Mortgage payment calculator
Your full monthly payment: principal, interest, taxes and insurance (PITI), plus HOA and PMI.
Monthly payment
$2,814
- Principal & interest
- $2,023
- Property tax
- $500.00
- Insurance
- $291.67
- HOA
- $0.00
- PMI
- $0.00
- Loan amount
- $320,000
- Total interest over the loan
- $408,142
How this is calculated
- 1Loan amount = home price × (1 − down payment %).
- 2Principal & interest = L × r ÷ (1 − (1 + r)−n), where L is the loan, r the monthly rate (annual rate ÷ 12) and n the number of monthly payments.
- 3Taxes and insurance = yearly amounts ÷ 12.
- 4PMI = loan × PMI rate ÷ 12, only when the down payment is under 20%.
- 5Total interest = principal & interest × n − loan amount.
PMI on conventional loans can usually be removed once you reach 20% equity; this calculator shows the starting payment.
Frequently asked questions
- What is PITI?
- Principal, interest, taxes and insurance: the four parts of a typical monthly house payment. This calculator also adds HOA dues and mortgage insurance (PMI) when they apply.
- When does PMI go away?
- On a conventional loan you can ask to remove it once you owe 80% of the home's original value, and it ends automatically at 78% based on the original payment schedule. FHA mortgage insurance follows different rules.
- Is the pre-filled rate the rate I'll get?
- No. It's Freddie Mac's weekly national average for a 30-year fixed loan. Your rate depends on your credit, down payment, points and loan type, so get quotes from lenders.
- Should I choose a 15-year or 30-year loan?
- A 15-year loan has a higher payment but a lower rate and far less total interest. A 30-year loan keeps the payment lower and leaves more room in your budget. Try both terms in the calculator.
- Does this include closing costs?
- No. It shows the monthly payment. Closing costs are paid once, at closing, and typically run a few percent of the price.