Mortgage Calculator

Mortgage calculator with taxes, insurance, PMI and HOA

This mortgage calculator adds up the full payment lenders call PITI — principal, interest, property tax and homeowners insurance — plus PMI and HOA fees, with a breakdown chart, total interest, total cost, payoff date and a downloadable amortization schedule.

Below the schedule, the mortgage payoff calculator shows how extra monthly payments, a lump sum or biweekly payments move the payoff date and cut interest — for the loan above or from your current balance.

It is built around US fixed-rate mortgages but works in any currency (leave PMI and HOA at zero if they don’t apply). Results are planning estimates, not financial advice or a loan offer.

How to use the Mortgage Calculator

1. Choose the loan term at the top and your currency.
2. Enter the Home price, then the Down payment as a percentage or as an amount — the other box updates automatically.
3. Type the Interest rate you have been quoted.
4. Fill in Property tax (% of the home value per year), Home insurance per year, the PMI rate and any HOA fees per month.
5. Read the monthly payment, the breakdown chart and the PMI note, then review the totals and payoff date.
6. Set the First payment date and open the yearly or monthly schedule; press Download CSV to save it.
7. In Mortgage payoff, keep the loan above or switch to your current balance, rate and payment, then add an extra monthly amount, a lump sum or biweekly payments.

Mortgage Calculator features

How the mortgage payment is calculated

The principal-and-interest part uses the standard fixed-rate formula M = L × r ÷ (1 − (1 + r)−n), where L is the loan amount (price minus down payment), r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments. Property tax is the annual rate × home price ÷ 12, insurance is the yearly premium ÷ 12, and PMI is the PMI rate × original loan ÷ 12.

Example: a $400,000 home with 20% down ($80,000) leaves a $320,000 loan. At 6.5% for 30 years the principal and interest is $2,022.62. Add property tax at 1.1% ($366.67 a month) and $1,500 a year of insurance ($125) for a total of $2,514.28. Over 30 years you would pay about $408,142 in interest. With only 10% down the loan is $360,000, P&I rises to $2,275.44 and PMI at 0.5% adds $150 a month for the first 109 payments — about $16,350 in all.

15-year vs. 30-year mortgage

Shorter terms have higher payments but far less interest. For the same $320,000 loan at 6.5%:

• 15-year loans often carry a lower rate too, widening the gap; enter the rate offered for each term.

Paying off a mortgage early: extra and biweekly payments

Every extra dollar goes straight to principal, so less interest accrues from then on. On the $320,000 loan at 6.5%, $200 a month extra clears it in 281 payments instead of 360 — 6 years 7 months sooner — and saves $105,429 of interest. Paying half the payment every two weeks makes 26 half-payments, or 13 full payments a year; on its own that repays the loan in about 24 years 2 months and saves about $94,000. Both together save $157,707.

From a current balance, enter what you owe, the rate and your principal-and-interest payment (no escrow). $250,000 at 6.5% paid at $2,022.62 a month lasts 205 more months; a $20,000 lump sum with the next payment cuts that to 178.

Understanding PMI and the 78% rule

Lenders usually require private mortgage insurance on conventional loans when the down payment is below 20%, because the loan-to-value ratio (LTV) is above 80%. Under the US Homeowners Protection Act, borrower-paid PMI must be cancelled automatically once the balance is scheduled to reach 78% of the original home value, and you can ask for removal at 80% if your payment record is good. This calculator applies the automatic 78% point.

Government-backed loans work differently — FHA loans charge mortgage insurance premiums that may last for the life of the loan — so set the PMI rate to match your own loan estimate. Taxes and insurance are held constant here, so treat long-run totals as estimates; work out the tax itself with the property tax calculator. For Indian home loans quoted as an EMI, use the EMI calculator.