Finance
Instant, private, and free
Mortgage Calculator.
Calculate home loan payments with taxes and insurance
Set your values
Results update as you type.
Important limitation: Estimates do not constitute a formal loan offer or rate lock. Actual taxes, insurance, and lender fees vary by location and credit profile.
Amortization (P&I)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,528.27 | $361.61 | $2,166.67 | $399,638.39 |
| 2 | $2,528.27 | $363.56 | $2,164.71 | $399,274.83 |
| 3 | $2,528.27 | $365.53 | $2,162.74 | $398,909.30 |
| 4 | $2,528.27 | $367.51 | $2,160.76 | $398,541.78 |
| 5 | $2,528.27 | $369.50 | $2,158.77 | $398,172.28 |
| 6 | $2,528.27 | $371.51 | $2,156.77 | $397,800.77 |
| 7 | $2,528.27 | $373.52 | $2,154.75 | $397,427.26 |
| 8 | $2,528.27 | $375.54 | $2,152.73 | $397,051.71 |
| 9 | $2,528.27 | $377.58 | $2,150.70 | $396,674.14 |
| 10 | $2,528.27 | $379.62 | $2,148.65 | $396,294.52 |
| 11 | $2,528.27 | $381.68 | $2,146.60 | $395,912.84 |
| 12 | $2,528.27 | $383.74 | $2,144.53 | $395,529.10 |
| 13 | $2,528.27 | $385.82 | $2,142.45 | $395,143.28 |
| 14 | $2,528.27 | $387.91 | $2,140.36 | $394,755.36 |
| 15 | $2,528.27 | $390.01 | $2,138.26 | $394,365.35 |
| 16 | $2,528.27 | $392.13 | $2,136.15 | $393,973.22 |
| 17 | $2,528.27 | $394.25 | $2,134.02 | $393,578.97 |
| 18 | $2,528.27 | $396.39 | $2,131.89 | $393,182.59 |
| 19 | $2,528.27 | $398.53 | $2,129.74 | $392,784.05 |
| 20 | $2,528.27 | $400.69 | $2,127.58 | $392,383.36 |
| 21 | $2,528.27 | $402.86 | $2,125.41 | $391,980.50 |
| 22 | $2,528.27 | $405.04 | $2,123.23 | $391,575.45 |
| 23 | $2,528.27 | $407.24 | $2,121.03 | $391,168.22 |
| 24 | $2,528.27 | $409.44 | $2,118.83 | $390,758.77 |
FAQs
Do property taxes and insurance change monthly?
They are annual estimates split into monthly amounts here for budgeting purposes.
When is PMI applied?
PMI typically applies if down payment is under 20% and can be removed once equity is sufficient.
Source: CFPB Mortgage Amortization & Truth in Lending Standards (US / International)
Reviewer: Mathify content team
Notice: Estimates do not constitute a loan offer or guarantee of interest rates, PMI, or escrow fees.
How to Use the Mortgage Calculator
Calculate your complete monthly mortgage payment including principal, interest, property taxes, insurance, HOA fees, and PMI. Perfect for first-time homebuyers and refinancing decisions.
- Enter the home purchase price.
- Enter your down payment amount.
- Enter the annual interest rate.
- Enter the loan term in years (typically 15 or 30 years).
- Add annual property tax and insurance costs.
- Include monthly HOA fees if applicable.
- Enter PMI (Private Mortgage Insurance) rate if your down payment is less than 20%.
- Review your total monthly payment breakdown.
Mortgage Calculation Formulas
Mortgage payments combine principal, interest, and escrow items (taxes, insurance) into one monthly payment.
Principal & Interest (P&I)
Same as loan payment formula where P is loan amount (price - down payment), r is monthly rate, n is number of payments.
Example:
Input: $400,000 loan at 6.5% for 30 years
Calculation: M = 400,000 × [0.00542(1.00542)³⁶⁰] / [(1.00542)³⁶⁰ - 1]
Result: $2,528.27 P&I
Monthly Property Tax
Divide annual property tax by 12 for monthly amount.
Example:
Input: $4,000 annual tax
Calculation: $4,000 / 12
Result: $333.33/month
Monthly PMI
PMI is typically 0.5% to 1% annually of the loan amount, paid monthly.
Example:
Input: $400,000 loan at 0.5% PMI
Calculation: ($400,000 × 0.005) / 12
Result: $166.67/month
Total Monthly Payment
Sum of all monthly housing costs.
Example:
Input: P&I $2,528.27 + Tax $333.33 + Insurance $125 + HOA $0 + PMI $166.67
Calculation: Total monthly payment
Result: $3,153.27
Real-World Use Cases
Mortgage calculators help you understand home buying affordability and compare different loan scenarios.
First-Time Homebuying
Determine how much home you can afford and what your monthly payment will be.
Example: Calculate payment for $500,000 home with $100,000 down payment at 6.5% for 30 years
Refinancing Decisions
Compare current mortgage payments vs. refinanced loan terms to see if refinancing saves money.
Example: Compare 30-year at 7% vs. refinancing to 6% to calculate monthly savings
Down Payment Planning
Understand how different down payment amounts affect monthly payments and PMI requirements.
Example: Calculate difference between 10% down ($50,000) vs. 20% down ($100,000) on $500,000 home
Budget Planning
Factor all housing costs into your monthly budget before house hunting.
Example: Calculate total monthly cost including all escrow items to ensure affordability
Loan Term Comparison
Compare 15-year vs. 30-year mortgages to see trade-offs between payment amount and total interest.
Example: Compare $2,528/month for 30 years vs. $3,484/month for 15 years on same loan amount
Tips & Best Practices
Tips
- Keep total monthly payment (including all costs) below 28% of gross monthly income for financial stability.
- Consider making extra payments toward principal to pay off mortgage faster and save on interest.
- PMI typically disappears once you reach 20% equity - track your loan-to-value ratio.
- Property taxes and insurance costs vary by location - research local averages before calculating.
- Shop around for the best interest rates - even 0.25% difference can save tens of thousands over loan term.
- Consider shorter loan terms (15 years) if you can afford higher payments - saves significant interest.
Common Mistakes to Avoid
- Only considering principal and interest, ignoring property taxes, insurance, and other costs.
- Buying at maximum approval amount without considering other expenses and savings goals.
- Not accounting for PMI when putting down less than 20%.
- Choosing 30-year mortgage without comparing to 15-year option and total interest difference.
- Failing to factor in closing costs, which can add 2-5% to home purchase price.
Related Resources
Related Calculators
Cite this calculator
Canonical URL: https://mathify.one/en/finance/mortgage
Cite as: Mathify. (2026). Mortgage Calculator. https://mathify.one/en/finance/mortgage
Use Cases
Budgeting for a Home Purchase
Determine if a home fits your budget by estimating the total monthly payment, including taxes and insurance, before you make an offer.
Example: Input a $300,000 loan at 6% for 30 years with $3,600 annual taxes and $1,200 insurance to see your monthly payment.
Comparing Loan Scenarios
Adjust loan amount, interest rate, or term to compare different mortgage options and see how they affect your monthly payment.
Example: Compare a 15-year vs. 30-year term to see the trade-off between lower monthly payments and total interest paid.
Frequently Asked Questions
- What does this mortgage calculator do?
- This calculator estimates your monthly home loan payment by factoring in the loan amount, interest rate, loan term, property taxes, and homeowners insurance. It provides a comprehensive view of your potential monthly housing costs.
- How are taxes and insurance included in the calculation?
- The calculator adds your annual property taxes and homeowners insurance premiums to your monthly payment. These amounts are typically escrowed by your lender and paid on your behalf, so including them gives a more accurate total monthly cost.
- Is this calculator a substitute for professional financial advice?
- No, this tool is for estimation purposes only. It can include HOA fees and PMI, but may not account for every factor, such as variable interest rates. Consult a mortgage professional for personalized advice.
Tips & Common Mistakes
Tips
- Enter your best estimate for property taxes and insurance to get a more accurate monthly payment.
- Remember that your monthly payment may also include PMI if your down payment is less than 20%.
- Use this calculator to see how a higher down payment reduces your monthly payment and total interest.
- Check current interest rates to input a realistic rate for your area.
Common Mistakes to Avoid
- Forgetting to include property taxes and insurance, which can significantly increase your monthly payment.
- Using an interest rate that is too low or too high, leading to an inaccurate estimate.
- Not considering that taxes and insurance can change over time, affecting your future payments.
Last updated: August 13, 2026