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Mortgage Calculator

Mortgage Calculator is part of Toolspire and is ready as soon as this page loads. See your full monthly house payment – principal and interest, property tax, homeowners insurance, PMI and HOA – when PMI drops off, what extra payments save, and how much home your income supports.

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What you can do here

The real monthly payment

Lenders and listings often quote principal and interest only. Taxes, insurance, PMI and HOA can add hundreds a month – here they are all in.

PMI, start to finish

The PMI payment, the month it ends – on request at 80% or automatically at 78% – and the total you will pay.

Pay it off sooner

Add extra principal every month or once a year and see the interest saved and the years cut.

Affordability check

Compare your payment with the 28/36 guideline and see the price that fits your income.

Amortization schedule

Every payment split into principal, interest and PMI, with the balance left, by year or by month.

Private

No account and no lead forms: your numbers stay in this tab.

The sequence

How to calculate a mortgage payment

  1. 1

    Enter the home price and down payment

    Type the price, then the down payment in dollars or tap 3%, 5%, 10% or 20%.

  2. 2

    Set the rate and term

    Enter the interest rate and pick a 10-, 15-, 20- or 30-year term.

  3. 3

    Add taxes and insurance

    Enter the property tax rate or yearly amount, homeowners insurance and any HOA dues.

  4. 4

    Check PMI

    With under 20% down, enter the PMI rate from your quote and choose whether you will ask to cancel it at 80%.

  5. 5

    Read the result

    See the monthly payment and its parts, when PMI ends, the payoff date and the total cost; add extra payments to compare.

Worth knowing

  • Mortgage Calculator on Toolspire: adds up the whole payment – principal and interest, property tax, homeowners insurance, PMI and HOA (PITI) – and shows each part.
  • Example: a $400,000 home with 20% down at 6.5% for 30 years has a principal and interest payment of $2,022.62, and $408,142 of interest over the loan.
  • PMI applies with less than 20% down. Under the Homeowners Protection Act you can ask to cancel it at 80% of the original value; it ends automatically at 78% on the original schedule, and at the latest after the loan’s midpoint.
  • With 10% down on that home and PMI at 0.5%, PMI of $150 a month is paid for 7 years 11 months if you ask to cancel at 80%, or 9 years 1 month until it ends automatically – $14,250 against $16,350.
  • Extra payments: $200 a month more on the $320,000 loan saves $105,429 of interest and pays it off 6 years 7 months sooner – and lets you ask to drop PMI sooner.
  • Checks the 28/36 guideline and estimates the home price your income supports. Property tax can be a rate or a yearly amount.
  • Full amortization schedule with a PMI column, by year or by month, as CSV. Nothing you enter leaves your browser.

What is in a mortgage payment

  • Principal and interest – the loan payment itself: P × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r the monthly rate and n the number of payments.
  • Property tax – set by your county or city, usually paid through an escrow account with the mortgage.
  • Homeowners insurance – required by lenders, also often paid through escrow.
  • PMI – private mortgage insurance on conventional loans with less than 20% down; it protects the lender, not you.
  • HOA dues – paid to a homeowners association, usually separately from the mortgage.

15-year or 30-year mortgage

For a $320,000 loan at 6.5%. Shorter loans usually come with lower rates too, which widens the gap further. A 30-year loan with regular extra payments keeps the lower required payment while cutting much of the interest.

TermPrincipal & interestTotal interest
15 years$2,787.54$181,758
20 years$2,385.83$252,600
30 years$2,022.62$408,142

When PMI ends

Under the Homeowners Protection Act, for loans on a primary home made since July 1999: you may ask in writing to cancel PMI once the balance reaches 80% of the original value (the lower of the price and the appraisal), if your payments are up to date. Extra payments bring that date forward. PMI must end automatically when the original schedule reaches 78%, and in any case by the first month after the midpoint of the loan term if you are current. FHA mortgage insurance follows different rules.

FAQ

Questions about Mortgage Calculator

Where does Mortgage Calculator run?

Mortgage Calculator runs in this tab on Toolspire. What you type or drop in is not sent to us and is not stored on a server.

How is a mortgage payment calculated?

The loan part uses P × r × (1 + r)^n ÷ ((1 + r)^n − 1): P is the loan, r the yearly rate ÷ 12 and n the number of months. For $320,000 at 6.5% over 360 months that is $2,022.62. Property tax, insurance, PMI and HOA are then added on top.

How do I avoid or get rid of PMI?

Put down at least 20% on a conventional loan. If you put down less, you can ask to cancel PMI once the balance is 80% of the original value – sooner if you pay extra principal – and it ends by itself at 78%. A big rise in value can also help, but lenders usually require an appraisal for that.

How much house can I afford?

A common starting point is the 28/36 guideline: total housing costs within 28% of gross monthly income, and all debt payments within 36%. Enter your income and debts in the calculator to see the price that fits, then compare with what lenders approve.

Are extra mortgage payments worth it?

Every extra dollar of principal saves the loan’s interest rate on it for the rest of the loan. $200 a month more on a $320,000 loan at 6.5% saves about $105,000 and 6½ years. Check that your loan has no prepayment penalty and ask your servicer to apply extra payments to principal.

What property tax rate should I use?

Use the rate or yearly bill for the specific home: listings and county assessor websites show the current tax. Rates vary a lot between states and counties, and taxes are based on the assessed value, which can differ from the price.

Keep going

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