What is PMI and when does it apply?

Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home price. The calculator adds it automatically and shows when you'll reach 20% equity.

How is the monthly payment calculated?

The principal & interest portion uses the standard annuity formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.

What does the amortization table show?

The table displays the first 12 months of payments, showing how much goes to principal vs. interest each month, along with the remaining balance.

What is the affordability check?

Enter your gross monthly income to see what percentage of it goes toward the total monthly housing cost. A common guideline is to stay below 28–30%.

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Mortgage Calculator

Calculate your monthly mortgage payment with taxes, insurance, PMI, and amortization.

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About this tool

A comprehensive mortgage calculator that goes beyond the basic principal and interest payment. Enter home price, down payment (as a percentage or dollar amount), loan term (15, 20, or 30 years), and annual interest rate. Add optional property tax, home insurance, and PMI (automatically suggested when the down payment is below 20%). See a full monthly breakdown, the total cost over the life of the loan, a first-year amortization table, and an affordability check showing what percentage of your gross monthly income goes to housing.