How to use it
- Enter the home price and the down payment, either as a percentage or as an amount.
- Enter the annual interest rate and choose the loan term.
- Optionally add property tax, home insurance and HOA fees per year or per month, and turn on PMI if you put down less than 20%.
- Read the total monthly payment and its breakdown, then check the yearly schedule or download every month as a CSV file.
How it works
The principal and interest part is a standard fixed-rate annuity: M = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount (price minus down payment), r the annual rate ÷ 12 ÷ 100 and n the number of months. The schedule is calculated in whole cents, and the last payment is adjusted so the balance ends at exactly zero.
Property tax, insurance and HOA fees are added as they are entered; yearly amounts are divided by 12. Together with principal and interest this is often called PITI.
PMI is estimated as a yearly percentage of the original loan amount divided by 12. It is only applied when the down payment is below 20%, and it stops once the scheduled balance has fallen to 78% of the home price, the point at which US lenders must cancel it automatically. Real PMI rates depend on your credit score and lender, and you may be able to cancel it earlier.
This is an estimate. It does not include closing costs, points, escrow cushions, adjustable rates or changes in tax and insurance over time.
Examples
20% down, 30 years
A 400,000 home with 20% down (320,000 loan) at 6.5% for 30 years: principal and interest 2,022.62 a month. With 4,800 a year property tax and 1,500 a year insurance the total is 2,547.62. Total interest over 30 years is about 408,141.
10% down with PMI
The same home with 10% down (360,000 loan) and PMI at 0.5% a year: principal and interest 2,275.44 plus 150.00 PMI. PMI runs for 109 payments (16,350 in total), until the balance reaches 312,000, 78% of the price.
15-year term
320,000 at 6.5% over 15 years costs 2,787.54 a month in principal and interest, but total interest falls to about 181,758, less than half of the 30-year figure.
Frequently asked questions
What is included in the monthly payment?
Principal and interest, plus whatever you enter for property tax, home insurance, HOA fees and PMI. Closing costs, utilities and maintenance are not included.
When does PMI stop?
In this calculator, when the scheduled balance falls to 78% of the home price. US rules allow you to request cancellation at 80%, and some lenders use a new appraisal; ask yours for the exact terms.
Is the interest rate the APR?
No. Enter the note rate. The APR also includes fees and points, so it is usually a little higher and is not used to calculate the payment.
Why is my lender's figure different?
Lenders may include an escrow cushion, use actual tax and insurance bills, round differently or charge PMI at another rate. Treat this result as a planning estimate.
Privacy
All calculations happen in your browser. The figures you enter are not sent or stored, and the CSV file is created on your device.