US Mortgage Calculator
Estimate your full monthly mortgage payment (PITI) with property tax, insurance, PMI, and a year-by-year amortization chart.
Home Price
$
Down Payment (20% = $80,000)
Loan Term
Interest Rate
%
Property Tax Rate (annual)
%
Home Insurance (annual)
$
PMI Rate (if <20% down)
%
HOA Dues (monthly)
$
Total Monthly Payment
$2,514
Principal & Interest
$2,023
Property Tax
$367
Insurance
$125
How this calculator works
Your monthly mortgage payment is more than just principal and interest — lenders bundle in property taxes, homeowners insurance, and (if your down payment is under 20%) private mortgage insurance (PMI) into an escrow payment. Together these are often called PITI (Principal, Interest, Taxes, Insurance). This calculator projects your full monthly PITI payment plus any HOA dues, and amortizes the loan month-by-month so PMI automatically drops off once your balance falls to 78% of the original home price, per the federal Homeowners Protection Act.
Example
A $400,000 home with 20% down ($80,000) financed over 30 years at 6.5% has a $320,000 loan. Principal and interest alone runs about $2,022/month; add typical property tax and insurance and the full payment lands closer to $2,500-2,700/month depending on your area's tax rate. Because the down payment is 20%, no PMI applies.
Common Use Cases
- Estimating full monthly payment (PITI) before house-hunting, not just principal and interest.
- Comparing a 15-year vs. 30-year term to see the interest cost tradeoff.
- Checking whether a smaller down payment (with PMI) or waiting to save 20% makes more financial sense.
- Seeing how many years of PMI you'd actually pay before it cancels automatically.
FAQs
What's the difference between a 15-year and 30-year mortgage?
A 15-year term has a higher monthly payment but a lower interest rate and dramatically less total interest paid over the life of the loan, since the balance is paid down faster. A 30-year term lowers the monthly payment but roughly doubles the total interest paid at the same rate.
When does PMI go away?
By law, lenders must automatically cancel PMI once your loan balance reaches 78% of the original home value, assuming payments are current. You can also request cancellation earlier, once you reach 80% equity, if the loan is in good standing.
Does this include closing costs?
No — this calculator projects the recurring monthly payment (PITI + HOA) and amortization only. Closing costs (typically 2-5% of the loan amount) are a separate, one-time expense paid at signing.