Short answer: your mortgage payment is not just principal and interest — it’s PITI (principal, interest, taxes, insurance), plus HOA and PMI where they apply, and the “small” lines add up to hundreds a month. This calculator shows the whole payment with a visual breakdown, the total interest over the loan’s life, and — something most calculators get wrong — PMI that actually switches off the month your balance crosses 80% of the home’s price. Example: a $450,000 home with 20% down at 6.5% for 30 years is $2,275.44 of principal and interest, but $2,837.94 a month all-in, and $459,160 of interest over the loan’s life.
Total monthly payment
Show the math
Your numbers, one step at a time. The monthly lines add up to the payment above.
| Year | Principal paid | Interest paid | Balance left |
|---|
Educational estimate only, not financial advice and not a loan offer. The payment uses the standard amortization formula. PMI is estimated at your PMI rate on the original loan and is counted until your balance reaches 80% of the home price; the standard automatic-termination point is 78% of the original value on most loans, and your servicer’s rules govern. Taxes and insurance are your annual figures divided by 12; actual escrow amounts vary. Your numbers never leave this page.
Sources: FRED MORTGAGE30US (Freddie Mac 30-year fixed average) Figures last verified Report a wrong number
How this calculator works
- Principal & interest uses the standard amortization formula: Payment = L × i / (1 − (1 + i)^−n), where L is the loan (price − down payment), i is the monthly rate (annual rate ÷ 12), and n is the number of payments.
- Taxes and insurance are your yearly figures divided by 12 — the way escrow actually collects them.
- PMI (private mortgage insurance) applies when the down payment is under 20%. It’s estimated monthly as (loan × PMI rate) ÷ 12 and — the part most calculators skip — it is removed on this schedule the month your balance reaches 80% of the home price, which mirrors how PMI termination works. Your servicer’s exact rules govern the real date.
- The year-by-year summary runs the actual amortization: each month, interest = balance × i, the rest of the payment cuts principal.
The worked example
$450,000 price · $90,000 down (20%) · $360,000 loan · 6.5% · 30 years · $4,950/yr tax · $1,800/yr insurance · no HOA.
| Monthly | |
|---|---|
| Principal & interest | $2,275.44 |
| Property tax | $412.50 |
| Insurance | $150.00 |
| Total payment | $2,837.94 |
| Total interest over 30 years | $459,160 |
| Year 1: principal paid vs interest paid | $4,024 vs $23,282 |
That year-1 line is the one that shocks buyers: 85% of your first year’s principal-and-interest goes to interest. It’s also why extra principal early is so powerful (see the Mortgage Payoff Calculator).
The PMI example: a $250,000 home with only 5% down ($237,500 loan at 7%, 15 years) starts at $2,629.51/month including $98.96 of PMI — and the PMI falls away in month 45 as the balance crosses 80% of the price. Total PMI if you never pay extra: about $4,453.
FAQs
How much house can I afford on my salary? A common lender yardstick is a total housing payment around 28% of gross monthly income (and total debts under ~36–43%). Run this calculator backwards: adjust the price until the total payment sits near 28% of your monthly gross pay — then check it against your real budget, which is the stricter test.
Why is my PMI still showing at 15% down? PMI applies to conventional loans under 20% down, and the monthly figure here uses the PMI rate you enter (0.5% of the loan per year is a typical middle estimate; real quotes range roughly 0.3%–1.5% depending on credit and down payment).
Does a 15-year loan really save that much interest? Run it: same $360,000 at 6.5% over 15 years cuts total interest from $459,160 to roughly $204,000, at a higher monthly payment. The calculator’s total-interest line is the honest comparison — not the rate alone.
Are taxes and insurance really part of “the payment”? If your lender escrows them, yes — they’re collected monthly with principal and interest, and the total is what leaves your bank account. They also rise over time, which the flat figures here don’t model.
Educational content only — not financial advice and not a loan offer. Figures are estimates; your lender’s disclosures govern actual payments. Your numbers never leave your browser.