Mortgage Calculator
US mortgage payments with PMI, taxes, insurance, and extra payment scenarios. See exactly how much your home really costs — and how much you save by paying extra.
Mortgage Details
| Period | Principal | Interest | Extra | Balance |
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How is a mortgage payment calculated?
Your monthly principal-and-interest (P&I) payment is determined by three numbers: how much you borrow, the interest rate, and how long you take to pay it back. The math is the standard amortization formula:
Where M is the monthly payment, P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years × 12). On a $320,000 loan at 7% over 30 years, that produces $2,128.92 per month — the same number every fixed-rate calculator returns.
That P&I figure is just one piece of your real monthly outflow. The full picture is PITI: Principal, Interest, Taxes, and Insurance. If your down payment is below 20% on a conventional loan, add PMI. If your home is in a homeowners association, add HOA dues. The calculator above adds all of these so the headline number reflects what actually leaves your bank account each month.
Mortgage calculator with PMI, taxes, and insurance
Most basic mortgage calculators only compute principal and interest — which understates your real monthly payment by hundreds of dollars. PITI is the number lenders look at when deciding whether you qualify, and it's the number you'll actually pay. Here's what each piece typically costs:
- Property tax: 0.3% to 2.5% of home value annually, varying by county. The national median is about 1.1%.
- Homeowners insurance: $700 to $4,200 per year depending on state, with high-catastrophe states (FL, LA, CA) at the top.
- PMI (Private Mortgage Insurance): 0.3% to 1.5% of the loan amount annually, required by lenders when you put less than 20% down on a conventional loan.
- HOA dues: $0 to $1,000+ per month depending on your community. Standalone single-family homes in non-HOA neighborhoods pay nothing.
Enter a US ZIP code in the calculator above and it auto-fills property tax and insurance estimates from county-level data. You can override either value with your actual quote. PMI auto-applies when your down payment is under 20% on a conventional loan and turns off at 20% or more — exactly as your real lender will calculate it.
Biweekly mortgage calculator: how much you really save
Biweekly mortgage plans get sold as a magic hack. The truth is simpler: by paying half your monthly payment every two weeks, you make 26 half-payments per year instead of 24 — that's 13 full monthly payments instead of 12. The "extra" payment goes entirely to principal, accelerating payoff and reducing total interest.
On a $320,000 / 30-year / 7% mortgage, biweekly payments shorten the loan by roughly 5 to 6 years and save about $80,000 to $90,000 in interest. That's real money — but you can get the exact same result without any biweekly arrangement by simply adding 1/12 of your monthly P&I to each regular monthly payment. Toggle the biweekly switch in the calculator above to see your specific numbers.
Watch out for "biweekly mortgage programs" sold by third parties for $400-$1,000 setup fees plus monthly service charges. They do nothing you can't do for free yourself by sending extra principal directly to your lender.
Extra payment mortgage calculator: lump sum vs. monthly extras
The single highest-leverage feature of a mortgage calculator is modeling extra principal payments. Every dollar you pay above the scheduled amount goes 100% to principal, immediately reducing the balance you pay interest on. Three common patterns:
- Monthly extra: An extra $200/month on a $320K / 7% / 30-year loan saves about $90,000 in interest and shaves 7 years off the term.
- Yearly lump sum (e.g. tax refund or bonus): One extra $5,000 payment per year saves around $100,000 over the life of the loan and ends it 6+ years early.
- One-time early payment: A single $20,000 payment in year 2 of a 30-year loan can save $40,000+ in interest depending on rate, because that money would otherwise have been compounding against you for 28 more years.
The savings callout in the calculator above updates instantly as you type extra-payment amounts. Try $50, $100, $200, $500 and watch the years and dollars vanish. This is the most engaging part of any serious mortgage tool — and the one most basic calculators leave out.
Amortization schedule explained
An amortization schedule is a month-by-month breakdown of every mortgage payment over the life of the loan, showing exactly how much went to principal, how much went to interest, and the remaining balance after each payment. The amortization table in the calculator above shows annual rows by default — click any year to expand to monthly detail.
The eye-opening pattern in any 30-year mortgage: in the first year, only a small fraction of each payment goes to principal — most goes to interest. On a $320,000 / 7% / 30-year loan, your first month's payment of $2,129 includes only $262 of principal and $1,867 of interest. It takes until year 17 before more than half of each payment goes to principal. This is why early extra payments are so powerful — they cut directly into the balance that interest is calculated against, reducing the runaway interest snowball at the start of the loan.
30-year vs. 15-year mortgage comparison
The 30-year fixed mortgage is the US standard, but a 15-year alternative dramatically reduces lifetime cost. Here's the side-by-side on a $320,000 loan at typical 2026 rates:
| Term | Rate | Monthly P&I | Total Interest | Total Paid |
|---|---|---|---|---|
| 30-year fixed | 7.00% | $2,129 | $446,428 | $766,428 |
| 15-year fixed | 6.25% | $2,744 | $173,948 | $493,948 |
| Savings (15 vs 30) | — | +$615/mo | −$272,480 | −$272,480 |
The 15-year payment is about 30% higher per month — but you save over $270,000 in lifetime interest and own your home outright in half the time. The 15-year also typically carries an interest rate 0.5% to 0.75% lower than the 30-year because the lender's risk is lower.
The decision isn't purely mathematical. The 30-year gives you more cash flow flexibility, which matters for emergency funds, investing, raising kids, or career changes. Many financially disciplined buyers prefer the 30-year and add voluntary extra principal payments — it gives them the option to pay it off in 15 years if they want, but flexibility to drop to the lower required payment in tight months.
FHA vs. VA vs. conventional vs. jumbo loans
The "loan type" tab at the top of the calculator changes default rates and PMI/MIP behavior to match each program's typical terms. The four major types:
| Loan Type | Min Down | Min Credit | Mortgage Insurance | Best For |
|---|---|---|---|---|
| Conventional | 3% (5% typical) | 620+ | PMI under 20% down, drops at 80% LTV | Buyers with 5-20% down, decent credit |
| FHA | 3.5% | 580+ | MIP required, often for entire loan life | Lower credit scores, smaller down payments |
| VA | 0% | None official (lenders set ~580+) | None — funding fee instead (1.4%-3.6%) | Eligible veterans, active duty, surviving spouses |
| Jumbo | 10-20% | 700+ typically | PMI under 20% (varies by lender) | Loans above conforming limits ($766,550+ in 2026) |
USDA rural loans (not shown above) also offer 0% down for properties in eligible rural areas with income limits. If you're VA-eligible and buying within conforming limits, VA is almost always the best deal — no down payment, no PMI, and competitive rates. FHA is the workhorse for first-time buyers without 20% saved up, but the lifetime MIP is a real cost that conventional + PMI doesn't have once you cross 20% equity.
Frequently asked questions
How is a monthly mortgage payment calculated?
A monthly mortgage payment uses the standard amortization formula: M = P × (r(1+r)n) / ((1+r)n − 1), where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years × 12). The result is just principal and interest. Your full PITI payment also includes property taxes, homeowners insurance, PMI (if applicable), and HOA dues.
What is included in a mortgage payment (PITI)?
PITI stands for Principal, Interest, Taxes, and Insurance. Principal pays down your loan balance, interest is what the lender charges, taxes are property taxes collected monthly into an escrow account, and insurance is your homeowners insurance premium. If your down payment is under 20% on a conventional loan, your monthly payment also includes PMI (private mortgage insurance). If your home is in an HOA community, dues are paid separately or added to the monthly figure.
What is PMI and when can I drop it?
Private Mortgage Insurance (PMI) is required by lenders on conventional loans when your down payment is less than 20% of the home price. PMI typically costs 0.3% to 1.5% of the loan amount per year. By federal law (Homeowners Protection Act), your lender must automatically cancel PMI when the loan balance reaches 78% of the original home value, and you can request cancellation at 80%. FHA loans use MIP instead of PMI and the rules differ — MIP often lasts the entire loan unless you refinance.
How much down payment do I need?
Conventional loans require as little as 3% down for first-time buyers, 5% for many programs, and 20% to avoid PMI. FHA loans allow 3.5% down with credit scores of 580 or higher. VA loans for eligible veterans require 0% down with no PMI. USDA rural loans also offer 0% down. Larger down payments mean smaller loans, lower monthly payments, less total interest, and no PMI — but tying up cash you might need for emergencies or investments has its own cost.
What's the difference between a 15-year and 30-year mortgage?
A 30-year mortgage spreads payments over 360 months, giving you a lower monthly payment but you pay much more interest over the life of the loan. A 15-year mortgage has higher monthly payments but pays off twice as fast and saves enormous amounts in interest. On a $300,000 loan at 7%, the 30-year payment is about $1,996/month with $418,527 total interest. The 15-year payment is about $2,696/month with $185,367 total interest — saving $233,160 over the life of the loan.
How does an extra principal payment affect my mortgage?
Every dollar applied to principal reduces the loan balance, which means less interest accrues every month afterward. Even small extra payments compound dramatically. Adding $200 per month to a $300,000 / 30-year / 7% mortgage shortens the loan by about 7 years and saves roughly $90,000 in interest. One extra full payment per year (often achieved by switching to biweekly) typically shaves 4-6 years off a 30-year loan. Use this calculator's extra payment fields to see your exact savings.
Is a biweekly mortgage payment really worth it?
Biweekly payments mean paying half your monthly payment every two weeks. Because there are 26 biweekly periods per year, you end up making 13 full monthly payments instead of 12 — one extra per year. On a 30-year mortgage, this typically shortens the loan by 4-6 years and saves tens of thousands in interest. The math is real, but the benefit comes entirely from that extra annual payment, not magic. You can achieve the same result by adding 1/12 of your monthly payment to each regular payment, with no special biweekly arrangement.
How does my ZIP code affect property tax?
Property tax rates are set at the county level and vary dramatically across the US — from under 0.5% of home value in Hawaii and Alabama to over 2.5% in parts of New Jersey, Illinois, and New Hampshire. This calculator uses your ZIP code to look up the local effective property tax rate and multiply it by your home price to estimate annual property tax. Within a single ZIP, your actual tax can still vary based on assessed value (often lower than market value), homestead exemptions, school districts, and special assessments — so treat the estimate as a starting point.
What's the difference between FHA, VA, conventional, and jumbo loans?
Conventional loans follow Fannie Mae/Freddie Mac guidelines — 3% to 20% down, PMI under 20%, conforming loan limits ($766,550 in most areas for 2026). FHA loans are government-backed for buyers with lower credit scores or smaller down payments — 3.5% down possible, MIP required (often for the loan's full life). VA loans are for eligible veterans, active-duty service members, and surviving spouses — 0% down, no PMI, but a one-time funding fee. Jumbo loans exceed conforming limits, typically requiring 10-20% down, higher credit scores, and stricter income verification.
How accurate is this calculator for my situation?
The principal and interest calculation is mathematically exact for fixed-rate loans. Property tax and homeowners insurance are estimates based on state and county averages — actual amounts vary based on your specific home's assessed value, exemptions, dwelling coverage, and insurer. PMI rates depend on credit score and lender. For a precise quote, get a Loan Estimate from a licensed lender. This tool is designed to help you compare scenarios and understand the math, not to replace official lender disclosures required under TRID.
Does this calculator save my financial data?
No. All calculations run 100% in your browser using JavaScript. Your home price, salary, ZIP code, and loan details are never sent to any server, stored in a database, or shared with third parties. The only network requests are loading the page, fonts, ads, and a small public dataset of US property tax averages. You can use this tool for sensitive financial planning with confidence — nothing you enter leaves your device.
Can I afford a house on my salary?
A common rule of thumb is the 28/36 rule: your housing costs (PITI) shouldn't exceed 28% of your gross monthly income, and total debt payments (housing plus car loans, student loans, credit cards) shouldn't exceed 36%. On a $100,000 annual salary ($8,333/month gross), that means up to $2,333/month for housing. At 7% interest on a 30-year loan with 20% down, that supports roughly a $350,000 home — though property tax, insurance, and HOA can shift this materially. Use the affordability section in this calculator to estimate your range.
Want a deeper read? How much house can you afford on $100K salary? walks through four real scenarios. $400K mortgage real cost shows you what 30 years of interest actually looks like. Or see how compound interest works in your favor.