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Mortgage payment

Estimate principal & interest, property tax, home insurance, and private mortgage insurance (PMI) for a fixed-rate purchase mortgage.

Loan details

Purchase price of the home before your down payment. Loan amount equals home price minus down payment.
$
Cash you pay at closing toward the purchase. A larger down payment lowers the loan balance and may remove PMI once loan-to-value is 80% or below.
$

10.0% down · loan $360,000

Fixed annual percentage rate used for principal and interest. Not including insurance or tax escrow.
%
Length of the loan in years. Common fixed terms are 15 or 30 years. Longer terms usually mean lower payments but more total interest.
Common termsQuick presets for 15-, 20-, or 30-year fixed mortgages. You can still type a custom term above.
Optional extras (taxes, insurance, PMI, extra principal)

These are often escrowed with the lender. Leave them at zero if you only want principal & interest.

Yearly property tax estimate for the home. Divided by 12 for a monthly escrow-style amount.
$
Yearly homeowners insurance premium estimate. Divided by 12 for a monthly escrow-style amount.
$
Private mortgage insurance (PMI) as an annual percent of the loan. Auto-filled from your down-payment percent (higher LTV → higher rate; 20%+ down → 0%). You can override. Applied only when LTV is above 80%. Set to 0 to ignore PMI.
%/yr

Suggested from 10.0% down: 0.50%/yr

Additional amount paid toward principal each month beyond the scheduled principal and interest payment. Shortens the loan and reduces total interest in this model.
$

Estimated monthly payment

$3,035

P&I $2,335 · loan $360,000

Breakdown
Principal & interest$2,335
Property tax$400
Home insurance$150
Private mortgage insurance (PMI)$150
Extra principal$0
Full-term interest (P&I schedule)$480,583
Loan-to-value90.0%

PMI is included: LTV 90.0% (above 80%). Using 0.50%/yr of the loan ($150/mo).

Private mortgage insurance protects the lender—not your equity—if you default. Real rates depend on credit, loan-to-value, and the insurer.

Frequently asked questions

Read how mortgage payments work

What is included in the monthly housing estimate?

Principal and interest on a fixed-rate amortizing loan using home price, down payment, annual interest rate (APR), and term, plus optional annual property tax and insurance (shown monthly), PMI when loan-to-value is above 80%, and any extra principal you enter.

How is PMI estimated?

If loan-to-value is above 80%, the calculator applies an annual PMI rate as a percent of the loan amount, then divides by 12. The rate is suggested from your down-payment percent (higher LTV costs more; 20%+ down is 0%). You can override the rate. Real PMI depends on credit, LTV, and the insurer — this is only a planning shortcut.

Does extra principal change the scheduled payment?

The scheduled P&I stays the same; extra is additional. The tool shows a shorter payoff timeline and interest saved when extra payments are modeled.

Is this a mortgage quote?

No. It is an estimate for planning. Lenders add fees, points, escrows, and underwriting rules that this model does not include. For a rough max price from income, try the Mortgage Approval Estimate.

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