Mortgage Calculator
Your true monthly payment — principal & interest, plus property tax, home insurance, HOA and PMI. Change any number and the result updates instantly. No login, no data leaves your browser.
PMI is estimated at the rate above until your loan balance drops to 80% of the home price, then it stops. Your lender's PMI rate will differ — check it before relying on this number.
- Principal & interest$0
- Property tax$0
- Home insurance$0
- HOA fees$0
- PMI$0
Loan balance over time
Year-by-year amortisation table
| Year | Interest paid | Principal paid | Balance at year end |
|---|
*Total cost = all principal + interest + tax + insurance + HOA + PMI over the full term, assuming the rate, tax and insurance never change. In real life they do — treat this as an estimate, not a quote.
Worked example
A $400,000 home with 20% down ($80,000) leaves a $320,000 loan. At 6.5% over 30 years (360 payments), the principal & interest payment is $2,022.62 a month. Add property tax of $4,800 a year ($400 a month) and insurance of $1,800 a year ($150 a month), and the total is $2,572.62 a month. Over 30 years you pay $408,142.36 in interest — more than the loan itself costs in interest terms, which is why a lower rate or a shorter term matters so much. Try it above: change the term to 15 years and watch the monthly payment rise but the total interest fall by more than half.
How it works
Monthly principal & interest: M = P × r(1 + r)n / ((1 + r)n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12) and n is the number of monthly payments. Tax and insurance are divided by 12 and added; HOA is added as entered. PMI is added while the balance is above 80% of the home price. That formula is also why the first years of a mortgage are mostly interest: the interest each month is the remaining balance × the monthly rate, so it only shrinks as the balance does.
Common mistakes
Quoting a mortgage payment without taxes and insurance — the number lenders advertise is usually principal & interest only, and tax + insurance can add hundreds a month. Forgetting PMI below 20% down. And comparing loans by monthly payment alone: a lower payment over a longer term can cost far more in total interest.
Questions people actually ask
How much house can I afford?
As a rough rule, lenders look for total housing costs under about 28% of gross monthly income, and all debts under about 36%. Use this calculator backwards: enter a payment you are comfortable with and adjust the home price until the monthly total fits.
What is PMI and when does it go away?
Private mortgage insurance protects the lender when your down payment is under 20%. It usually costs 0.3–1.5% of the loan per year. It normally drops off once you reach 20% equity — here we stop charging it when the balance falls to 80% of the home price.
Is a 15-year mortgage better than a 30-year one?
It costs much less interest in total and you own the home sooner, but the monthly payment is much higher. A 30-year loan with extra payments when you can afford them gives you flexibility the 15-year loan does not.
Does this include closing costs?
No. Closing costs (typically 2–5% of the loan) are paid up front and are not part of the monthly payment, so they are not in the total above.
Why is my first payment almost all interest?
Interest is charged on the full balance, so early on the balance is at its largest. Each payment chips a little principal off, the balance falls, and the interest share shrinks month by month.
Can I trust this number for a real purchase?
For planning, yes — the maths is exact for a fixed rate. For a purchase, no calculator replaces a lender's quote: your real rate, tax assessment, insurance premium and PMI rate will all differ.
Estimates only — not financial advice
Results are estimates for a fixed-rate loan with the inputs you entered, assuming the rate, taxes, insurance and HOA never change. LootLoaf does not collect or store anything you type — every calculation happens in your browser. Formula and rates reviewed 10 November 2026.