax and $1,800 a year insurance, PITI is about $2,539 a month.
What is PMI and when does it stop?
Private mortgage insurance is charged on many conventional loans when the down payment is under 20%. It is usually 0.3–1.5% of the loan a year and can be removed once the balance falls to 80% of the home's original value; this calculator stops it at that point.
Is a 15-year or 30-year mortgage better?
A 15-year loan costs more each month but far less interest. On a $320,000 loan at 6.5%, the 15-year payment is $2,787.54 with $181,758 of interest, against $2,022.62 and $408,142 over 30 years (in practice 15-year rates are also a little lower).
How much do extra payments save?
Paying $200 more each month on a $320,000, 6.5%, 30-year loan clears it in 281 months instead of 360 and saves about $105,000 in interest.
Which property tax rate should I use?
Use your local rate. In the U.S. effective rates range from well under 1% to over 2% of the home's value depending on the state and county; outside the U.S. property taxes are often a fixed annual amount, which you can convert to a percentage of the price.
Does this work outside the United States?
Yes. Choose your currency and enter your own rate, term, tax and insurance figures. Leave PMI at 0 if your country has no mortgage insurance, and use the HOA field for service charges or ground rent.
Is my data stored anywhere?
No. We do not collect or store what you enter.
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