What inputs affect my mortgage payment?

Your payment depends on loan amount, interest rate, term, taxes, insurance, and any HOA or PMI amounts.

How is principal and interest calculated?

The calculator uses standard amortization to split each payment into interest and principal based on the remaining balance and rate.

Can I include taxes and insurance?

Yes. Enter monthly property tax and insurance to see a full PITI payment estimate.

Mortgage Payment Calculator

Calculate monthly mortgage payments including principal, interest, taxes, insurance, PMI, and HOA. View full amortization schedule.

Scratchpad (not saved)

Save to create a persistent, shareable workspace.

What This Calculator Does

Estimate a full monthly housing payment by combining loan principal and interest with property tax, homeowners insurance, PMI, and HOA dues in one calculation.

It combines Home Price, Down Payment (%), Down Payment ($), Interest Rate to estimate Monthly Payment (Total), Principal & Interest, Property Tax.

Formula & Method

Core equations: Monthly payment uses the standard amortization formula:

M = P \cdot \frac{r(1+r)^n}{(1+r)^n - 1}

where

P

is the loan principal,

r

is the monthly interest rate, and

n

is the total number of payments. PMI of 0.5% is automatically added when the down payment is below 20%. Inputs are applied in base units, then derived metrics are computed from the same equations and rounded for display.

Notation used in the formulas: $R$ = Monthly Payment (Total); $x_{1}$ = Home Price; $x_{2}$ = Down Payment (\%); $x_{3}$ = Down Payment (\ $);$ x_{4} $= Interest Rate;$ x_{5} $= Loan Term;$ x_{6}$ = Annual Property Tax.

Method summary: inputs are normalized to consistent units, core equations are evaluated, then secondary values are derived and rounded for display.

Use this before making an offer, comparing lenders, or testing down payment scenarios so you can budget from full monthly cost instead of principal-and-interest only.

Frequently Asked Questions

What is included in the monthly payment estimate?: The estimate includes principal and interest, then adds monthly taxes, insurance, PMI, and HOA if provided.
Does this calculator show full PITI cost?: Yes. Enter tax and insurance values to see a complete PITI-style monthly housing payment.

Reference Book

Mathematics of Investment and Credit

Samuel A. Broverman · ACTEX Learning

A widely used text for time-value-of-money, annuity, loan, amortization, and bond calculations.

View Book

Inputs Used

Home Price: The purchase price of the home
Down Payment (%): Percentage of home price paid upfront
Down Payment ($): Dollar amount paid upfront (synced with percentage)
Interest Rate: Annual interest rate
Loan Term: Length of the mortgage
Annual Property Tax: Annual property tax amount
Annual Home Insurance: Annual homeowners insurance premium
PMI Rate: Private mortgage insurance rate (auto-set to 0.5% when down payment < 20%)
Monthly HOA: Monthly homeowners association fee

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