Mortgage Calculator
Calculate your monthly mortgage payment with taxes, insurance, PMI, HOA fees & extra payments. View full amortization schedule and payment breakdown chart.
Mortgage Details
Monthly Payment Breakdown
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Total Monthly Payment
Amortization Schedule
Yearly
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💡 What is a Mortgage?
Home Loan Basics
- A mortgage is a loan used to purchase real estate, with the property itself serving as collateral.
- Monthly payments include principal (loan balance), interest, taxes, and insurance — often called PITI.
- The most common term is 30 years fixed, but 15-year and 20-year terms are also popular.
- A larger down payment reduces your loan amount and may eliminate the need for PMI.
📖 How to use
Step by Step
- Enter the home price and your desired down payment ($ or %)
- Set the interest rate, loan term, and loan type
- Add property tax, home insurance, PMI (if applicable), and HOA fees
- Optionally enable extra payments to see how they reduce total interest
- View monthly breakdown, pie chart, summary cards, and full amortization schedule
🎯 Loan Types
Conventional vs FHA vs VA vs USDA
- Conventional: Standard loan, requires 20% down to avoid PMI, best rates for good credit.
- FHA: Federal Housing Administration — only 3.5% down, requires MIP (mortgage insurance premium).
- VA: For veterans and active military — 0% down, no PMI, funding fee applies.
- USDA: For rural areas — 0% down, guarantee fee applies, income limits may apply.
Frequently Asked Questions
What is included in a monthly mortgage payment?▾
A typical mortgage payment includes four components known as PITI: Principal (the loan balance you're paying down), Interest (the cost of borrowing), Taxes (property tax divided monthly), and Insurance (homeowner's insurance). If your down payment is less than 20%, Private Mortgage Insurance (PMI) is also added. HOA fees are included if applicable.
What is PMI and when is it required?▾
Private Mortgage Insurance (PMI) protects the lender if you default on the loan. It's required on conventional loans when your down payment is less than 20% (loan-to-value ratio above 80%). PMI typically costs 0.3% to 1.5% of the loan amount per year. It's automatically removed once your LTV drops below 78%. FHA loans have their own version called MIP (Mortgage Insurance Premium).
How do extra payments save money?▾
Extra payments go directly toward reducing your loan principal. Since interest is calculated on the remaining balance, even small extra monthly payments can save you tens of thousands of dollars in interest and shave years off your mortgage. For example, paying just $200 extra per month on a $320,000 loan at 6.5% can save over $80,000 in interest and pay off the loan 6+ years early.
Should I choose a 15-year or 30-year mortgage?▾
A 15-year mortgage has higher monthly payments but significantly lower total interest cost (often less than half the interest of a 30-year). It also typically comes with a lower interest rate. A 30-year mortgage offers lower monthly payments and more financial flexibility. Choose 15-year if you can comfortably afford the payments; choose 30-year for lower monthly obligations with the option to make extra payments when possible.
What credit score do I need for a mortgage?▾
For conventional loans, most lenders require a minimum credit score of 620, with the best rates going to those with 740+. FHA loans accept scores as low as 580 (with 3.5% down) or 500 (with 10% down). VA loans don't have a government-mandated minimum but most lenders require 620+. Higher credit scores get lower interest rates, which can save thousands over the life of the loan.
How accurate is this calculator?▾
This calculator provides a close estimate of your monthly payments based on standard amortization formulas. Actual payments may vary slightly based on your lender's rounding, exact closing date, escrow calculations, and any additional fees. Property tax rates and insurance premiums are estimates — contact your local assessor and insurance provider for exact figures.