Real monthly payment math
This calculator adds the housing costs buyers forget most often: property tax, homeowners insurance, PMI, and HOA dues on top of principal and interest.
Accurate mortgage payment calculator with full PITI + PMI breakdown, amortization schedule, and expert guidance.
This calculator adds the housing costs buyers forget most often: property tax, homeowners insurance, PMI, and HOA dues on top of principal and interest.
If your down payment is under 20%, we estimate PMI so you can see the difference between buying now, buying later, or bringing more cash to closing.
Review the first 12 months of principal versus interest so you can see how much equity you are actually building at your starting rate.
Use the tool to compare a 15-year versus 30-year loan, different down payments, or local tax and insurance assumptions before you request quotes.
See how much of each payment goes toward interest versus principal. The longer you own the home, the more equity you build each month.
| Month | Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|
| Enter loan details to generate schedule. | ||||
Start with your target home price, planned down payment, current interest rate quote, and loan term (15 vs 30 year).
Input property tax and homeowners insurance. Use county tax rate × home price for a quick estimate. Add HOA fees if applicable.
If you’re putting less than 20% down, keep PMI on to see the impact. Otherwise, set PMI to $0 to simulate avoiding it.
Scroll to the amortization table to understand how much principal you pay in year one and plan extra payments.
PITI stands for principal, interest, taxes, and insurance. On real budgets, you may also need to add PMI and HOA dues, which is why this calculator includes them.
For most conventional loans, 20% down is the cleanest way to avoid PMI from day one. If you put less down, PMI can add a meaningful monthly cost until you build enough equity.
We use a planning estimate that is good for budgeting and comparison. Your actual PMI rate depends on your loan program, down payment, credit profile, and lender pricing.
Yes, for planning. It is especially useful because it includes more than principal and interest. Before you lock anything in, compare the result with the lender Loan Estimate and your full monthly budget.
A rate move from 6.5% to 7.0% can change the payment by hundreds of dollars per month on a typical loan amount. Always test more than one rate scenario.
A larger down payment lowers principal and may reduce or eliminate PMI. That means the savings can come from two directions at once.
Two homes at the same price can carry very different monthly costs once you plug in county taxes, insurance quotes, flood risk, and HOA dues.
A 15-year mortgage can save a lot of interest, but the monthly payment jumps. The right answer depends on your cash flow, reserves, and other goals.
These examples show why buyers should compare more than the headline home price. Taxes, insurance, and PMI can shift the result a lot.
| Scenario | Home price | Down payment | Rate | Estimated monthly payment |
|---|---|---|---|---|
| First-time buyer, 5% down | $350,000 | $17,500 | 6.75% | $2,800 to $3,100 with taxes, insurance, and PMI |
| Move-up buyer, 20% down | $500,000 | $100,000 | 6.50% | $3,000 to $3,500 depending on local carrying costs |
| High-tax market example | $450,000 | $90,000 | 6.50% | Payment may run several hundred dollars higher than a low-tax market |
Run the calculator once with your target payment and once with a higher tax, insurance, or rate assumption. If both numbers work, your plan is sturdier.
Closing costs, prepaid taxes and insurance, reserves, and moving costs matter. A comfortable buyer usually keeps some cash after closing, not just enough to squeak through.
Insurance, HOA dues, flood requirements, and condo fees can blow up a budget faster than the loan math itself. Replace generic defaults as soon as you know the address.
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