Quick answer
A mortgage payment is usually described as PITI: principal, interest, property taxes and insurance. Enter the home price, down payment percentage, interest rate and term, plus optional tax, insurance and HOA amounts, to see the total monthly payment and the principal and interest part on its own.
The principal and interest part is the fixed-rate loan payment on the amount you borrow, which is the price minus your down payment. Taxes, insurance and HOA dues are added as monthly amounts on top. Private mortgage insurance (PMI), which lenders often require when the down payment is under 20%, and closing costs are not included, so a lender's quote can be higher.
Related tools: Loan Calculator: Estimate your monthly loan payment, total interest and total cost. Amortization Calculator: Full amortization schedule with optional extra monthly payments. APR Calculator: Annual percentage rate of a loan once upfront fees are counted.
How to use the Mortgage Calculator
- Enter home price ($) (above 0).
- Enter down payment (%) (between 0 and 99). It starts at 20.
- Enter interest rate (%) (between 0 and 100).
- Enter term (years) (between 0 and 50). It starts at 30.
- Optionally, enter property tax (per year) (% of price) (0 or more).
- Optionally, enter home insurance (per year) ($) (0 or more).
- Optionally, enter hOA dues (per month) ($) (0 or more).
- Press Calculate to see the result, and use Reset to start again.
| Input | What to enter | Allowed values |
|---|---|---|
| Home price | A number, in $ | > 0 |
| Down payment | A number, in % | ≥ 0, ≤ 99, starts at 20 |
| Interest rate | A number, in % | ≥ 0, ≤ 100 |
| Term | A number, in years | > 0, ≤ 50, starts at 30 |
| Property tax (per year) (optional) | A number, in % of price | ≥ 0 |
| Home insurance (per year) (optional) | A number, in $ | ≥ 0 |
| HOA dues (per month) (optional) | A number, in $ | ≥ 0 |
Formula and method
Formula
P&I = L·i ÷ (1 − (1 + i)^−n); total = P&I + (price × tax% ÷ 12) + (insurance ÷ 12) + HOA
IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice.
L = price × (1 − down%). Taxes, insurance and HOA are added as monthly amounts. Excludes PMI and closing costs.
Worked examples
These examples are verified: each one is an automated test case that the live calculator must reproduce exactly.
Example 1
Inputs: Home price = 300000; Down payment = 20; Interest rate = 6.5; Term = 30.
| Result | Value |
|---|---|
| Total monthly payment | $1,516.96 |
| Principal & interest | $1,516.96 |
| Loan amount | $240,000.00 |
| Property tax (monthly) | $0.00 |
| Insurance (monthly) | $0.00 |
| Total interest over loan | $306,106.77 |
Example 2
Inputs: Home price = 300000; Down payment = 20; Interest rate = 6.5; Term = 30; Property tax (per year) = 1.2; Home insurance (per year) = 1200; HOA dues (per month) = 50.
| Result | Value |
|---|---|
| Total monthly payment | $1,966.96 |
| Principal & interest | $1,516.96 |
| Loan amount | $240,000.00 |
| Property tax (monthly) | $300.00 |
| Insurance (monthly) | $100.00 |
| Total interest over loan | $306,106.77 |
The first line is the headline result (total monthly payment). Below it the mortgage Calculator lists principal & interest, loan amount, property tax (monthly), insurance (monthly) and total interest over loan, which describe the same case from other angles. IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice.
How the monthly payment is built
For a $300,000 home with 20% down, the loan is $300,000 × (1 − 0.20) = $240,000. At 6.5% over 30 years, the monthly rate is 0.065 ÷ 12 and there are 360 payments, so principal and interest = $240,000 × i ÷ (1 − (1 + i)^−360) = $1,516.96.
Of that first payment, $240,000 × 0.065 ÷ 12 = $1,300.00 is interest and only $216.96 reduces the loan. Property tax (the yearly rate on the price, divided by 12), insurance (the yearly premium divided by 12) and HOA dues are added to this figure when you enter them.
How the interest rate changes the payment
A $300,000 home with 20% down over 30 years at different rates.
Every figure in this table comes from running this calculator, so it matches what the form returns.
| Rate (%) | Principal & interest | Total interest over loan |
|---|---|---|
| 5.5 | $1,362.69 | $250,569.70 |
| 6.5 | $1,516.96 | $306,106.77 |
| 7.5 | $1,678.11 | $364,121.34 |
What happens with invalid input
These messages are produced by the calculator itself, so you know what to fix.
- Down payment: entering "100" shows "Down payment must be at most 99." beside that field and no result.
Choosing between the Mortgage Calculator and similar calculators
Each row shows what a related calculator on this site asks for and what it returns, so you can pick the one that matches your question.
| Calculator | You enter | It returns |
|---|---|---|
| [Loan Calculator](/finance/loan-calculator/) | loan amount, interest rate and term | Monthly payment |
| [Amortization Calculator](/finance/amortization-calculator/) | loan amount, interest rate and term | Monthly payment |
| [APR Calculator](/finance/apr-calculator/) | loan amount, upfront fees and note rate | APR |
| [Refinance Calculator](/finance/refinance-calculator/) | current balance, current rate and current remaining term | Monthly savings |
| [VA Mortgage Calculator](/real-estate/va-mortgage-calculator/) | home price, down payment and interest rate | Monthly payment |
Background: loans and mortgages
The interest rate is the cost of borrowing the principal; the APR also folds in certain fees, so a lower rate with high fees can have a worse APR. These calculators use the rate you enter and do not add fees, insurance or taxes, so add fees to the principal if you want to include them.
A fixed-rate loan is paid in equal instalments, early ones mostly interest. Extra payments go straight to principal, which shortens the loan and cuts interest; adjustable rates, escrow changes and prepayment penalties are not modelled.
Assumptions and limitations
- Down payment below 100%
- PMI is not estimated
Estimates only. Taxes, fees and lender or authority rules vary by place and date, so confirm figures with the relevant authority or professional.
If a required value is empty, not a number, or outside its allowed range, the form marks that field with a message and shows no result instead of a misleading number. The automated checks deliberately try invalid entries for down payment to confirm this.
Frequently asked questions
What does PITI mean?
PITI stands for principal, interest, taxes and insurance, the four parts of a typical monthly mortgage payment. This calculator also lets you add HOA dues.
Does this mortgage calculator include PMI?
No. Private mortgage insurance and closing costs are not included, so add them separately if your lender requires them.
What does the Mortgage Calculator calculate?
Monthly mortgage payment with property tax, insurance and HOA. It returns Total monthly payment, Principal & interest, Loan amount, Property tax (monthly) and Insurance (monthly).
What formula does the Mortgage Calculator use?
P&I = L·i ÷ (1 − (1 + i)^−n); total = P&I + (price × tax% ÷ 12) + (insurance ÷ 12) + HOA. L = price × (1 − down%).
What do I need to enter in the mortgage Calculator?
You enter Home price ($), Down payment (%), Interest rate (%) and Term (years). Optional: Property tax (per year) (% of price), Home insurance (per year) ($) and HOA dues (per month) ($).
How is the result rounded or limited?
IEEE-754 double precision; money shown to cents, rates to 4 decimals. Results are estimates, not financial advice. Down payment below 100%.
What are the limits of this calculator?
Down payment below 100%. PMI is not estimated.
What is an example of a mortgage result?
With home price 300000, down payment 20, interest rate 6.5 and term 30, the total monthly payment is $1,516.96.
Can I rely on this calculator for a decision?
Estimates only. Taxes, fees and lender or authority rules vary by place and date, so confirm figures with the relevant authority or professional. For this calculator in particular: Down payment below 100%.
Related calculators
- Loan Calculator — Estimate your monthly loan payment, total interest and total cost.
- Amortization Calculator — Full amortization schedule with optional extra monthly payments.
- APR Calculator — Annual percentage rate of a loan once upfront fees are counted.
- Refinance Calculator — Monthly savings and break-even time from refinancing.
- VA Mortgage Calculator — Monthly payment with a financed funding fee you enter.
- Canadian Mortgage Calculator — Monthly payment with semi-annual compounding of the quoted rate.
- House Affordability Calculator — Estimate the most expensive home your income supports.
- Down Payment Calculator — Down payment amount and loan size from a percentage.
Sources
- Standard time-value-of-money relations (e.g. Brealey, Myers & Allen, Principles of Corporate Finance)
Content last reviewed 2026-11-04. Formulas and worked examples are checked by automated tests against independently computed values.