Determine your estimated monthly mortgage payment based on home price, down payment, interest rate, loan term, and additional factors like taxes, insurance, and PMI.
30 Years
20 Years
15 Years
10 Years
Property Costs & Insurance (Annual)
Usually required if down payment is less than 20%.
Please enter valid numbers for all required fields.
Estimated Monthly Payment
Principal & Interest:$0.00
Property Taxes:$0.00
Homeowners Insurance:$0.00
Private Mortgage Insurance (PMI):$0.00
Total Monthly Payment:$0.00
function calculateMortgage() {
var homePrice = parseFloat(document.getElementById("mcHomePrice").value);
var downPayment = parseFloat(document.getElementById("mcDownPayment").value);
var annualRate = parseFloat(document.getElementById("mcInterestRate").value);
var loanTermYears = parseInt(document.getElementById("mcLoanTerm").value);
var annualTax = parseFloat(document.getElementById("mcPropertyTax").value);
var annualInsurance = parseFloat(document.getElementById("mcHomeInsurance").value);
var pmiRate = parseFloat(document.getElementById("mcPmiRate").value);
var errorMsg = document.getElementById("mc-error-msg");
var resultsDiv = document.getElementById("mc-results");
if (isNaN(homePrice) || isNaN(downPayment) || isNaN(annualRate) || isNaN(loanTermYears) || homePrice <= 0 || annualRate < 0) {
errorMsg.style.display = "block";
resultsDiv.style.display = "none";
return;
} else {
errorMsg.style.display = "none";
}
if (isNaN(annualTax)) annualTax = 0;
if (isNaN(annualInsurance)) annualInsurance = 0;
if (isNaN(pmiRate)) pmiRate = 0;
var principal = homePrice – downPayment;
if (principal <= 0) {
errorMsg.innerText = "Down payment cannot equal or exceed home price.";
errorMsg.style.display = "block";
resultsDiv.style.display = "none";
return;
}
var monthlyRate = (annualRate / 100) / 12;
var numberOfPayments = loanTermYears * 12;
var monthlyPI = 0;
if (monthlyRate === 0) {
monthlyPI = principal / numberOfPayments;
} else {
// M = P [ r(1+r)^n ] / [ (1+r)^n – 1 ]
monthlyPI = principal * (monthlyRate * Math.pow(1 + monthlyRate, numberOfPayments)) / (Math.pow(1 + monthlyRate, numberOfPayments) – 1);
}
var monthlyTax = annualTax / 12;
var monthlyInsurance = annualInsurance / 12;
var monthlyPMI = 0;
var downPaymentPercentage = (downPayment / homePrice) * 100;
if (downPaymentPercentage 0) {
monthlyPMI = (principal * (pmiRate / 100)) / 12;
}
var totalMonthlyPayment = monthlyPI + monthlyTax + monthlyInsurance + monthlyPMI;
var formatter = new Intl.NumberFormat('en-US', {
style: 'currency',
currency: 'USD',
minimumFractionDigits: 2
});
document.getElementById("mc-result-pi").innerText = formatter.format(monthlyPI);
document.getElementById("mc-result-tax").innerText = formatter.format(monthlyTax);
document.getElementById("mc-result-insurance").innerText = formatter.format(monthlyInsurance);
document.getElementById("mc-result-pmi").innerText = formatter.format(monthlyPMI);
document.getElementById("mc-result-total").innerText = formatter.format(totalMonthlyPayment);
resultsDiv.style.display = "block";
}
Understanding Your Monthly Mortgage Payment
A mortgage payment is rarely just the repayment of your loan principal and interest. For most U.S. homeowners, the monthly bill includes several other critical components often collected by the lender and held in an escrow account. This calculator helps break down those costs so you can see the true monthly impact of purchasing a home.
Components of a Mortgage Payment (PITI)
The industry acronym for a standard mortgage payment is PITI, which stands for:
Principal: The portion of your payment that reduces the outstanding balance of your loan. Under a standard amortization schedule, this amount increases over time.
Interest: The cost of borrowing money. In the early years of a loan, the majority of your payment goes toward interest.
Taxes: Property taxes assessed by your local government. These are usually paid annually or semi-annually, but lenders collect 1/12th of the estimated annual amount each month to ensure they are paid on time.
Insurance: Homeowners insurance protects the property against damages. Like taxes, 1/12th of the annual premium is typically typically collected monthly.
The Factor of Private Mortgage Insurance (PMI)
If you make a down payment of less than 20% of the home's purchase price on a conventional loan, lenders generally require Private Mortgage Insurance (PMI). This insurance protects the lender—not you—in case you default on the loan. PMI typically costs between 0.5% and 1% of the entire loan amount on an annual basis, significantly adding to your monthly obligation. Once you reach 20% equity in your home, you can usually request to have PMI removed.
Example Calculation
Let's assume you are buying a home with the following parameters:
Home Price: $400,000
Down Payment: $40,000 (10%)
Interest Rate: 7.0% on a 30-year fixed term
Annual Property Tax: $4,800
Annual Homeowners Insurance: $1,200
PMI Rate: 0.5%
In this scenario, your loan principal is $360,000. Your base Principal & Interest payment would be approximately $2,395. However, your actual monthly bill would also include $400 for taxes, $100 for insurance, and $150 for PMI, bringing your total projected monthly payment to roughly $3,045.