Mortgage Calculator
The real monthly payment including principal, interest, taxes, insurance, PMI, and HOA. Not just the number the loan ad shows.
Loan balance by year
Principal & interest comes from the amortization formula M = P·i / (1 − (1+i)⁻ⁿ); the rest of the payment is escrow: property tax and insurance divided monthly, PMI while your equity is under 20%, and any HOA dues. Lenders qualify you on the full number, and the escrow lines routinely add 25–40% on top of principal and interest.
Frequently asked questions
When does PMI go away?
By federal law, lender-paid cancellation happens automatically at 78% of the original home value on the scheduled amortization, and you can request removal at 80%. This calculator shows the automatic date; appreciation or extra payments can get you there sooner.
15-year vs 30-year, how big is the difference?
On $320,000 at 6.5%, the 30-year costs about $2,023/month with ~$408k total interest; a 15-year at a typically lower rate (say 5.9%) costs about $2,685/month with only ~$163k interest. The 15-year charges ~$660 more monthly and saves ~$245k.
Does this include closing costs?
No, closing costs (typically 2–5% of the loan) are paid upfront or rolled into the balance. If rolled in, add them to the home price field to see the effect.
How much house can I afford?
A common guideline keeps total housing costs under 28% of gross monthly income. Work backwards: enter candidate prices until the total monthly payment lands under that line with your rate and taxes.
Related tools
Calculators model hypothetical outcomes from the inputs you provide. They are informational only, not financial, investment, tax, or legal advice.