This mortgage calculator helps you calculate a mortgage payment including principal, interest, taxes, insurance, PMI, and HOA fees. Use it as a mortgage estimator to figure out a mortgage payment for different loan terms and rates. The calculator for monthly mortgage payments also provides a full amortization schedule and lets you compare a 15 year mortgage calculator scenario against a mortgage calculator for 30 years.
Quick answer
Enter your loan details above to see your payment breakdown.
Calculate Your Mortgage Payment
This mortgage payment estimator shows your monthly principal and interest plus taxes, insurance, PMI, and HOA.
Your Results
Monthly Payment Breakdown
- Principal & Interest
- $0.00
- Property Tax
- $0.00
- Homeowners Insurance
- $0.00
- PMI
- $0.00
- HOA Dues
- $0.00
- Total Monthly Payment
- $0.00
Loan Summary
- Loan Amount
- $0.00
- Loan-to-Value (LTV)
- 0%
- Interest Rate
- 0%
- Loan Term
- 0 years
- Total of All Payments
- $0.00
- Total Interest Paid
- $0.00
- Payoff Date
- —
Amortization Schedule
| Payment # | Date | Payment | Principal | Interest | Balance |
|---|
Compare 15-Year vs 30-Year Terms
Example rates below are hypothetical, not quotes. Actual rates vary by lender, credit profile, and market conditions.
| 15-Year Fixed | 30-Year Fixed | |
|---|---|---|
| Hypothetical rate | — | — |
| Monthly principal & interest | — | — |
| Total interest paid | — | — |
| Total of all payments | — | — |
| Rate | Monthly P&I | Total Interest | Total of Payments |
|---|
Visual Breakdown
✓ 15-Year Term
- Lower total interest paid
- Faster equity buildup
- Loan paid off in half the time
✗ 15-Year Term
- Higher monthly payment
- Less cash flow flexibility
- May reduce home buying budget
How Mortgage Interest Is Calculated
Each month, the lender calculates interest on your remaining loan balance. The formula uses a monthly rate derived from your annual rate.
The Formula
Monthly Payment = P × r ÷ (1 − (1 + r)−n)
P- Loan amount (principal)
r- Monthly interest rate = annual rate ÷ 12 ÷ 100
n- Total number of monthly payments = years × 12
If the annual rate is 0%, the payment is simply P ÷ n.
First Payment Example (from the calculator above)
Using your inputs, the first payment breaks down as:
- Starting balance
- $0.00
- Monthly rate
- 0%
- Interest portion
- $0.00
- Principal portion
- $0.00
- Ending balance
- $0.00
Each subsequent month, interest is calculated on the new, lower balance, so the interest portion shrinks and the principal portion grows. This is why early payments are mostly interest and later payments are mostly principal.
Rounding Convention Used Here
- The scheduled payment is rounded to the nearest cent (half up).
- Monthly interest is rounded to the nearest cent (half up) each period.
- The final payment is adjusted to clear any remaining balance, so it may differ slightly from the regular payment.
- Lenders may use different rounding methods; your Loan Estimate and closing documents control.
What Would Change This Result
| Change | New Monthly P&I | Change in Monthly P&I | Change in Total Interest |
|---|
Frequently Asked Questions
-
Interest each month = remaining balance × (annual rate ÷ 12 ÷ 100). The payment stays the same, but the interest portion decreases over time while the principal portion increases. See the method section for a worked example using your numbers.
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PMI protects the lender if you default. It is typically required when your down payment is less than 20%. Under the Homeowners Protection Act, you may request cancellation when your loan balance reaches 80% of the original home value, and it must terminate automatically at 78% based on the original amortization schedule, provided you are current on payments. This calculator does not estimate PMI rates — enter your actual PMI cost from your lender. Rule status: NOT VERIFIED — confirm with your lender.
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They can be. Many lenders collect property taxes and homeowners insurance through an escrow account as part of your monthly payment, then pay the bills on your behalf. This calculator shows them separately so you can see each component. Enter your annual estimates to see the total monthly housing cost.
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A 15-year mortgage has a higher monthly payment but significantly less total interest — often less than half — and you build equity faster. A 30-year mortgage has a lower monthly payment, giving more cash flow flexibility, but you pay much more interest over time. Use the comparison tables above to see the difference for your loan amount.
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No. This calculator is for fixed-rate, fully amortizing mortgages only. It does not handle ARMs, interest-only loans, balloon payments, buydowns, or government-backed loan fees (FHA, VA, USDA). For those, consult a loan officer.
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Because monthly interest is rounded to the nearest cent each period, a small residual balance can remain after the last scheduled payment. The calculator adjusts the final payment to clear that balance. This is a standard calculator convention; your lender's actual amortization may differ slightly.
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Yes. Enter the new loan amount, rate, and term for the refinance. For a cash-out refinance, the loan amount would be the new borrowed amount. Remember to update property tax, insurance, and PMI estimates if they change.
Glossary
- Amortization
- Paying off a loan with regular payments over time, where each payment covers interest and reduces principal.
- Annual Percentage Rate (APR)
- The yearly cost of a loan including interest and certain fees, expressed as a percentage. This calculator uses the note rate, not APR.
- Escrow
- An account held by the lender to pay property taxes and insurance on your behalf, funded by a portion of your monthly payment.
- Loan-to-Value (LTV)
- The loan amount divided by the home's appraised value or purchase price, expressed as a percentage.
- PMI
- Private Mortgage Insurance — insurance that protects the lender, usually required when LTV exceeds 80%.
- Principal
- The original loan amount, or the remaining balance owed.
Official References
- CFPB Mortgage Resources: consumerfinance.gov/consumer-tools/mortgages/ (reference starting point)
- Regulation Z (12 CFR Part 1026): ecfr.gov (reference starting point)
- Homeowners Protection Act (12 U.S.C. 4901 et seq.): uscode.house.gov (reference starting point)
- FHFA Conforming Loan Limits: fhfa.gov (reference starting point)
Important: All regulated numbers (rates, thresholds, fees) are treated as editable inputs with defaults. Verify every number with the relevant authority or your lender before making financial decisions.
Limitations & Assumptions
- Fixed-rate, fully amortizing, monthly payments only.
- No adjustable-rate, interest-only, balloon, or buydown loans.
- No FHA, VA, or USDA program fees (MIP, funding fee, guarantee fee).
- Property tax, insurance, PMI, and HOA are user-entered estimates — not calculated by the tool.
- No points, closing costs, or escrow cushion rules included in the payment.
- Interest rate is entered by the user; any default shown is labeled "example, not a quote."
- Taxes and insurance are assumed constant over the loan term (they usually change).
- This is an estimate only. Your lender's Loan Estimate and closing documents control.
Next Steps
Use this calculator to explore how different rates, terms, and down payments affect your monthly payment and total interest. For a personalized quote, contact a licensed loan officer.
