Mortgage calculator

Enter the home price, your down payment, the interest rate and the loan term, then the yearly property tax, homeowners insurance, PMI rate and monthly HOA dues. The calculator shows:

• your total monthly payment (PITI: principal, interest, taxes and insurance, plus PMI and HOA), with a chart of how it splits up,
• the principal and interest part on its own,
• total interest, total PMI and the month PMI ends,
• your loan-to-value (LTV) ratio and the payoff date,
• a yearly or monthly amortization schedule, free to download as CSV or print.

Add extra monthly, yearly or one-time payments, or switch to biweekly payments, to see how much sooner you finish and how much interest you save. Add your gross monthly income to see what share of it the housing payment takes. The calculator assumes a fixed rate for the full term. Everything runs in your browser, and the inputs are saved in the link so you can share the exact scenario.

Home price $400,000, down payment $80,000 (20%), rate 6.5%, term 30 years.

1. Loan amount: 400,000 − 80,000 = $320,000 (LTV 80%).
2. Monthly rate: 6.5 / 12 / 100 ≈ 0.0054167; number of payments: 360.
3. Payment: M = P × r × (1 + r)^n / ((1 + r)^n − 1) ≈ $2,022.62 per month.
4. Total of payments: about $728,143, so total interest is about $408,143.

Same loan over 15 years at the same rate: about $2,787.55 a month, but total interest drops to roughly $181,760. In practice 15-year loans usually carry a lower rate as well, which widens the gap.

The same $400,000 home with 20% down at 6.5% for 30 years, with a 1.1% property tax rate and $1,500 a year for homeowners insurance:

Part	Per month
Principal and interest	$2,022.62
Property tax (1.1% of $400,000 = $4,400 a year)	$366.67
Homeowners insurance ($1,500 a year)	$125.00
Total (PITI)	$2,514.29

With 20% down there is no PMI. Property taxes vary widely by state and county, so use the rate or the dollar amount from the listing or your county assessor. Taxes and insurance usually rise over time; the calculator keeps them flat, so treat the figure as a first-year estimate. Many lenders collect taxes and insurance through an escrow account as part of the monthly payment.

Put down 10% ($40,000) instead, borrowing $360,000 at 6.5%, with PMI at 0.5% of the loan a year:

• Principal and interest: $2,275.44.
• PMI: $150 a month (0.5% × $360,000 / 12).
• Total with tax and insurance: $2,917.11 a month.
• PMI stops after about 109 payments, when the balance reaches 78% of the original price, for $16,350 of PMI in total.

PMI rates depend on your credit score, down payment and the insurer, typically from a few tenths of a percent to over one percent of the loan a year. Your Loan Estimate shows the real figure. Extra payments bring the 78% point closer, so PMI ends sooner.

Loan-to-value is the loan amount divided by the home's price or appraised value. A $320,000 loan on a $400,000 home is 80% LTV.

On a conventional loan, putting down less than 20% (LTV above 80%) usually means paying private mortgage insurance. Under the federal Homeowners Protection Act, borrowers can ask to cancel PMI once the balance reaches 80% of the home's original value, and it must end automatically at 78% if payments are current. FHA, VA and USDA loans have their own down payment and mortgage insurance rules.

A bigger down payment lowers both the payment and the total interest. Use the yearly schedule to see how quickly your balance falls toward 80% LTV.

Use the APR on each Loan Estimate to compare lenders, since it includes points and certain fees on top of the rate. Also compare closing costs, the rate lock period and whether there is a prepayment penalty.

For a quick sense of affordability, many lenders look at your debt-to-income ratio (DTI): all monthly debt payments divided by gross monthly income. Limits differ by loan program, so ask your lender. The loan calculator handles other installment loans.