This mortgage calculator finds your complete monthly payment — principal, interest, property taxes, homeowners insurance, and PMI — not just the base loan payment, then builds the full amortization schedule and can check what home price you can afford or compare multiple mortgage offers.
How to use this mortgage calculator
- Choose Single Mortgage or Compare Offers mode.
- Enter your loan amount, interest rate, and term in the Mortgage Details tab.
- Add extra payments in the Extra Payments tab if you plan to prepay.
- Check the Affordability tab to see what home price fits your budget, or the Schedule tab for the full amortization table.
What makes up the full monthly payment
Total Monthly Payment = Principal & Interest + Property Taxes + Homeowners Insurance + PMI
The principal and interest portion is calculated using the standard amortizing loan formula from your loan amount, rate, and term. Property taxes and insurance are typically added as a monthly-equivalent of their annual cost, and PMI (private mortgage insurance) is included when your down payment is below the threshold that would otherwise waive it — together these make up what’s often called your full “PITI” payment.
Why PMI matters for smaller down payments
PMI protects the lender, not the borrower, and is typically required when the down payment is less than 20% of the home’s value. It adds a real ongoing cost on top of principal and interest, which is why the calculator includes it explicitly — leaving it out would understate the true monthly cost of a mortgage with a smaller down payment.
Frequently asked questions
Why is my calculated payment higher than just principal and interest?
Because this calculator includes property taxes, homeowners insurance, and PMI (where applicable) alongside principal and interest, giving you the realistic total monthly cost rather than just the base loan payment.
How does the Affordability tab work?
It works backward from a target monthly payment (or income-based budget) to estimate the home price and loan amount that would fit, rather than starting from a known loan amount and calculating the payment.
Will PMI show up in the calculation forever?
PMI is typically removable once your loan balance drops to 80% of the home’s original value, though this calculator’s baseline monthly figure reflects your current inputs — check the amortization schedule to see how your balance changes over time.
