Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property taxes, insurance, and HOA fees — plus view a full amortization schedule.
About This Calculator
The Mortgage Calculator estimates your total monthly housing payment by combining principal and interest with optional property taxes, homeowners insurance, and HOA dues. Choose from 15, 20, or 30-year terms and enter a down payment as a dollar amount or percentage. A full amortization schedule shows exactly how each payment is split between principal and interest over the life of the loan.
How to Use
- Enter your values in the input fields above
- Click the calculate button to see results
- Review your results displayed below the inputs
- Use the reset button to clear all fields and start over
The Formula
How the calculation works under the hood
Monthly principal & interest (P&I)
Same amortization formula as any fixed-rate loan, where P is the mortgage principal, r is the monthly interest rate, and n is the total number of monthly payments.
Total monthly payment (PITI)
Real-world mortgage payments usually include escrowed property tax and insurance, plus HOA dues and PMI if the down payment is under 20%.
Worked Example
Step-by-step walkthrough with real numbers
“$400,000 home, 20% down ($80,000), 30-year fixed at 6.5%, $6,000/year taxes, $1,500/year insurance, no HOA.”
- 1Loan amount: 400,000 - 80,000 = $320,000.
- 2Monthly rate: 0.065 / 12 = 0.005417.
- 3Number of payments: 30 x 12 = 360.
- 4P&I ≈ $2,023/month.
- 5Monthly tax escrow: 6,000 / 12 = $500.
- 6Monthly insurance escrow: 1,500 / 12 = $125.
Total PITI ≈ $2,648/month. Over 30 years that is ~$953,000 total — of which $408,000 is interest.
⚠️Common Mistakes
- ✕Forgetting property taxes and insurance when estimating affordability.
- ✕Choosing the lowest monthly payment without noticing PMI or a balloon structure.
- ✕Looking only at the interest rate and ignoring the APR, which bakes in fees and points.
💡Pro Tips
- ✓Putting 20% down lets you avoid PMI entirely — often saving $100-$300 a month.
- ✓Paying biweekly (half payment every two weeks) results in one extra full payment per year, shaving years off the loan.
- ✓Refinance when the new rate is at least 0.75% lower than your current rate and you plan to stay in the home long enough to recover closing costs.
Related Guides
Go deeper with these in-depth articles
Mortgage Calculator Explained: Principal, Interest, Taxes & Insurance
Every part of a monthly mortgage payment — PITI, PMI, HOA, and the amortisation schedule — decoded with real numbers and a step-by-step worked example.
Read guide →Understanding Compound Interest: A Complete Guide
The compound interest formula demystified — with clear examples showing how starting early, compounding frequency, and regular contributions change outcomes.
Read guide →How to Calculate Your Debt-to-Income Ratio for a Mortgage
The DTI formula lenders actually use, what counts as debt, the 28/36 rule explained, and five practical ways to improve your ratio before you apply.
Read guide →Understanding Amortisation: Where Your Mortgage Payment Goes
How amortisation splits each mortgage payment into principal and interest, why the ratio shifts over time, and how even small extra payments save thousands.
Read guide →How to Calculate Loan Interest: Simple vs. Compound
Simple interest vs. compound interest — the exact formulas, real-number examples for auto and personal loans, and strategies to minimise total interest paid.
Read guide →How to Calculate Your Net Worth
Your net worth = assets minus liabilities. Learn what to include, median benchmarks by age, and the three levers that grow it fastest over time.
Read guide →How to Read and Understand Your Credit Score
Credit score ranges explained — from 300 to 850, the five factors that determine your score, and practical steps to improve it in 3–6 months.
Read guide →Frequently Asked Questions
What is included in the monthly mortgage payment?
The calculator combines principal and interest (P&I) with optional property taxes, homeowners insurance, and HOA dues to show your total monthly housing cost.
What is an amortization schedule?
An amortization schedule is a table that shows exactly how much of each monthly payment goes toward principal vs. interest over the entire life of the loan.
Can I switch between down payment percentage and dollar amount?
Yes. Click the "Switch to dollar amount" or "Switch to percentage" link to toggle between the two input modes.
Is this calculator free to use?
Yes! All calculators on Get Precision Calculator are completely free with no limitations or sign-up required.
Is my data saved or tracked?
No. All calculations are performed locally in your web browser. Get Precision Calculator does not store, collect, or track your calculation data.
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