Mortgage Calculator
Estimate your true monthly mortgage payment (PITI) — principal, interest, taxes, insurance, auto-calculated PMI with a removal estimate, and HOA fees — with a full cost breakdown.
How to Estimate a Mortgage Payment
- Enter the home price and your planned down payment — as a dollar amount or a percentage, either field updates the other automatically.
- Enter the loan term in years and the annual interest rate.
- Optionally enter property tax (as a $ amount or % of home price per year), annual home insurance, a PMI rate, and a monthly HOA fee if they apply to you.
- Read your full PITI breakdown below, including whether PMI applies and when it's projected to drop off — it recalculates live as you adjust any field.
Frequently Asked Questions
Does this calculate PMI automatically?
Yes — enter a PMI rate (a percentage of the loan amount per year; typical rates run about 0.3%–1.5%) and the calculator automatically adds monthly PMI to your payment whenever your down payment is below 20% of the home price. It also estimates the month PMI is projected to be removed, based on when standard amortization brings your loan balance down to 80% of the original home price. Once your down payment is 20% or more, PMI is automatically excluded.
Is property tax included in the estimate?
Only if you enter it. Property tax varies by county and assessed value, so this calculator doesn't guess a number for you — enter it either as an annual dollar amount or as a percentage of the home price per year, and it's divided by 12 and added to your monthly payment.
What is PITI, and does this calculator show it?
PITI stands for Principal, Interest, Taxes, and Insurance — the four core components of a typical mortgage payment. This calculator adds your Principal & Interest to property tax, home insurance, PMI (if applicable), and HOA fees to show your full real-world Total Monthly Payment, not just the loan's P&I portion.
Does this calculator include HOA fees?
Yes — enter your monthly HOA (homeowners association) fee if your property has one, and it's added directly to your Total Monthly Payment. HOA fees aren't technically part of PITI, but they're a real recurring cost many homeowners budget for, so this calculator folds them into the full monthly total.
What formula does this calculator use for the monthly payment?
It uses the standard fixed-rate amortization formula for Principal & Interest: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (loan term in years × 12).
What happens if I enter a 0% interest rate?
The calculator switches to a simple division of the loan amount by the number of months, since the standard amortization formula involves dividing by zero when the rate is zero.
Is this a guaranteed loan offer?
No — this tool gives a mathematical estimate based on the numbers you enter. Actual mortgage terms, fees, taxes, insurance premiums, and eligibility depend on your lender and location, so treat this as a planning estimate, not a loan offer.