Mortgage Payment Calculator
Enter your loan details below. We'll break the monthly payment into principal, interest, taxes, insurance and PMI (Private Mortgage Insurance), and lay out the full amortization ledger.
Amortization Ledger
Each row is one year of payments — dark for principal paid down, brass for interest.
How this mortgage calculator works
This calculator estimates your total monthly housing payment, not just principal and interest. It adds property tax, homeowners insurance, PMI (Private Mortgage Insurance, if your down payment is under 20%) and HOA (Homeowners Association) dues, then breaks down how each payment is split between paying down the loan and paying interest over time using the amortization ledger above.
Frequently asked questions
How is a monthly mortgage payment calculated?
It's calculated from the loan amount, interest rate and loan term using a standard amortization formula. Property tax, homeowners insurance, PMI (Private Mortgage Insurance) and HOA (Homeowners Association) dues are then added on top to get your full monthly cost.
What is PMI (Private Mortgage Insurance) and when do I have to pay it?
Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. It protects the lender if you default, and can usually be removed once you've built enough equity.
What is HOA (Homeowners Association) and what do HOA dues cover?
A Homeowners Association (HOA) is an organization in some neighborhoods, condos or planned communities that manages shared spaces and enforces community rules. HOA dues are a recurring fee — usually monthly or annual — that typically covers things like landscaping, exterior maintenance, shared amenities (pools, gyms) and building insurance for common areas. Not every home has HOA dues; if yours doesn't, just leave that field at $0.
How much should I put down on a house?
A 20% down payment avoids PMI (Private Mortgage Insurance) and lowers your loan amount, but many buyers put down less. The right amount depends on your savings, loan program, and how it changes your monthly payment — try adjusting the down payment above to see the effect.
What is an amortization schedule?
It shows how each payment is split between principal and interest across the life of the loan. Early payments are mostly interest; later payments shift toward paying down the loan balance faster.