Mortgage Calculator
Estimate your monthly mortgage payment in seconds for any US home purchase. This calculator handles principal and interest, plus optional property tax, homeowners insurance, and PMI, so the number you see matches what a real lender would quote you for PITI. Add a one-time extra monthly payment to preview an early-payoff scenario, and download the full amortization schedule as a CSV to plan around your budget.
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See Personalized RatesBalance & interest over time
How your monthly mortgage payment is calculated
Your monthly payment is built from two pieces when only principal and interest are in play: the loan principal (the amount you borrowed), divided across an annuity formula at the monthly interest rate over the number of payments. PMI, property tax, and homeowners insurance are then added on to produce the all-in monthly cost most US households actually write a check for—an amount lenders often call PITI.
What is PMI and when does it go away?
Private Mortgage Insurance (PMI) protects the lender, not you, when your down payment is below 20%. You can usually request cancellation once your loan-to-value reaches 80%, and lenders must cancel it automatically at 78% LTV. This calculator lets you enter a monthly PMI figure so the total reflects reality, but it does not auto-cancel since timing varies by lender.
Tips for lowering your monthly payment
- Put down at least 20% to eliminate PMI entirely.
- Improve your credit score before applying; even a 680 vs 720 score gap can change the rate.
- Compare a 30-year vs a 15-year term. A shorter term raises the monthly payment but slashes total interest.
- Ask the seller for a rate buydown or closing-cost credit at purchase.