Mortgage Calculator
Full monthly cost including tax, insurance, and PMI.
$80,000 down · $320,000 borrowed
Ownership costs
$400 per month
$150 per month
Not charged — you are putting 20% or more down.
Total monthly payment
$2,573
$320,000 loan over 30 years
Where each monthly payment goes
Principal and interest is only part of the cost of owning the home.
- Principal & interest$2,02379%
- Property tax$40016%
- Home insurance$1506%
How the Mortgage Calculator works
Most mortgage calculators only show principal and interest, which understates what you actually pay each month. This one adds property tax, homeowners insurance, HOA dues, and PMI so the number you see is closer to the real cost of owning the home.
Not financial advice. This calculator is for planning and illustration, not financial advice. Real products carry fees, taxes, and terms it does not model. Confirm figures with your lender or a qualified adviser before committing.
Frequently asked questions
What is included in a monthly mortgage payment?
Four components, often abbreviated PITI: Principal, Interest, Taxes, and Insurance. If your down payment is under 20%, private mortgage insurance (PMI) is usually added, and a condo or planned community may add HOA dues on top.
When does PMI go away?
In the US, PMI is typically cancellable once you reach 20% equity, and lenders must automatically terminate it at 22% equity based on the original schedule. This calculator drops PMI from the payment once the loan balance falls below 80% of the home value.
How much house can I afford?
A common guideline is that total housing costs should stay under 28% of gross monthly income, and all debt payments under 36%. Enter a target payment here and work backwards to a price that fits those ratios.
Should I make a larger down payment?
A larger down payment lowers the loan amount, removes PMI at 20%, and often earns a better rate. The trade-off is losing liquidity, so keep an emergency fund rather than putting every available dollar into the down payment.