Mortgage Calculator
Estimate your monthly mortgage payment, total interest, and full amortization schedule.
No PMI required — down payment is 20% or more.
About the Mortgage Calculator
This calculator estimates your total monthly home payment — principal, interest, property tax, homeowners insurance, any HOA fee, and PMI if applicable — from your home price, down payment, loan term, and interest rate. Enter your down payment as a dollar amount or a percentage and the other field updates automatically. It also generates a full month-by-month amortization schedule showing how much of each payment goes toward principal versus interest, how your remaining balance declines over the life of the loan, and exactly when PMI drops off if your down payment is under 20%. Use it to compare a 15-year term against a 30-year term, see how a larger down payment lowers your monthly payment and removes PMI, or estimate total interest paid before you lock in a rate.
The principal-and-interest portion uses the standard fixed-rate amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly rate (annual rate ÷ 12), and n is the total number of monthly payments. For example, a $400,000 home with a $80,000 (20%) down payment leaves a $320,000 loan; at 6.5% over 30 years that formula gives a principal-and-interest payment of about $2,022/month, and since the down payment already hits 20%, no PMI applies. Every month in the schedule, interest is charged on the remaining balance at r, and whatever is left of the fixed payment reduces principal — which is why the interest share of each payment is highest at the start of the loan and shrinks as the balance falls.