Finance
Mortgage Calculator
Calculate your monthly payment with PMI, taxes, insurance, and HOA. Compare Conventional, FHA, and VA loans.
Standard loan; PMI if DP < 20%, drops at 78% LTV.
Annual costs
Monthly payment
$3,438.23
PITI + PMI/MIP
Payment breakdown
Principal & interest
$2,694.48
Property tax
$450.00
Insurance
$125.00
PMI
Drops month 115
$168.75
Total monthly
$3,438.23
Loan summary
Loan amount
90.0% LTV
$405,000
Total interest paid
$565,011
Amortization schedule (first 12 + every 12 months)
| Month | Principal | Interest | PMI/MIP | Balance |
|---|---|---|---|---|
| 1 | $331.98 | $2,362.50 | $168.75 | $404,668 |
| 2 | $333.91 | $2,360.56 | $168.75 | $404,334 |
| 3 | $335.86 | $2,358.62 | $168.75 | $403,998 |
| 4 | $337.82 | $2,356.66 | $168.75 | $403,660 |
| 5 | $339.79 | $2,354.69 | $168.75 | $403,321 |
| 6 | $341.77 | $2,352.70 | $168.75 | $402,979 |
| 7 | $343.77 | $2,350.71 | $168.75 | $402,635 |
| 8 | $345.77 | $2,348.70 | $168.75 | $402,289 |
| 9 | $347.79 | $2,346.69 | $168.75 | $401,942 |
| 10 | $349.82 | $2,344.66 | $168.75 | $401,592 |
| 11 | $351.86 | $2,342.62 | $168.75 | $401,240 |
| 12 | $353.91 | $2,340.57 | $168.75 | $400,886 |
| 24 | $379.49 | $2,314.98 | $168.75 | $396,475 |
| 36 | $406.93 | $2,287.55 | $168.75 | $391,744 |
| 48 | $436.34 | $2,258.13 | $168.75 | $386,672 |
| 60 | $467.89 | $2,226.59 | $168.75 | $381,233 |
| 72 | $501.71 | $2,192.76 | $168.75 | $375,401 |
| 84 | $537.98 | $2,156.50 | $168.75 | $369,147 |
| 96 | $576.87 | $2,117.61 | $168.75 | $362,441 |
| 108 | $618.57 | $2,075.90 | $168.75 | $355,251 |
| 120 | $663.29 | $2,031.19 | — | $347,540 |
| 132 | $711.24 | $1,983.24 | — | $339,272 |
| 144 | $762.65 | $1,931.82 | — | $330,407 |
| 156 | $817.79 | $1,876.69 | — | $320,900 |
| 168 | $876.90 | $1,817.57 | — | $310,707 |
| 180 | $940.29 | $1,754.18 | — | $299,776 |
| 192 | $1,008.27 | $1,686.21 | — | $288,056 |
| 204 | $1,081.16 | $1,613.32 | — | $275,488 |
| 216 | $1,159.31 | $1,535.16 | — | $262,011 |
| 228 | $1,243.12 | $1,451.36 | — | $247,561 |
| 240 | $1,332.99 | $1,361.49 | — | $232,065 |
| 252 | $1,429.35 | $1,265.13 | — | $215,450 |
| 264 | $1,532.67 | $1,161.80 | — | $197,633 |
| 276 | $1,643.47 | $1,051.00 | — | $178,529 |
| 288 | $1,762.28 | $932.20 | — | $158,043 |
| 300 | $1,889.67 | $804.80 | — | $136,076 |
| 312 | $2,026.28 | $668.20 | — | $112,522 |
| 324 | $2,172.76 | $521.72 | — | $87,265 |
| 336 | $2,329.83 | $364.65 | — | $60,181 |
| 348 | $2,498.25 | $196.23 | — | $31,140 |
| 360 | $2,678.85 | $15.63 | — | $0 |
How a mortgage payment is built
Your monthly mortgage payment has 4-6 components: Principal, Interest, property Taxes, homeowners Insurance (PITI), plus PMI/MIP if your down payment is under 20% (or any FHA loan), plus HOA fees if your home is in an HOA. Our calculator breaks all of these out so nothing surprises you at closing.
Most mortgages amortize: early payments are mostly interest, late payments are mostly principal. That's why making even small extra principal payments early saves massive interest over the life of the loan.
Frequently Asked Questions
What's included in a mortgage payment?▾
PITI: Principal, Interest, Taxes, Insurance. Plus PMI/MIP if your down payment is under 20%, and HOA fees if applicable. Our calculator breaks every line out so you see exactly what you're paying for.
When does PMI go away?▾
On conventional loans: automatically when your loan balance reaches 78% of the original home value (Homeowners Protection Act). You can request removal at 80% LTV. On FHA loans, MIP drops at 11 years if your down payment was 10%+; otherwise it lasts the life of the loan. VA loans have no PMI ever.
Conventional vs FHA vs VA — which is best?▾
VA is best if you're eligible (military service): zero down, no PMI, low rates. FHA is best for buyers with 3.5%+ down and lower credit scores (580+). Conventional is best for buyers with 5-20% down and 680+ credit — lowest long-term cost once you hit 20% equity.
How much house can I afford?▾
A common rule: monthly housing costs (PITI + HOA) should be ≤ 28% of your gross monthly income, and total debt ≤ 36%. Use our paycheck calculator to estimate take-home, then work backwards from that 28% guideline.
Should I make extra principal payments?▾
Often yes — every extra dollar early shaves off compounding interest. On a $400K loan at 7%, an extra $200/month saves ~$140K in interest and pays off ~9 years early. But always weigh against higher-yield alternatives (employer 401k match, high-interest debt).