Mortgage Calculator
U.S. Flagship #02Loans & MortgagesEstimate your full monthly home payment.
Home & loan
Enter the home price to begin.
Advanced options
Enter the home price to begin.
How this is calculated
- 1Home price − down payment = loan amount: $0 − $0 = $0
- 2Loan amortized at the monthly rate over 0 payments = P&I: $0/mo
- 3P&I + tax + insurance + PMI + HOA = full monthly payment: $0
- 4Total of all payments − loan amount = total interest: $0
- 5Loan amount + total interest = total loan cost: $0
Formulas
| Metric | Formula | Your value |
|---|---|---|
| Loan amount | Home price − down payment | $0 |
| Principal & interest | Loan amortized at the monthly rate over the term | $0 |
| Monthly payment (PITI) | P&I + tax + insurance + PMI + HOA | $0 |
| Total interest | Total of payments − loan amount | $0 |
| Total loan cost | Loan amount + total interest | $0 |
| Loan-to-value | Loan amount ÷ home price | 0.0% |
Your inputs
| Input | What it is | Your value |
|---|---|---|
| Home price | Purchase price of the home | $0 |
| Down payment | Cash paid upfront, lowering the loan | 0% · $0 |
| Interest rate | Annual interest rate on the loan | 0.00% |
| Loan term | Years to repay the loan in full | 0 yrs |
| Payment frequency | How often you make a payment | Monthly |
Know what this estimate is based on
- Jurisdiction
- United States mortgage planning model
- Rules and time period
- User-entered planning assumptions; rates, taxes, insurance, PMI, HOA charges, and fees are not live quotes.
- Scope and limitations
- Educational PITI and amortization estimate, not a Loan Estimate. Actual rates, APR, taxes, insurance, PMI, HOA charges, escrow, fees, and eligibility depend on the property and lender.
- Source links checked
- Jul 30, 2026
Built and regression-tested by Smart Tools Lab. It has not been individually reviewed by a licensed financial, tax, or legal professional.
How to use
- 01
Enter the home price, your down payment percentage, the interest rate and the loan term — the headline updates to your full monthly payment (PITI).
- 02
Open Advanced to add property tax, insurance, PMI and HOA dues, choose a monthly or biweekly schedule, and enter your income for an affordability read.
- 03
Add an optional extra monthly payment to see how many years — and how much interest — you'd save, then read the year-by-year amortization below.
Formula
Loan amount = home price − down payment. The monthly principal & interest is the level payment that amortizes that loan over the term: P&I = L × [ r(1+r)^n ] ÷ [ (1+r)^n − 1 ] where L is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments (years × 12). When the rate is 0%, it's simply L ÷ n. Your full monthly payment (PITI) adds the monthly slices of property tax, home insurance, PMI and HOA on top of P&I. Total interest is every payment summed minus the loan amount; total loan cost is the loan amount plus that interest.
Example
On a $500,000 home with 20% down ($100,000), you borrow $400,000. At 6% over 30 years the principal & interest is about $2,398/month. Add $500/mo property tax and $150/mo insurance and your PITI is roughly $3,048/month. Over the full term you'd pay about $463,000 in interest — more than the amount borrowed. Paying an extra $300/month would clear the loan around 6 years early and save tens of thousands in interest.
Definitions
- PITI
- Principal, Interest, Taxes and Insurance — the four core parts of a monthly housing payment. This tool also adds HOA dues for an all-in figure.
- P&I
- The principal-and-interest portion that actually repays the loan, separate from escrow items like tax and insurance.
- PMI
- Private mortgage insurance, commonly required when your down payment is under 20%, charged until you build enough equity.
- LTV
- Loan-to-value — the loan as a percentage of the home's price. A lower LTV (bigger down payment) usually means better terms and no PMI.
- DTI
- Debt-to-income — here, your housing payment as a share of gross monthly income. Lenders favour roughly 28% for housing and 36% for total debt.
- Amortization
- How each payment splits between interest and principal over time. Early payments are mostly interest; later ones are mostly principal.
- Escrow
- An account your lender uses to collect property tax and insurance with your payment and pay those bills on your behalf.
Good to know
What goes into a monthly payment
A home loan payment is usually more than just paying back the money you borrowed. The four common pieces are principal (the loan balance you owe), interest (the lender's charge for borrowing), property taxes set by your local government, and homeowners insurance that protects the property. Lenders often bundle these together so a single monthly figure covers everything, including private mortgage insurance when your down payment is small.
Why principal and interest aren't the only costs
Many people compare homes using only the loan repayment and are surprised when the real bill arrives. Taxes and insurance can add a meaningful amount each month and tend to rise over time, while private mortgage insurance is an extra charge that applies until you build enough ownership in the property. Seeing the full payment together gives you a far more honest picture of what a home actually costs to keep.
Reading the number and a common trap
Treat the all-in monthly figure as your true housing cost and weigh it against your take-home income, not your salary before deductions. A widely used guideline keeps total housing spending comfortably below a third of your monthly income, leaving room for repairs, utilities, and savings. A frequent mistake is stretching to the largest payment a lender approves; qualifying for an amount and being able to live well with it are not the same thing.
Amortization and the power of paying early
Every payment is split between interest on the current balance and principal that actually reduces the loan. Early on the balance is large, so most of each payment is interest and the balance barely moves; only in the later years does principal dominate. Anything extra you pay goes entirely to principal, which removes all the future interest that balance would have generated. That is why a small extra amount each month, or a biweekly schedule that sneaks in one extra payment a year, can shorten a thirty-year loan by years and save a striking amount of interest — and why the year-by-year table is worth reading, not just the headline.
Frequently asked questions
What's included in the monthly payment?
The headline is PITI plus HOA: principal and interest on the loan, monthly property tax and home insurance, PMI if it applies, and any HOA or maintenance dues. The donut breaks the payment into those parts.
How does the down payment change my mortgage?
A larger down payment means a smaller loan, lower interest over time, and — once you reach 20% down — usually no PMI. The tool flags when your down payment falls below that 20% threshold.
Do extra payments really make a difference?
Yes. Money paid on top of your scheduled payment goes straight to principal, so the balance — and the interest charged on it — shrinks faster. Even a modest extra amount can cut years off the loan; the tool shows the time and interest saved.
How does a biweekly schedule help?
Paying half your monthly amount every two weeks means 26 half-payments — about 13 monthly payments — each year. That one extra payment a year quietly shortens the term and reduces total interest without changing the headline payment much.
How much home can I afford?
A common guideline keeps housing near 28% of gross income and total debt near 36%. Enter your income and the affordability gauge shows where your payment-to-income ratio lands, warning when it climbs past the comfortable range.
Why is the total interest so large?
Interest is charged on the outstanding balance every month, and early in a long loan that balance is high — so most early payments are interest. Over 30 years that adds up, often to more than the amount originally borrowed. Shorter terms and extra payments both cut it sharply.