Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI. View a full amortization schedule instantly.
Enter your home price, down payment, interest rate, and loan term to get your monthly mortgage payment instantly. Optionally add your annual property tax, home insurance, and PMI rate for a complete picture of your total monthly housing cost. The calculator also generates a full year-by-year amortization schedule showing exactly how your balance decreases over time.
Private Mortgage Insurance protects the lender if you default on the loan. It's required when your down payment is less than 20%. PMI typically costs 0.5–1.5% of the loan amount per year. Once your loan balance reaches 80% of the original home value — meaning you have 20% equity — you can request PMI removal. Our calculator automatically removes PMI from the payment once you reach that threshold.
A 30-year mortgage has lower monthly payments but costs significantly more in total interest. A 15-year mortgage has higher monthly payments but you'll own your home outright in half the time and pay far less interest. On a $300,000 loan at 7%, a 30-year term costs about $418,000 in interest — a 15-year term costs about $185,000. The right choice depends on your monthly budget and long-term goals.
A common guideline is that your total monthly housing costs — including principal, interest, taxes, and insurance — should not exceed 28% of your gross monthly income. Use this calculator to find a home price where the monthly payment fits within that range.