Mortgage Calculator
Estimate monthly mortgage payments including taxes, insurance, and PMI.
Inputs
$
%
%
$
$
$
Set to 0 if down payment ≥ 20%
Results
Total Monthly Payment
$1,838.92
Loan Amount
$240,000.00
Down Payment
$60,000.00
P&I
$1,438.92
per month
Total Interest
$278,011.65
over loan life
Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P = loan amount (home price - down payment), r = monthly rate, n = total months. Total monthly payment adds property tax, insurance, and PMI.
Worked Example
Home Price: $300,000 | Down: 20% ($60,000) | Loan: $240,000
Rate: 6% | Term: 30yr | Tax: $3,600/yr | Insurance: $1,200/yr
P&I: $1,438.92/mo
Tax: $300/mo | Insurance: $100/mo
Total: $1,838.92/mo
When to Use This Calculator
Use when planning a home purchase to understand your full monthly housing cost, including principal, interest, taxes, insurance, and PMI.
Important Assumptions
- Fixed interest rate.
- Property tax and insurance are estimated annual amounts.
- PMI applies if down payment < 20%.
Common Mistakes to Avoid
- Only looking at principal and interest — taxes and insurance add significant cost.
- Forgetting PMI when putting less than 20% down.
- Not factoring in maintenance, HOA fees, and other homeownership costs.
Frequently Asked Questions
What is PMI?
Private Mortgage Insurance is typically required when your down payment is less than 20%. It protects the lender (not you) if you default. It can be removed once you reach 20% equity.
Should I put 20% down?
A 20% down payment eliminates PMI and reduces your loan amount, but it is not always required. Weigh the savings against the opportunity cost of tying up capital.
Related Calculators
Methodology: This calculator uses standard financial formulas documented above. All calculation engines are unit-tested for accuracy.View full methodology
Disclaimer: This calculator provides estimates for educational purposes only. Results do not constitute financial advice.Full disclaimer