Mortgage Calculator
$0.00 / month
| Year | Principal Paid | Interest Paid | Ending Balance |
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How This Mortgage Calculator Works
This calculator estimates your total monthly mortgage payment by combining principal and interest (based on your loan amount, interest rate, and term) with recurring homeownership costs: property tax, homeowners insurance, private mortgage insurance (PMI), and HOA fees.
What Is PMI and When Do I Need It?
Private mortgage insurance is usually required when your down payment is less than 20% of the home price. It protects the lender, not you, and is typically removed once you reach 20% equity — this calculator applies it as a flat rate across your loan term for simplicity.
Tips to Lower Your Monthly Payment
- Increase your down payment to reduce your loan amount and avoid PMI.
- Shop multiple lenders — even a 0.25% rate difference changes your payment meaningfully.
- Consider a longer loan term to lower payments, keeping in mind it increases total interest paid.
Frequently Asked Questions
What is included in a monthly mortgage payment?
A typical monthly payment includes principal, interest, property taxes, homeowners insurance, and private mortgage insurance (PMI) if your down payment is under 20%.
How much down payment do I need?
Conventional loans often require as little as 3-5% down, but putting down 20% lets you avoid PMI and lowers your monthly payment.