Calculate the monthly payment on a fixed-rate mortgage from price, down payment, rate, taxes, insurance, PMI, HOA, and extra principal.
The fixed-rate payment math behind the principal and interest result.
A fixed-rate mortgage uses the same interest rate for every scheduled payment. Early payments are interest-heavy because the balance is still high. As the balance falls, more of the same payment goes toward principal.
The formula produces principal and interest only. The calculator then adds editable monthly estimates for property tax, homeowners insurance, PMI, and HOA dues to show the fuller cash flow.
How the monthly payment is split across loan and housing costs.
Reduces the loan balance and builds equity.
Pays the lender for financing the remaining balance.
Often collected through escrow, but still editable here as planning assumptions.
PMI may apply below 20% equity; HOA dues are community or building costs.
Estimated cancellation timing and payoff acceleration.
Auto PMI uses a conservative annual estimate when the starting down payment is below 20%. The calculator stops PMI when the scheduled balance reaches the selected cancellation LTV, but real PMI removal rules vary by loan and servicer.
Extra monthly principal is applied after regular interest. That lowers the balance faster, which can reduce total interest and move the payoff date earlier.
Engine-backed examples for common mortgage scenarios.
The mortgage payment questions that change the estimate most.
A full housing payment often includes principal, interest, property tax, homeowners insurance, PMI when required, HOA dues, and any extra principal you choose to pay.
Principal and interest repay the loan. Taxes, insurance, PMI, and HOA dues are housing costs layered on top, so the cash flow can be higher than the lender's base payment.
Yes. You can enter property tax as an annual dollar amount or as a percentage of the home price, and homeowners insurance as an annual amount.
Private mortgage insurance is a fee that commonly applies when a conventional mortgage starts above 80% loan-to-value. It protects the lender, not the borrower.
This calculator estimates PMI dropping when the balance reaches the selected LTV threshold. Actual rules depend on loan type, payment history, servicer policy, and appraisal requirements.
Extra principal lowers the balance faster. That usually reduces total interest and can move the payoff date earlier because future interest is calculated on a smaller balance.
This MVP models a fixed-rate mortgage. Adjustable-rate schedules, refinance comparisons, and biweekly payment modes are intentionally separate follow-up tools.
Lenders may use exact closing dates, escrow rules, prepaid items, local tax data, insurance quotes, fees, and loan-specific PMI terms. Treat this as a planning estimate.
Key mortgage terms defined.
The part of each payment that reduces the outstanding loan balance.
The financing charge calculated from the loan balance and interest rate.
The month-by-month process of paying down a loan through principal and interest payments.
A lender-managed account used to collect and pay costs such as property tax and homeowners insurance.
A recurring local tax on the property value, often paid through escrow.
Insurance for covered property damage and liability risks.
Private mortgage insurance, often required when the down payment is below 20%.
Homeowners association dues paid to a community or building association.
Loan-to-value ratio: outstanding balance divided by the property value.
The scheduled time to repay the loan, commonly 15 or 30 years.
Other tools in finance.
Estimate future value and interest earned from principal, rate, time, and compounding frequency.
Settle and split a bill in seconds.
Calculate a loan payment, total interest, payoff time, and the effect of extra monthly principal.