What is PMI and when is it required?

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender if you default, adding to your monthly cost.

How does the loan term affect total cost?

A 15-year mortgage has higher monthly payments but significantly lower total interest paid. A 30-year mortgage has lower monthly payments but you pay much more interest over the life of the loan.

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Mortgage Calculator

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Loan Details

Home Price ($)

Down Payment

20.0% of home price

Loan Term

Annual Interest Rate (%)

Property Tax (annual $)

Home Insurance (annual $)

Monthly Mortgage Payment (P&I)

$2,128.97

Monthly Total (incl. tax + ins)

$2,628.97

Payoff Date

—

Total Interest Paid

$446.4K

Total Cost of Loan

$946.4K

Monthly Breakdown

Principal & Interest$2,128.97

Property Tax$400.00

Home Insurance$100.00

Loan Amount

$320,000.00

Down Payment

$80,000.00 (20.0%)

Loan Term

30 years (360 months)

Interest Rate

7% per annum

Total Interest

$446,428.47

Total Payments

$766,428.47

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A comprehensive mortgage calculator that breaks down your monthly payment into principal, interest, property tax, home insurance, and PMI (if down payment is under 20%). Enter home price, down payment, loan term, and interest rate to see your monthly payment, total interest paid, total cost, and payoff date. An amortization schedule shows each payment split by year.

How to Use

1Enter the home price and down payment (amount or percentage)
2Select loan term (10, 15, 20, or 30 years) and enter annual interest rate
3Optionally add property tax (annual $), home insurance, and PMI rate
4Click Calculate Mortgage to see monthly payment, total interest, and total cost
5Scroll down to view the amortization schedule by year - expand to see monthly detail

Features

Full payment breakdown: principal, interest, tax, insurance, PMI
PMI auto-shown when down payment < 20%
Amortization schedule by year (expandable to monthly)
Payoff date calculation
Down payment as $ or % toggle
Supports any currency amount
100% browser-based

Mortgage Calculator

Loan Details

How to Use

Features

Frequently Asked Questions

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