Estimate a monthly mortgage payment with principal, interest, property tax, homeowners insurance, PMI, HOA dues and optional extra principal—then review total interest and a yearly amortization schedule.
A useful mortgage estimate should show more than principal and interest. Enter a home price, down payment and loan assumptions below to see the estimated full monthly housing outlay and long-term borrowing cost. Before setting a budget, compare the result with your net income using the related U.S. paycheck calculator.
Mortgage Payment, PITI and Amortization Calculator
All money fields are in U.S. dollars. Enter an interest rate from a lender quote; the calculator does not fetch or predict live rates.
Year-by-year amortization estimate
Principal includes any entered extra payment. PMI is estimated from the outstanding balance and may differ from a lender's actual premium or cancellation date.
| Year | Principal paid | Interest paid | PMI paid | Ending balance |
|---|
What This US Mortgage Calculator Estimates
This calculator estimates the cost of a fixed-rate, fully amortizing U.S. mortgage. It starts with the purchase price and down payment, calculates the financed balance, and then combines the scheduled principal-and-interest payment with estimated taxes, insurance, private mortgage insurance and association dues.
Loan payment
Scheduled principal and interest based on the loan amount, annual note rate and selected term.
Housing add-ons
Property tax, homeowners insurance, initial PMI, HOA dues and any other monthly cost you enter.
Long-term cost
Total interest, estimated PMI duration, payoff time and savings from optional extra principal.
The result is a planning estimate—not a quote. Actual payments can differ because lenders use property-specific taxes, insurance premiums, escrow rules, mortgage-insurance pricing, rounding conventions and closing dates.
How a Monthly Mortgage Payment Is Calculated
For a fixed-rate loan, the scheduled principal-and-interest payment is designed to pay the balance down to zero over the selected number of months. The calculation uses the monthly interest rate and total number of payments:
- L is the original loan amount after the down payment.
- r is the annual note rate divided by 12.
- n is the loan term in years multiplied by 12.
When the entered interest rate is 0%, the calculator simply divides the loan amount by the number of months. Each normal payment first covers that month's interest; the remainder reduces principal. As the balance falls, the interest portion generally shrinks and the principal portion grows.
What PITI Means
PITI stands for principal, interest, taxes and insurance. It is often closer to the amount a homeowner must budget than principal and interest alone. This tool adds the following pieces:
- Principal and interest: the scheduled loan payment.
- Property tax: home price × entered annual tax rate ÷ 12.
- Homeowners insurance: entered annual premium ÷ 12.
- PMI: a modeled premium when original LTV is above 80%.
- HOA and other costs: budget items that are not part of the mortgage balance.
Important: Maintenance, utilities, repairs and transaction-specific prepaid items are not automatically included. A mortgage can be affordable on a principal-and-interest basis but strain the budget once the full ownership cost is considered.
Down Payment, Loan Amount and LTV
The down payment directly changes both the loan amount and loan-to-value ratio. LTV is the loan amount divided by the property value. For example, a $450,000 home with a $45,000 down payment produces a $405,000 loan and a 90% initial LTV.
A larger down payment usually reduces the monthly principal-and-interest payment and may eliminate conventional PMI, but it also uses more cash upfront. Preserve enough liquidity for closing costs, moving expenses, repairs and an emergency reserve. The calculator's cash-to-close figure includes only the entered down payment and closing costs; a lender's disclosure can include prepaid interest, initial escrow deposits and credits.
How PMI Is Modeled
Private mortgage insurance generally protects a conventional lender—not the borrower—when the down payment is relatively small. This calculator applies the entered annual PMI rate to the outstanding balance when original LTV is above 80%, then stops modeled PMI once the scheduled balance reaches 78% of the original home value.
Under federal guidance, many conventional borrowers can request cancellation when the scheduled principal balance reaches 80% of the home's original value, subject to eligibility conditions. General automatic termination occurs at the scheduled 78% point when the borrower is current. FHA, VA, lender-paid mortgage insurance and higher-risk loans can follow different rules. Review the CFPB's PMI cancellation guidance and your loan documents for the applicable terms.
Extra Mortgage Payments and Interest Savings
An extra principal payment reduces the balance before future interest is calculated. The tool runs two amortization paths—one with the extra amount and one without it—so the result can show estimated interest and time saved.
- Confirm that the servicer will apply the extra amount to principal.
- Check the note and applicable law for any prepayment restrictions.
- Do not sacrifice essential cash reserves or higher-priority obligations solely to shorten the mortgage.
Extra payments do not normally reduce the required scheduled payment unless the loan is formally recast. They mainly shorten payoff time and reduce future interest.
2026 Conforming Loan Limits
The Federal Housing Finance Agency set the 2026 baseline conforming loan limit for a one-unit property in most of the United States at $832,750. The one-unit ceiling in designated high-cost areas is $1,249,125. Location and property-unit count matter, so the result card provides only a quick one-unit national comparison.
| 2026 one-unit category | Limit | What the calculator reports |
|---|---|---|
| Most U.S. counties | $832,750 | Within baseline when the loan does not exceed this amount |
| High-cost-area ceiling | $1,249,125 | Possible high-cost fit when above baseline but at or below the ceiling |
| Above the high-cost ceiling | More than $1,249,125 | Above the general one-unit ceiling; specialized financing may apply |
Alaska, Hawaii, Guam and the U.S. Virgin Islands have special statutory calculations. Verify the exact county and property type with the FHFA's official 2026 announcement or a lender.
Mortgage Calculation Example
$450,000 home with 10% down
Using the calculator's starting assumptions—a 30-year term, 6.50% note rate, 1.20% property-tax rate, $1,800 annual insurance and 0.50% estimated PMI—the first-month estimate is approximately:
The example excludes HOA dues, other housing costs and closing-cost financing. Change any field to model a different scenario.
How to Compare Mortgage Offers
Run the calculator with the note rate, term and costs from each offer, but do not compare payments alone. Review the interest rate, APR, points, lender credits, mortgage-insurance terms, prepayment conditions and total cash required. The Consumer Financial Protection Bureau recommends using the standardized Loan Estimate to compare offers.
Housing decisions also affect the rest of a household budget. You can compare annual federal obligations with the U.S. income tax calculator, measure a home's interior with the square feet calculator, or estimate roof geometry with the roof pitch calculator.
Methodology, Assumptions and Limitations
The calculator uses a standard fixed-rate amortization formula and a month-by-month balance schedule. It assumes payments are made on time, the note rate stays fixed, extra principal is applied monthly, and entered tax, insurance, HOA and other costs remain constant. PMI is an educational estimate based on the selected rate and modeled 78% scheduled-balance endpoint.
It does not model adjustable-rate resets, temporary buydowns, interest-only periods, negative amortization, biweekly servicing, construction draws, FHA or VA mortgage-insurance rules, tax deductions, escrow shortages, property appreciation, insurance changes, delinquency, refinancing or sale proceeds. Use lender disclosures and professional advice for a transaction-specific decision.
Editorial review: The formulas, default example, 2026 conforming limits and PMI explanation were reviewed by the 1Dollars editorial team on July 19, 2026. Calculations run locally in the browser; the tool does not transmit entered financial data.
US Mortgage Calculator FAQs
How is a monthly mortgage payment calculated?
A fixed-rate principal-and-interest payment uses the loan amount, monthly interest rate and number of monthly payments. This calculator then adds estimated property tax, homeowners insurance, PMI, HOA dues, other costs and optional extra principal.
What does PITI mean?
PITI means principal, interest, taxes and insurance. It is a broader monthly-payment estimate than principal and interest alone, although HOA dues, maintenance and utilities can still sit outside PITI.
Does this mortgage calculator include PMI?
Yes. When original LTV is above 80%, the tool applies the entered annual PMI rate to the outstanding loan balance and stops the modeled charge when scheduled balance reaches 78% of original home value.
When can conventional PMI be removed?
Many borrowers can request cancellation at the scheduled 80% balance point if applicable conditions are met. General automatic termination occurs at the scheduled 78% point when the loan is current. Loan type and contract terms matter.
How much down payment do I need?
There is no single amount for every mortgage. Required down payment depends on loan program, borrower qualifications, property and lender. A larger down payment reduces the loan and may reduce or eliminate PMI, but also uses more upfront cash.
What is the 2026 conforming loan limit?
For a one-unit property, the 2026 baseline limit in most U.S. counties is $832,750 and the high-cost-area ceiling is $1,249,125. Special areas and multi-unit properties have different limits.
Will extra mortgage payments save interest?
When properly applied to principal, extra payments usually reduce the balance sooner, which can lower future interest and shorten payoff time. The tool compares the entered extra-payment path with a no-extra baseline.
Are property taxes included?
Yes. The calculator multiplies the entered home price by the annual property-tax rate and divides by 12. Actual tax bills, exemptions, reassessments and escrow adjustments can change the lender's amount.
Are closing costs included in the monthly payment?
No. Entered closing costs are added to the cash-to-close estimate, not the recurring monthly payment. Prepaid interest, escrow deposits, lender credits and financed costs require transaction-specific treatment.
Why can a lender's mortgage payment differ from this result?
A lender may use different taxes, insurance, PMI pricing, escrow requirements, payment timing, rounding and fees. Treat this calculator as a planning tool and use the official Loan Estimate and closing documents for the transaction.
Sources and Related Tools
- Federal Housing Finance Agency — 2026 conforming loan limits
- Consumer Financial Protection Bureau — PMI cancellation
- Consumer Financial Protection Bureau — Loan Estimate
- Browse more free financial calculators and money tools or visit the Global Calculators directory.
Last fact-checked: July 19, 2026
Financial disclaimer: This educational calculator is not a loan offer, underwriting decision, appraisal, tax opinion or financial advice. Rates, payments, eligibility and costs vary by borrower, lender, property, location and loan program. Verify all figures with licensed professionals and official disclosures before committing funds.