Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal, interest, property tax, home insurance, HOA fees, and PMI. See exactly how each payment splits between interest and principal with a full amortisation schedule by year and by month.
Also known as: Home loan calculator · House payment calculator · PITI calculator · Mortgage amortisation calculator
Loan details
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Add taxes, insurance & fees (optional)
Applied only while the balance is above 80% of the home price.
Total Monthly Payment
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Loan Amount
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Total Interest Paid
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Total of All Payments
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Monthly payment breakdown
How to Use the Mortgage Calculator
Enter the home price, your down payment, the interest rate, and the loan term. The calculator immediately shows your monthly payment and the full repayment schedule. Open the optional section to add property tax, insurance, HOA dues, and PMI for a realistic total monthly cost.
What Makes Up a Mortgage Payment
| Component | What it covers | Changes over time? |
|---|---|---|
| Principal | Repayment of the money you borrowed | Increases each month |
| Interest | The lender's charge on the outstanding balance | Decreases each month |
| Taxes | Local property tax, usually held in escrow | Reassessed periodically |
| Insurance | Buildings / homeowners cover | Reviewed annually |
| PMI | Lender protection when equity is under 20% | Drops off at 80% LTV |
| HOA | Community or service charges | Set by the association |
Principal and interest always add up to the same fixed amount each month on a standard repayment mortgage — only the split between them changes. That is exactly what the amortisation schedule above shows.
The Amortisation Formula
M = P × [i(1 + i)^n] / [(1 + i)^n − 1]
Where M is the monthly principal-and-interest payment, P is the loan amount, i is the monthly interest rate (annual rate ÷ 1200), and n is the total number of monthly payments (years × 12).
Each month the interest charge is balance × i, and everything left over from your payment reduces the principal. Because the balance falls a little every month, the interest charge falls too — and the principal portion grows to compensate.
How Your Down Payment Changes Everything
- Lower monthly payment — a bigger deposit means a smaller loan.
- Less total interest — you pay interest on a smaller balance for the whole term.
- No PMI at 20% — crossing the 20% threshold typically removes mortgage insurance entirely.
- Better rates — lenders often reserve their best pricing for lower loan-to-value ratios.
Toggle the down payment field between a percentage and a fixed amount to compare scenarios quickly.
Ways to Pay Less Interest
- Shorten the term. A 15-year term costs far more per month but can halve the total interest versus 30 years.
- Pay extra toward principal. Additional payments early in the loan have the biggest effect, because they eliminate interest on that amount for every remaining month.
- Improve your rate. Even a 0.5% reduction saves a meaningful sum over a long term — compare offers before committing.
- Reach 20% equity sooner to cancel PMI and redirect that money to principal.
Related Calculators
- Loan EMI Calculator — the same amortisation maths for car, personal, and other loans.
- Investment Calculator (SIP & Lumpsum) — compare paying down a mortgage against investing the difference.
- Compound Interest Calculator — understand how compounding works in your favour.
This calculator provides estimates for planning purposes only. Actual loan terms, fees, escrow requirements, and eligibility are determined by your lender.
Frequently Asked Questions
The principal and interest portion uses the standard amortisation formula: M = P × [i(1+i)^n] / [(1+i)^n − 1], where P is the loan amount (home price minus down payment), i is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. Property tax, home insurance, HOA fees, and PMI are then added on top.
PITI stands for Principal, Interest, Taxes, and Insurance — the four components most lenders include when assessing affordability. This calculator shows all four separately, plus HOA dues and PMI, so you see the true total monthly cost rather than just the loan repayment.
A 20% down payment is the common benchmark because it usually removes the requirement for private mortgage insurance (PMI) and secures better interest rates. Many loan programmes allow far less — some as low as 3–5% — but a smaller down payment means a larger loan, higher monthly payments, more total interest, and typically PMI until you reach 20% equity.
Interest is charged on the outstanding balance, which is at its highest at the start of the loan. In the first year of a typical 30-year mortgage, roughly 75–85% of each payment goes to interest. As the balance falls, the interest portion shrinks and more of each identical payment goes to principal — this is why the amortisation curve is so lopsided early on.
Private mortgage insurance protects the lender when your down payment is under 20%. It is typically 0.3–1.5% of the loan amount per year. In most jurisdictions it can be cancelled once your loan balance drops to 80% of the original home value, and it usually terminates automatically at 78%. This calculator drops PMI from the schedule at the 80% threshold.
Any extra payment goes straight to principal, which reduces every future interest charge. On a 30-year mortgage, even one extra payment per year commonly shortens the term by four to six years and saves a substantial share of total interest. Compare scenarios by shortening the loan term in this calculator.
Yes. All amounts are unitless numbers, so you can enter dollars, pounds, euros, rupees, or any other currency — the maths is identical. Just keep every input in the same currency.