What's included in the monthly mortgage payment?

Your total monthly payment typically includes principal, interest, property taxes, homeowners insurance, and if applicable, private mortgage insurance (PMI) and HOA fees. Our calculator breaks down each component separately.

What is PMI and when do I pay it?

Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It protects the lender if you default on the loan. PMI typically costs 0.5% to 1% of the loan amount annually and can be removed once you reach 20% equity.

How much should I put down on a house?

While 20% is ideal to avoid PMI, many buyers put down 3-10%. First-time buyer programs may allow as little as 3% down. Consider your savings, monthly budget, and long-term financial goals when deciding.

Mortgage Calculator

Calculate your monthly mortgage payments, determine home affordability, analyze refinance options, and understand PMI costs. Get detailed amortization schedules and break-even analysis for informed home buying decisions.

Home Price ($)

Down Payment ($)

Down Payment (%)

Interest Rate (%)

Loan Term (years)

Property Tax (%)

Home Insurance ($/year)

HOA Fees ($/month)

Home Price: $400,000

Down Payment: 20% ($80,000)

Interest Rate: 6.5%

Popular Mortgage Types

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Complete Payment Breakdown

See principal, interest, taxes, insurance, PMI, and HOA fees in one view

Affordability Calculator

Determine how much house you can afford based on your income and debts

Refinance Analysis

Calculate potential savings and break-even point for refinancing

Extra Payment Planner

See how extra payments can save you thousands and shorten your loan term

Mortgage Formulas & Real-World Examples

Essential Formulas

Monthly Payment (P&I):
M = P [r(1+r)^n] / [(1+r)^n - 1]

Where:
M = Monthly Payment
P = Principal Loan Amount
r = Monthly Interest Rate
n = Total Number of Payments

Loan-to-Value (LTV):
LTV = (Loan Amount / Home Price) × 100

Common Examples

$400,000 Home:
20% down @ 6.5% = $2,023/month (P&I)

$300,000 Home (First-time):
5% down @ 6.5% = $1,896/month + $125 PMI

Refinance:
7.5% to 6.5% on $300k = $200/month savings

Extra Payments:
$200/month extra saves $64,000 in interest

Mortgage Tips:

20% Down Avoids PMI: Save hundreds monthly by putting down 20% or more. Shorter Terms Save Thousands: 15-year mortgage saves ~50% in interest vs 30-year. Refinance When Rates Drop 1%: Typically makes financial sense when rates drop 1% or more. Extra Payments Early: The most impactful time for extra payments is early in the loan term.

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'This mortgage calculator helped me understand all the hidden costs of homeownership. The breakdown of taxes, insurance, and PMI was eye-opening!'

- Sarah M., First-time Homebuyer

Mortgage Calculator FAQs

Answers to common questions about mortgage calculations