Mortgage Calculator
The headline of every mortgage listing is the price. The number that decides whether you can afford it is the payment, and the payment is almost never just principal and interest. Property tax, homeowners insurance, HOA dues and — below 20% down — private mortgage insurance all ride on top, and any of them can move the monthly figure more than half a percentage point of rate does. This calculator shows the full stack on one line: enter the price, your down payment, the rate and the term, then add the recurring costs the lender will count. It also runs the two questions most calculators make you hunt for: what the loan really costs in total interest over its life, and what an extra payment each month actually buys you. Everything computes in your browser, so the numbers you enter stay on your device.
The short answer
A $300,000 home with 10% down at 6% for 30 years costs about $2,331 a month: $1,618.79 principal and interest on the $270,000 loan, plus tax, insurance and $112.50 of PMI. Under 20% down, PMI applies — and $200 extra a month on that loan saves $85,085 in interest.
Below 20% of price, PMI applies.
Often 1-2% of home value yearly.
Typically 0.3-1.5% of loan.
Optional — see the payoff effect.
Total monthly payment (PITI)
$2,331.29
Principal & interest $1,618.79 + PMI $112.50 + tax $500.00 + insurance $100.00.
- Loan amount
- $270,000.00
- Principal & interest
- $1,618.79
- PMI
- $112.50
- Total interest over the life of the loan
- $312,763.11
10% down — PMI applies below 20% equity and is usually removable once you reach it.
Private mortgage insurance, required below 20% down on conventional loans.
Estimates for conventional loans; taxes and insurance vary by location and coverage. Your lender's Loan Estimate is the binding figure — use this to sanity-check it.
How to use Mortgage Calculator
- 1
Enter the price and down payment
Type the purchase price and the cash you are putting down. Ten percent of a $300,000 home is $30,000 down and a $270,000 loan.
- 2
Set the rate and term
Use the quoted rate for the loan type you are comparing — 30 and 15 years are the common fixed terms. The rate, not the term, moves the payment most.
- 3
Add the recurring costs
Enter annual property tax, annual insurance, any HOA dues and a PMI rate if your down payment is under 20%. The result shows every component and the total.
Why use this tool
- Full PITI breakdown — principal, interest, tax, insurance, PMI and HOA on one line
- PMI appears only while equity is under 20%, matching how servicers apply it
- Extra-payment mode shows months saved and interest saved, not just a new payment
- Total interest and payoff months, so 30 years of compounding is visible up front
- Runs entirely in your browser — house-hunting figures never leave your device
Frequently asked questions
- What is included in a monthly mortgage payment?
- Principal and interest on the loan, plus property tax, homeowners insurance, any HOA dues, and PMI while your equity is under 20%. On a $300,000 home with 10% down at 6% for 30 years, that is $1,618.79 principal and interest, $500 tax, $100 insurance and $112.50 PMI — $2,331.29 all in. Lenders quote the first figure; your bank account sees the last one.
- How is the principal and interest payment calculated?
- The loan amount is multiplied by a factor built from the rate and term, so the payment is fixed for a fixed-rate loan: loan × [r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)], with r the monthly rate. On $270,000 at 6% for 30 years the factor gives $1,618.79. Early payments are mostly interest; the split shifts toward principal as the balance falls.
- How do I get rid of PMI?
- On a conventional loan, federal law (the Homeowners Protection Act) lets you request cancellation once you reach 20% equity, and the servicer must end it automatically at 78% of the home's original value. You can also reach 20% faster with extra principal payments or a reappraisal after improvements. FHA loans are different: monthly MIP on most FHA loans lasts the life of the loan unless you put more than 10% down.
- What does paying an extra $200 a month actually do?
- On a $240,000 loan at 6% for 30 years it shortens payoff from 360 to 265 months — nine and a half years — and saves about $85,085 in interest. The saving is large because every early principal dollar stops accruing interest for the rest of the term. Enter any amount in the calculator to see your own loan's numbers.
- How much interest will I pay over the life of the loan?
- More than most first-time buyers expect. $270,000 at 6% for 30 years carries $312,763 of interest — about 1.16 times the amount borrowed. That is the arithmetic of a 30-year term at a 6% rate, not a fee you can negotiate away; the levers are the rate, the term and paying extra.
- Should I choose a 30-year or 15-year mortgage?
- The 30-year term has the lower payment and buys you flexibility; the 15-year has a higher payment but typically a lower rate and far less total interest. The honest method is to qualify at 30 years, then decide whether to commit to the 15-year payment or keep the difference and prepay when you choose to.
- Does this calculator store the figures I enter?
- No. Every calculation runs in your browser with JavaScript — nothing is transmitted, logged or saved. That matters more here than on most pages, because a mortgage worksheet contains your income, your savings and the address you are about to offer on.
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