Mortgage Calculator
Your full monthly mortgage payment: principal and interest, property tax, insurance, PMI and HOA dues, at this week's average rate, with a yearly amortization schedule.
Principal and interest by loan amount and rate, 30-year fixed
| Loan | 5.5% | 6.5% | 7.5% |
|---|---|---|---|
| $200,000 | $1,136 | $1,264 | $1,398 |
| $300,000 | $1,703 | $1,896 | $2,098 |
| $400,000 | $2,271 | $2,528 | $2,797 |
| $500,000 | $2,839 | $3,160 | $3,496 |
| $750,000 | $4,258 | $4,741 | $5,244 |
A $400,000 home at 7%: the full monthly payment by down payment (1% tax, $2,000 insurance, 0.5% PMI)
| Down payment | Loan | Monthly payment | Of which PMI |
|---|---|---|---|
| 3.5% ($14,000) | $386,000 | $3,229 | $161 |
| 5% ($20,000) | $380,000 | $3,186 | $158 |
| 10% ($40,000) | $360,000 | $3,045 | $150 |
| 20% ($80,000) | $320,000 | $2,629 | None |
How this calculator works
Principal and interest use the standard amortization formula on the loan: price minus down payment. Property tax is a yearly percentage of the price, split monthly; insurance is your yearly premium over 12.
Below 20% down, conventional loans add private mortgage insurance, here a yearly percentage of the loan. By federal law it ends automatically when the balance is scheduled to reach 78% of the original value, and you can ask to cancel it at 80%.
What it assumes
- A fixed-rate conventional loan. FHA loans charge their own mortgage insurance premium, which usually lasts for the life of the loan; VA loans have none but a funding fee.
- Tax and insurance stay the same; in practice both usually rise, and escrow payments are adjusted each year.
- The rate is the national weekly average; your quote depends on credit, down payment and points.
Questions people ask
How much is the payment on a $400,000 house?
With 20% down at 7% over 30 years, principal and interest is $2,128.97 a month. With 1% property tax and $2,000 a year of insurance, about $2,629 in all.
What is PITI?
Principal, interest, taxes and insurance: the four parts of a typical mortgage payment when the lender collects tax and insurance through escrow. PMI and HOA dues add to it.
When does PMI go away?
On a conventional loan, automatically when the balance is scheduled to hit 78% of the home's original value, or earlier if you ask once it reaches 80% and you are current on payments (Homeowners Protection Act).
15-year or 30-year mortgage?
A 15-year loan has a lower rate and much less interest, but a higher payment: $320,000 at 6.25% over 15 years is $2,743.75 a month, against $2,128.97 at 7% over 30.
Is mortgage interest tax deductible?
If you itemize: interest on up to $750,000 of mortgage debt used to buy, build or improve your home ($375,000 if married filing separately). Most people take the standard deduction instead.
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Related calculators
Sources
- CFPB: Owning a home
- 12 U.S.C. 4902: cancelling private mortgage insurance (Homeowners Protection Act)
- IRS: Publication 936, Home mortgage interest deduction
Updated by the RateHerald team. The maths is tested against worked examples; report a problem.