Mortgage Payment Calculator

Calculate monthly mortgage payments including property tax, insurance & PMI. Free tool for any currency worldwide.

What Is a Mortgage Payment Calculator?

A mortgage calculator estimates your true total monthly home loan payment — not just principal and interest, but also property tax, homeowners insurance, PMI, and HOA fees (together known as PITI). It helps you understand the real cost of borrowing before you commit to one of the largest financial decisions of your life.

How to Calculate Your Monthly Mortgage Payment

First-time homebuyers checking affordability, real estate investors analyzing financing costs, and anyone comparing loan terms, down payment sizes, or interest rates before applying for a mortgage.

What Affects Your Mortgage Payment?

1. Enter the total home price. 2. Enter your down payment as a percentage of the home price. 3. Input your lender's annual interest rate. 4. Enter the loan term in years (e.g. 30). 5. Optionally add annual property tax, annual home insurance, and monthly HOA fees for a complete monthly payment estimate. 6. Click Calculate to see your full PITI breakdown.

15-Year vs 30-Year Mortgage Comparison

The result shows your total monthly housing payment broken into Principal & Interest, Property Tax, Home Insurance, PMI (automatically added if your down payment is below 20%), and HOA fees. Keep your total housing cost below 28% of your gross monthly income for a healthy financial position. The amortization schedule below tracks your Principal & Interest portion only, matching how most lenders present it.

💡 Pro Tip: A down payment below 20% triggers Private Mortgage Insurance (PMI), an extra monthly cost with no equity benefit. If you're close to the 20% threshold, it's often worth delaying your purchase slightly to save the difference — this calculator shows exactly how much PMI adds to your monthly payment.

Frequently Asked Questions

Q: What is a safe monthly mortgage payment?

A: Most financial advisors follow the 28% rule — your total monthly housing costs (PITI) should not exceed 28% of your gross monthly income. For example, on a $7,000 monthly income, keep housing costs below $1,960.

Q: How is a monthly mortgage payment calculated?

A: Principal and interest use the amortization formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is loan amount, r is monthly interest rate, and n is number of payments. Property tax, insurance, PMI, and HOA are added on top.

Q: What is PMI and when do I have to pay it?

A: Private Mortgage Insurance (PMI) is typically required when your down payment is below 20% of the home price. It protects the lender, not you, and can usually be removed once you reach 20% equity.

Q: Does this calculator include property tax and insurance?

A: Yes. This calculator includes property tax, home insurance, PMI, and HOA fees alongside principal and interest, giving you a complete PITI monthly payment estimate.

Q: What is the difference between a 15-year and 30-year mortgage?

A: A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage has lower monthly payments but costs more over time.

Q: Does this calculator work for different currencies?

A: Yes. Mortgage formulas work the same in any currency. Enter your values in your local currency to estimate monthly payment.