What is included in this mortgage calculator?

The calculator estimates principal and interest, property tax, home insurance, PMI, HOA fees, extra monthly payments, total interest, payoff time, and a yearly amortization schedule.

Does this calculator include PMI?

Yes. You can enter a monthly PMI amount manually. PMI rules vary by lender and loan type, so this estimate should be checked against your loan disclosures.

Can extra payments reduce mortgage interest?

Extra principal payments can reduce the loan balance faster, which may lower total interest and shorten the payoff timeline. The actual result depends on loan terms and whether your lender applies extra payments to principal.

Mortgage Calculators

Mortgage Calculator with Taxes, Insurance, and PMI

Estimate your monthly payment, total interest, payoff date, and yearly amortization schedule.

Transparent formula shown

Fast instant results

Private no account required

Loan details

Home price

Down payment Down payment %

Interest rate Loan term

Property tax / year Home insurance / year

PMI / month HOA / month

Extra monthly payment

Your estimate

Estimated monthly payment $0

Principal & interest$0

Taxes$0

Insurance$0

PMI$0

HOA$0

Loan amount$0

Total interest$0

Total paid$0

Payoff time0 years

Compare payment scenarios

Same home price, down payment, tax, insurance, PMI, and HOA

Monthly payment breakdown

Balance over time

Yearly amortization schedule

Year	Principal	Interest	Ending balance

How to use this mortgage calculator

Enter the home price and down payment. The down payment amount and percentage stay linked.
Add the interest rate and loan term you want to estimate.
Include yearly property tax, yearly home insurance, PMI, and HOA fees for a fuller monthly estimate.
Use extra monthly payment to see how additional principal payments may affect your payoff timeline.
Review the yearly amortization schedule or download it as a CSV file for comparison.

Example mortgage calculation

For a $400,000 home with a 20% down payment, a $320,000 loan, a 6.75% interest rate, a 30-year term, $4,800 in yearly property taxes, and $1,800 in yearly insurance, the estimated monthly payment is about $2,626 before any HOA or PMI. Adding an extra $250 per month can shorten the payoff timeline by several years in this example.

Formula and assumptions

The monthly principal and interest payment uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments.

Taxes, insurance, PMI, and HOA are added to the monthly estimate separately from principal and interest. Extra payments are treated as additional principal payments. This calculator assumes a fixed-rate mortgage with monthly payments and does not account for adjustable rates, escrow changes, late fees, prepayment penalties, lender-specific PMI cancellation rules, or closing costs.

This calculator is for educational estimates only and is not financial, tax, legal, or lending advice. Confirm actual loan terms, taxes, insurance, and fees with a qualified professional or lender before making a financial decision.

Common questions

What is included in the monthly mortgage payment?

The estimate includes principal and interest, property tax, home insurance, PMI, HOA fees, and any extra monthly principal payment you enter.

Why is my actual lender payment different?

Lenders may calculate escrow, PMI, insurance, local taxes, and fees differently. Your actual payment can also change if taxes or insurance premiums change over time.

Does an extra monthly payment always reduce interest?

It usually reduces interest if the extra amount is applied to principal. Check your lender's rules and confirm there is no prepayment penalty.

Should I compare a 15-year and 30-year mortgage?

Yes. A shorter term usually has higher monthly payments but lower total interest. A 30-year term usually lowers the monthly payment but increases total interest paid over the life of the loan.