Skip to content
NumberPond Do the math before you borrow.

Mortgage Payment Calculator

The whole payment — taxes, insurance, PMI and HOA included.

Trever Barney
By Trever Barney
Founder & Writer · About the author · Last reviewed 2026-08-25

Most mortgage calculators show you principal and interest and stop there. That number is typically 70–80% of what you will actually pay each month. This one includes taxes, insurance, PMI and HOA — and shows you the arithmetic.

$
$
—
%
Freddie Mac 30-yr avg 6.65% (week ending 2026-08-20)
$
$
$
%
Typically 0.3%–1.5% of the loan amount annually.
Total monthly payment
—
Loan amount
—
Total interest over term
—
M = P · [ i(1+i)n / ((1+i)n − 1) ]
Enter your numbers to see the math.
This calculator produces estimates based on the assumptions you enter. It is not a loan offer, a pre-qualification, or a guarantee of terms. Your actual rate, payment, and costs are determined by a lender and will differ. Estimates exclude costs most mortgage calculators omit — maintenance, repairs, HOA special assessments, and utilities. Budget beyond the payment.

How the payment formula works

Principal and interest come from the standard amortizing-loan formula. Everything else is simple division.

M = P · [ i(1+i)n / ((1+i)n − 1) ]
  • P — the loan amount (home price minus down payment)
  • i — the monthly interest rate, i.e. the annual rate divided by 12
  • n — the total number of monthly payments (30 years = 360)

The formula produces the fixed payment that will exactly retire the loan in n months. Early on, most of that payment is interest, because interest is charged on the balance and the balance is at its largest. As the balance falls, the interest portion shrinks and the principal portion grows — which is why extra payments made early save disproportionately more than the same payments made later.

Why the escrow items matter more than people expect

Property taxes and homeowners insurance are collected monthly into an escrow account and paid on your behalf. In high-tax states they can easily add 30–40% on top of principal and interest. Because they are re-assessed periodically, they are also the reason a "fixed-rate" mortgage payment is not actually fixed.

PMI: when it starts and when it legally ends

If your down payment is under 20%, lenders generally require private mortgage insurance. It protects the lender, not you. The Homeowners Protection Act gives you two exits:

  • At 80% LTV — you may request cancellation in writing, provided you are current, have a good payment history, and can satisfy the lender's requirements around property value and junior liens.
  • At 78% LTV — the servicer must automatically terminate it, if you are current on payments.

Both thresholds are measured against the home's original value — the lower of the purchase price or the original appraisal — and against the original amortization schedule. That means market appreciation alone will not trigger automatic termination, though it may support a separate request based on a new appraisal.

Frequently asked questions

What is included in a monthly mortgage payment?
A full monthly payment (often called PITI) includes principal, interest, property taxes and homeowners insurance. If your down payment is under 20% it also includes private mortgage insurance (PMI), and if the property is in an association it includes HOA dues. Principal and interest alone typically account for only about 70–80% of the real monthly cost.
How is a mortgage payment calculated?
Principal and interest use the standard amortizing loan formula: M = P · [i(1+i)^n / ((1+i)^n − 1)], where P is the loan amount, i is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. Taxes, insurance, PMI and HOA are then added on top as simple monthly amounts.
When does PMI go away?
Under the Homeowners Protection Act, you can request cancellation once your loan balance is scheduled to reach 80% of the home’s original value, and your servicer must terminate it automatically at 78% of the original value if you are current on payments. "Original value" is the lower of the purchase price or the original appraised value, so appreciation alone does not trigger automatic termination.
Why is my total interest so much higher than I expected?
On a 30-year loan, early payments are mostly interest. Interest is charged on the outstanding balance each month, so when the balance is large the interest portion is large. Over a full 30-year term at typical rates, total interest often approaches or exceeds the original loan amount.

Sources

  1. When can I remove private mortgage insurance (PMI) from my loan? — Consumer Financial Protection Bureau · 2023-08-28 · accessed 2026-08-25
  2. What is private mortgage insurance? — Consumer Financial Protection Bureau · accessed 2026-08-25
  3. Primary Mortgage Market Survey (PMMS) — Freddie Mac · week ending 2026-08-20 · accessed 2026-08-25 · Source of the default rate
  4. Your Home Loan Toolkit — Consumer Financial Protection Bureau · accessed 2026-08-25

Related calculators