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Mortgage Calculator

Estimate your complete monthly mortgage payment including principal, interest, property taxes, homeowners insurance, HOA dues, and PMI.

$80,000.00
Total Monthly Payment (PITI)
$2,522.62

Loan balance: $320,000.00 after $80,000.00 down.

Principal & Interest:$2,022.62
Property Taxes:$400.00
Homeowners Insurance:$100.00
Total Interest Paid over 30 yrs:$408,142.36
✓ No PMI required (Down payment is 20% or more).
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What Is a Mortgage Calculator?

A mortgage calculator estimates the full cost of homeownership by calculating the monthly PITI (Principal, Interest, Taxes, and Insurance) payment. It accounts for down payment percentages, private mortgage insurance (PMI), and homeowners association fees.

How to Use This Calculator

  1. Input the purchase Home Price.
  2. Enter your Down Payment (as a percentage or dollar amount).
  3. Select the Loan Term (30-year fixed, 15-year fixed, etc.).
  4. Enter the quoted mortgage Interest Rate.
  5. Add annual property tax rate (national average is ~1.2%) and homeowners insurance.
  6. Review the complete monthly payment breakdown and total interest paid over the life of the mortgage.

Mortgage Principal and Interest Formula

M = P \left[ \frac{r(1+r)^n}{(1+r)^n - 1} \right] + \text{Taxes} + \text{Insurance} + \text{HOA} + \text{PMI}

Principal & interest (P&I) is calculated using standard amortization mathematics, then monthly property taxes, homeowners hazard insurance, HOA dues, and PMI are added to form the complete monthly payment.

Worked Example

Scenario: A $400,000 home purchase with a 20% down payment ($80,000), 30-year fixed loan at 6.5%, 1.2% property tax, and $1,200 annual insurance.

Loan Amount: $400,000 - $80,000 = $320,000.

Monthly Principal & Interest: $2,022.62.

Monthly Property Taxes: ($400,000 × 0.012) / 12 = $400.00.

Monthly Insurance: $1,200 / 12 = $100.00.

PMI: $0 (because down payment is ≥ 20%).

Result: Total monthly payment is $2,522.62.

Tips & Key Notes

  • Putting down at least 20% eliminates Private Mortgage Insurance (PMI), potentially saving $100–$300 per month.
  • A 15-year fixed mortgage usually offers lower interest rates and cuts total interest paid by more than 50% compared to a 30-year loan.

Frequently Asked Questions

What is PMI and when does it cancel?

Private Mortgage Insurance protects the lender if a borrower defaults. Lenders are required under the Homeowners Protection Act to cancel PMI automatically once loan-to-value drops to 78%.

What is included in an escrow account?

Most lenders collect monthly estimates for annual property taxes and homeowners insurance along with your principal and interest, holding these funds in escrow to pay the bills when due.

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