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Mortgage Calculator

Calculate monthly mortgage payment (PITI), full amortization schedule, PMI drop-off, and extra payment savings.

FINANCE

Calculate your monthly mortgage payment (PITI), see the full amortization schedule, and model the impact of extra principal payments.

Inputs include home price, down payment (dollar or percent, two-way synced), term (15/20/30 year), APR, property tax, home insurance, HOA, and PMI rate. Tracks PMI drop-off automatically when LTV reaches 78%. Shows total monthly payment, interest paid over the life of the loan, payoff date, and a month-by-month amortization table.

Disclaimer: This is an estimate. Actual mortgage offers depend on credit score, debt-to-income ratio, loan type (conventional, FHA, VA), and lender fees. Always compare offers.

Mortgage Payment Calculator 2026

Calculate your monthly mortgage payment including principal, interest, taxes, insurance, PMI, and HOA. See the full amortization schedule and find out how much extra payments save you.

Home PriceThe purchase price of the home.

Down Payment

Cash you pay upfront. 20% or more avoids PMI. DP: 20%

Loan AmountHome price minus down payment (auto-calculated).

Loan Term (years)

Interest Rate (APR %)Annual percentage rate. 2026 US average: ~6.5-7.5%.

Annual Property TaxTypical US average: ~1.0-1.5% of home value.

Annual Home InsuranceHomeowners insurance premium.

HOA / MonthMonthly homeowner association dues, if any.

PMI Rate (%)Private mortgage insurance. Applied when down payment < 20%. Drops at 78% LTV.

Extra Monthly PaymentAdditional principal payment each month to pay off faster.

Total Monthly Payment

$2,547.62

PITI + HOA + extra

Monthly Payment Breakdown

Principal & Interest$2,022.62

Property Tax$400.00

Home Insurance$125.00

Loan Summary

Loan Amount$320,000

Total Interest Paid$408,142

Total of All Payments$728,142

Months to Payoff360 mo (30.0 yr)

Payoff DateJune 2056

PMIPMI not required (DP ≥ 20%)

Amortization Schedule

Month	Payment	Principal	Interest	Balance
1	$2,022.62	$289.28	$1,733.33	$319,711
2	$2,022.62	$290.85	$1,731.77	$319,420
3	$2,022.62	$292.43	$1,730.19	$319,127
4	$2,022.62	$294.01	$1,728.61	$318,833
5	$2,022.62	$295.60	$1,727.01	$318,538
6	$2,022.62	$297.20	$1,725.41	$318,241
7	$2,022.62	$298.81	$1,723.80	$317,942
8	$2,022.62	$300.43	$1,722.18	$317,641
9	$2,022.62	$302.06	$1,720.56	$317,339
10	$2,022.62	$303.70	$1,718.92	$317,036
11	$2,022.62	$305.34	$1,717.28	$316,730
12	$2,022.62	$307.00	$1,715.62	$316,423

Understanding Your Mortgage

What is PITI?

PITI stands for Principal, Interest, Taxes, and Insurance — the four main components of your monthly housing cost. Lenders use total PITI (plus HOA and PMI when applicable) to qualify you for a loan.

How interest compounds

Early in the loan, most of your payment goes to interest. Each payment shifts the balance: as the principal shrinks, less interest accrues, so more of your payment goes to principal. This is amortization.

When does PMI drop?

PMI automatically drops when your loan-to-value (LTV) reaches 78% of the original home price. You can request removal earlier at 80% LTV. Paying down faster or home appreciation removes it sooner.

Refinancing considerations

Refinancing makes sense when rates drop ~0.75-1.0% below your current rate AND you stay long enough to recoup closing costs (typically 2-5% of loan). Calculate your break-even months.

15-year vs 30-year

A 15-year loan has higher monthly payments but pays off in half the time with far less total interest. A 30-year loan gives lower payments and flexibility — you can pay extra to mimic 15-year payoff while keeping the lower payment as a safety net.

Results are estimates only. Actual mortgage offers depend on credit score, lender fees, escrow, points, and other factors. Always consult a licensed lender before purchasing a home.

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Calculator information

How to use this calculator

Enter home price, e.g. $400,000.
Enter down payment in dollars or as a percentage (toggle); US convention is 20% to avoid PMI.
Choose loan term (15, 20, or 30 years) and APR; typical 30-year fixed in the US is around 6-7% (2026).
Add monthly costs: property tax (typically 0.8-1.2% of home value per year in the US), homeowners insurance, HOA, and PMI rate (0.5-1% per year if down payment is under 20%).
View monthly PITI output (Principal, Interest, Taxes, Insurance); PMI auto-terminates at 78% LTV under the Homeowners Protection Act of 1998.
Enable extra payments to simulate: an additional $200/month toward principal can cut years off the term.
Tip: housing expense ratio should be no more than 28% of gross income, total debt-to-income no more than 36% (the 28/36 rule).

Mortgage Payment and Amortization

M = P * [r * (1 + r)^n] / [(1 + r)^n - 1] ; PITI = M + tax_monthly + insurance_monthly + PMI_monthly

M = monthly principal + interest payment
P = loan principal (home price - down payment)
r = APR / 12 (monthly rate)
n = term in months (30 years = 360)
PMI auto-terminates at 78% LTV (HPA 1998) or can be requested for cancellation at 80% LTV

For each monthly payment i: interest_i = balance_i * r, principal_i = M - interest_i. Balance decreases monotonically; early on most of M is interest, near the end most is principal.

Worked example: $320,000 mortgage, 30 years, 6.5% APR

Given:

Home price: $400,000
Down payment: $80,000 (20%)
Loan principal P: $320,000
APR: 6.5%
Term: 30 years (360 months)

Steps:

r = 0.065 / 12 = 0.005417.
(1 + r)^n = (1.005417)^360 = 7.0286.
Numerator: 0.005417 * 7.0286 = 0.038076.
Denominator: 7.0286 - 1 = 6.0286.
M = 320,000 * (0.038076 / 6.0286) = 320,000 * 0.006317 = $2,021.37 per month.
Total interest over loan life: (2,021.37 * 360) - 320,000 = 727,694 - 320,000 = $407,694.

Result: P&I payment of $2,021/month; total paid $727,694; total interest $407,694 (127% of principal).

Frequently asked questions

What is PMI and when can it be removed?

PMI (Private Mortgage Insurance) is required when the down payment is less than 20% on a conventional loan in the US, costing 0.5-1.5% of principal per year. The Homeowners Protection Act of 1998 requires lenders to auto-cancel PMI when LTV reaches 78% based on the original amortization schedule. Borrowers can also request manual cancellation at 80% LTV if an appraisal supports the home's value.

What is the 28/36 rule for mortgage affordability?

A US banking rule of thumb: housing expense (PITI) should not exceed 28% of gross monthly income, and total debt (PITI + other debts) should not exceed 36%. Lenders may stretch to 43% (the qualified-mortgage rule under the CFPB ATR/QM standard) but going above 36% increases default risk. The FHA allows up to 31/43, and VA loans use a residual income test instead.

What's the difference between APR and interest rate?

The interest rate is the pure rate used to calculate interest on the loan balance. APR (Annual Percentage Rate) includes the interest rate plus loan fees (origination, discount points, mortgage insurance) expressed annually. APR is always equal to or higher than the interest rate; use APR to compare lenders on an apples-to-apples basis. The Truth in Lending Act (Regulation Z) requires APR disclosure in the US.

Is paying extra toward principal always worthwhile?

Mathematically it saves total interest, but consider opportunity cost: if your expected return on other investments (stocks, index funds) exceeds your after-tax mortgage APR, investing may be more optimal. Confirm no prepayment penalty exists (rare in modern US conventional loans, but possible on older or non-QM loans). Read your note's prepayment clause carefully.

How do I estimate true cost of homeownership?

Beyond PITI, add: maintenance (rule of thumb 1% of home value per year), utilities, HOA if applicable, and closing costs upfront (2-5% of principal). Total true cost of homeownership typically runs 30-40% more than the mortgage payment alone. Don't forget property taxes can rise annually with assessment increases (some states like California cap rises under Prop 13).

Sources & references

Homeowners Protection Act of 1998 (12 U.S.C. 4901) — Consumer Financial Protection Bureau
Truth in Lending Act - Regulation Z (12 CFR Part 1026) — Consumer Financial Protection Bureau
Ability-to-Repay and Qualified Mortgage Standards (CFPB ATR/QM Rule) — Consumer Financial Protection Bureau
IRS Publication 936 - Home Mortgage Interest Deduction — Internal Revenue Service

Last updated: May 11, 2026

Mortgage Calculator

Calculator information

📋 How to use this calculator

🧮 Mortgage Payment and Amortization

💡 Worked example: $320,000 mortgage, 30 years, 6.5% APR

❓ Frequently asked questions

📚 Sources & references

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Mortgage Payment and Amortization

Worked example: $320,000 mortgage, 30 years, 6.5% APR

Frequently asked questions

Sources & references