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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
Optional extras (taxes, insurance, PMI, extra principal)
These are often escrowed with the lender. Leave them at zero if you only want principal & interest.
Suggested from 10.0% down: 0.50%/yr
Estimated monthly payment
$3,035
P&I $2,335 · loan $360,000
Breakdown
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.
How this mortgage payment is built
A monthly housing draft is usually PITI: principal, interest, taxes, and insurance — plus PMI when you put less than 20% down. This calculator estimates those pieces for a fixed-rate amortizing loan. It is not a lender quote.
Principal and interest
Loan amount = home price − down payment. The scheduled P&I payment is the standard fixed-payment formula: a constant monthly amount that pays interest on the remaining balance and reduces principal to (near) zero over the term.
Worked P&I example: $400,000 price, 20% down ($80,000), loan $320,000, 6.99% APR, 30 years (360 payments). Monthly P&I is about $2,127. If you made every payment and never prepaid, total interest over the term would be about $446,000 — more than the amount borrowed. Shortening the term to 15 years raises the monthly P&I and cuts lifetime interest sharply. That tradeoff is the main lever after the rate.
Early months are interest-heavy. Extra principal you enter here is additional cash on top of scheduled P&I; it does not rewrite the note rate.
Taxes, insurance, PMI
Annual property tax and homeowners insurance are divided by 12 for an escrow-style line. They do not change when you shop 0.25% of rate.
If loan-to-value stays above 80%, conventional loans often require PMI. This tool auto-estimates an annual PMI rate from down-payment percent when LTV > 80% (override or set 0). Real PMI depends on credit, LTV, and product. Treat it as a range.
What is left out
HOA dues, flood insurance, points, closing costs, ARMs, balloons, and underwriting. For a search ceiling, use the mortgage approval estimate. For whether a lower-rate offer pays for itself, use refinance break-even.
Guide: how mortgage payments are built.
Frequently asked questions
Read how mortgage payments work
Does this calculate fixed-interest mortgage repayments?
Yes. It models a fixed-rate (fixed-interest) amortizing home loan: constant scheduled principal-and-interest repayments for the term you enter, plus optional taxes, insurance, and PMI. Adjustable-rate mortgages are not modeled.
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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