United States · Finance
Mortgage Calculator
Calculate US mortgage payments, interest, property taxes, insurance & PMI. Get instant 15 & 30-year amortization schedules on 1CalcHub.
Interactive calculator
Estimate US Mortgage Cost & PITI
Estimate monthly mortgage PITI bills, test extra monthly payments, evaluate rent vs buy break-even, and compare terms side-by-side.
Results
Total Monthly (PITI)
$2,838
Principal & Interest
$2,275
Property Tax (Mo)
$413
Rate: 1.10%
PMI (Monthly)
$0
No PMI (>= 20% down)
Visual breakdown
Monthly PITI Cost Breakdown
Complete monthly liability. PMI applies if down payment is under 20% of the price.
Principal & Interest
$2,275
80.2% of total
Property Tax
$413
14.5% of total
Home Insurance
$150
5.3% of total
How to use it
- 01Enter the home price and your planned down payment.
- 02Set the mortgage rate and loan term in years.
- 03Add annual property tax, homeowners insurance, and PMI assumptions for a full payment estimate.
Result guide
- Principal and interest represent the amortized loan payment only.
- Taxes, insurance, and PMI are added monthly to show the full housing cost.
- The loan-to-value figure helps explain whether PMI is likely to apply.
About this calculator
Mortgage searches are high-value because borrowers need more than a simple loan payment. They need to estimate the full monthly housing cost including taxes, insurance, and PMI.
This calculator keeps those pieces separate so you can see which costs change when you adjust down payment, term, or interest rate.
Frequently asked questions
How is a monthly mortgage payment calculated?
A monthly mortgage payment is calculated using an amortization formula to find the principal and interest (P&I), plus monthly allocations for property taxes, homeowners insurance, and Private Mortgage Insurance (PMI). The P&I payment formula is M = P * (r(1 + r)^n) / ((1 + r)^n - 1). For instance, a loan amount of $350,000 (P) at a 6.5% annual interest rate (r = 0.065 / 12 = 0.005417) for a 30-year term (n = 360 months) results in a P&I payment of exactly $2,212.24 per month.
What is PMI and when can I remove it?
Private Mortgage Insurance (PMI) is a lender-protective policy required on conventional loans when the down payment is less than 20% of the home purchase price. It typically costs 0.2% to 1.5% of the loan amount annually. Under federal law, lenders must automatically terminate PMI when the loan balance amortization reaches 78% of the original property value, or homebuyers can request removal manually once the loan-to-value (LTV) ratio drops to 80%.
How much house can I afford on $80,000 salary?
Using the standard 28/36 rule of mortgage underwriting, your monthly housing expenses (mortgage, tax, insurance) should not exceed 28% of your gross income, and total debt payments should stay below 36%. For a gross monthly income of $6,667 (on an $80,000 salary), the maximum housing budget is $1,866. Assuming a 6.5% interest rate, 10% down payment, and typical taxes, this monthly limit supports a maximum home purchase price of approximately $250,000.
What is the difference between 15-year and 30-year mortgage?
A 15-year mortgage offers a lower interest rate and pays off the principal twice as fast, which dramatically reduces cumulative interest expenses but requires higher monthly payments. Conversely, a 30-year mortgage spreads out payments to lower the monthly obligation but incurs more interest over time. For a $300,000 loan at 6.5%, a 30-year term requires a monthly P&I payment of $1,896 with $382,633 total interest, while a 15-year term at 5.75% requires a payment of $2,492 but only $148,642 in total interest.
How does my credit score affect my mortgage rate?
Lenders use your FICO credit score to assess risk and determine your mortgage interest rate; higher credit scores earn lower rates. For a $400,000 loan, an excellent credit score of 760 or above might qualify for a 6.25% interest rate, resulting in a monthly payment of $2,463. A lower score of 630 might increase the interest rate to 7.84%, raising the monthly payment by $425 to $2,888 and adding $153,000 in total interest over 30 years.
How much is the monthly payment on a $400,000 house?
The total monthly payment on a $400,000 house is based on your down payment, interest rate, and local taxes. Assuming a 10% down payment ($40,000), leaving a loan of $360,000 at a 6.5% interest rate over a 30-year term, the monthly principal and interest payment is $2,275. Adding typical annual costs of 1.25% property taxes ($417/month), $1,200 homeowners insurance ($100/month), and 0.5% PMI ($150/month) yields a total monthly payment of $2,942.
Method and limitations
This calculator uses the formula and assumptions described on this page. We do not claim independent professional review. Direct references will be listed here when they support a specific rule or data source used by this calculator.
Results are estimates for general information. Verify current rules and assumptions before making financial, tax, or health decisions.
Read our Editorial and Verification Policy →Related calculators
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