Mortgage
calculator.
Estimate the full monthly payment on a home: principal and interest, property tax, homeowners insurance, private mortgage insurance and HOA dues, with a yearly amortization schedule, the effect of extra payments and the dates PMI can be cancelled.
$2,942.11 a month ($2,792.11 once PMI ends) on a $360,000.00 loan at 6.5% for 30 years.
- Principal and interest
- $2,275.44
- Property tax
- $366.67
- Home insurance
- $150.00
- PMI
- $150.00
- HOA dues
- $0.00
- Loan amount
- $360,000.00 (10% down)
P&I = loan × i ÷ (1 − (1 + i)^−n), i = 6.5% ÷ 12, n = 360The whole
monthly payment.
- Principal and interest = loan × i ÷ (1 − (1 + i)^−n), with i = annual rate ÷ 12 and n = years × 12.
- Monthly payment = principal and interest + property tax ÷ 12 + insurance ÷ 12 + PMI + HOA dues.
- PMI = loan × PMI rate ÷ 12, only when the down payment is under 20%.
- PMI can be cancelled on request when the scheduled balance reaches 80% of the original value and must end automatically at 78% (or by the loan’s midpoint).
What is included in a mortgage payment?
Lenders usually collect four things, often called PITI: principal, interest, property taxes and homeowners insurance, with the taxes and insurance held in escrow. Add private mortgage insurance if you put down less than 20%, and HOA dues if the home has them. On a $400,000 home with 10% down at 6.5% for 30 years, principal and interest are $2,275.44 a month; with 1.1% tax, $1,800 insurance and 0.5% PMI the total is $2,942.11.
When does PMI go away?
Under the federal Homeowners Protection Act, for most fixed-rate home loans you can ask to cancel PMI once the balance is scheduled to reach 80% of the home’s original value, if you are current on payments, and it must end automatically when the balance is scheduled to reach 78%. It must also end no later than the midpoint of the loan term. The calculator shows both payment numbers from the original schedule.
Paying extra and removing PMI sooner
Extra principal shortens the loan and saves interest: $300 a month on the $360,000 loan above repays it about eight years early and saves roughly $144,000. It also matters for PMI. The date you may ask to cancel PMI is based on actual payments, so extra principal brings it forward (from payment 95 to 56 in this example), while the automatic 78% date stays tied to the original schedule. Requesting cancellation as soon as you qualify saves the PMI in between.
15 years or 30 years?
A shorter term has a higher payment but far less interest. On a $320,000 loan, 30 years at 6.5% costs about $408,000 in interest, while 15 years at 5.75% costs about $158,000, for $635 more a month in principal and interest.
How much house can the payment buy?
Change the price, down payment and rate to see how the payment moves. Remember that the total monthly cost includes taxes and insurance, which rise with the price of the home.
Worked examples.
10% down with PMI
$400,000 home, 10% down, 6.5% for 30 years, 1.1% property tax, $1,800 insurance, 0.5% PMI.
$2,942.11 a month: $2,275.44 principal and interest, $366.67 tax, $150.00 insurance and $150.00 PMI until about payment 109.
Load this example20% down avoids PMI
The same home with 20% down.
$2,539.29 a month on a $320,000.00 loan, with no PMI.
Load this example15 years instead of 30
$400,000 home, 20% down, 5.75% for 15 years.
$2,657.31 principal and interest, with total interest of $158,316.59.
Load this exampleA condo with HOA dues
$300,000, 5% down, 6.75% for 30 years, $3,600 tax, $900 insurance, $350 HOA, 0.6% PMI.
$2,716.00 a month including $142.50 PMI and $350.00 HOA.
Load this exampleWhat this calculator
does not do.
- Fixed-rate mortgages only; no adjustable rates, points or closing costs.
- Tax, insurance and PMI rates are your inputs; actual figures depend on location, credit and lender.
- PMI timing follows the original schedule for a fixed-rate loan and assumes payments are current; FHA mortgage insurance follows different rules.
Common questions.
How much is the payment on a $300,000 mortgage?
At 6.5% for 30 years principal and interest are $1,896.20 a month; add tax, insurance and any PMI or HOA dues for the full payment.
Is PMI tax deductible?
Tax treatment changes with legislation; check current IRS guidance rather than relying on a calculator.
Does a bigger down payment always help?
It lowers the loan, the interest and, at 20% or more, removes PMI, but it also ties up cash you may need for closing costs and reserves.
When can I ask my lender to remove PMI?
For most conventional fixed-rate loans, once the balance is scheduled to fall, or has actually fallen through extra payments, to 80% of the home’s original value, provided you ask in writing, are current on payments and the lender’s value requirements are met. Otherwise it ends automatically at 78% on the original schedule.
- 12 U.S.C. 4901, Homeowners Protection Act definitions — cancellation date at 80% and termination date at 78% of original value
- 12 U.S.C. 4902, Termination of private mortgage insurance — borrower request, automatic termination and termination at the midpoint
- 12 CFR 1026.22, Determination of annual percentage rate (Regulation Z) — how the APR on a loan disclosure is defined
Principal and interest from the annuity formula with a cent-rounded schedule; PMI request and termination months checked against the schedule balance at 80% and 78% of the price, the midpoint cap, and down-payment and tax entry in both % and $.
Built and reviewed by CalculatorLab against the sources above; every worked example on this page is re-checked by our automated test suite before each release. How we build and check calculators. Found a problem? Tell us.