Free Mortgage Calculator — Monthly Payment with Taxes, Insurance & PMI
Calculate your monthly mortgage payment including principal, interest, property tax, homeowner's insurance, PMI, and HOA fees. Enter the home price, down payment, loan term, and interest rate to see your complete monthly housing cost — not just the loan payment that most calculators show. Supports 35 currencies for mortgages worldwide. Includes a full year-by-year amortization schedule showing how principal and interest split over your loan. All calculations run in your browser — your financial details are never stored or transmitted.
Uses the standard fixed-rate amortization formula. Supports 35 currencies for global mortgage calculations. Last updated: April 2026. This calculator provides estimates — verify with your lender's official loan estimate before committing.
Inputs
Results
Principal & interest / month
Total monthly payment (PITI + PMI + HOA)
Yearly amortization (principal & interest)
| Year | Principal | Interest | Balance |
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Visualize Your Mortgage Journey
See how your payment breaks down, when PMI drops off, how extra payments accelerate payoff, and whether your mortgage fits the 28/36 affordability rule.
Extra Payments tab Extra goes toward principal — see savings when you switch to this tab.
Affordability tab Used to check the 28/36 rule when you switch to this tab.
| Point | Value 1 | Value 2 | Value 3 |
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Understanding Your Monthly Mortgage Payment
Your monthly housing cost is more than just the loan payment. Most mortgage calculators show only principal and interest (P&I), which significantly understates your actual monthly obligation. Here's what makes up your true monthly housing cost:
PITI: The four components
- Principal: The portion that repays your loan balance. Starts small (5-15% of payment in early years) and grows over time
- Interest: The cost of borrowing. In early years, 70-85% of your payment is interest. This is why mortgages are so front-loaded with interest cost
- Taxes: Property tax, typically 0.5-2.5% of home value per year depending on location. Baked into monthly payment via escrow in most US mortgages
- Insurance: Homeowner's insurance protects against damage, theft, and liability. Typically $800-$2,500/year depending on home value and location
Additional costs most calculators miss
- PMI (Private Mortgage Insurance): Required when down payment is below 20%. Typically 0.3-1.5% of the loan annually. Automatically included in this calculator when applicable. PMI can be removed once you reach 20% equity
- HOA (Homeowner's Association): Monthly fees for condos, townhomes, and planned communities. Can range from $100 to $1,000+/month
- Maintenance: Budget 1-2% of home value annually for repairs and upkeep (not included in this calculator but essential for planning)
This calculator includes all six components (P&I + tax + insurance + PMI + HOA) so you see the true monthly cost of homeownership — not just the loan payment.
US defaults: PMI when down payment is under 20% and property tax as a percent of home value follow common US conventions. You can still model other countries by choosing your currency and entering local tax and insurance figures; set PMI to 0% where it does not apply.
Mortgage Basics: What Every Homebuyer Should Know
15-year vs 30-year mortgage
| Factor | 15-year mortgage | 30-year mortgage |
|---|---|---|
| Monthly P&I (on $400K loan at 6.5%) | ~$3,484 | ~$2,528 |
| Total interest paid | ~$227,000 | ~$510,000 |
| Interest saved (vs 30-year) | ~$283,000 | — |
| Interest rate | Typically 0.5-0.75% lower | Higher |
| Monthly flexibility | Less — higher payment | More — lower required payment |
| Best for | Higher earners wanting to build equity fast | Most buyers wanting lower monthly payments |
The 30-year mortgage costs $283,000 more in interest on a $400K loan — but the monthly payment is $956 less. Toggle between 15 and 30 years in the calculator above to see your personal comparison.
Fixed rate vs adjustable rate (ARM)
Fixed-rate mortgages lock your interest rate for the entire loan term — your P&I payment never changes. Adjustable-rate mortgages (ARMs) start with a lower rate for an introductory period (typically 5 or 7 years), then adjust periodically based on market rates. ARMs can save money if you plan to sell or refinance before the adjustment period, but carry the risk of payment increases. This calculator models fixed-rate scenarios — for ARM estimates, run the calculator twice: once with the intro rate and once with a higher potential adjusted rate.
How much down payment do you need?
| Down payment % | On $400K home | PMI required? | Key consideration |
|---|---|---|---|
| 3% (minimum conventional) | $12,000 | Yes | Lowest barrier but highest PMI cost |
| 5% | $20,000 | Yes | Common first-time buyer threshold |
| 10% | $40,000 | Yes | Lower PMI, reasonable savings target |
| 20% | $80,000 | No | Eliminates PMI entirely — saves hundreds/month |
| 25%+ | $100,000+ | No | Best rates, lowest monthly payment |
Use the down payment inputs above to see how different amounts affect your monthly payment and PMI cost. The jump from 19% to 20% down is often the most impactful single change because it eliminates PMI.
How Much Mortgage Can You Afford?
Lenders and financial advisors use the 28/36 rule for mortgage affordability:
- 28% rule: Your total monthly housing cost (PITI + PMI + HOA) should not exceed 28% of your gross monthly income
- 36% rule: Your total monthly debt payments (housing + car loan + student loans + credit cards) should not exceed 36% of gross monthly income
Affordability quick reference
| Annual income | Max monthly housing (28%) | Approx home price (30yr, 6.5%, 20% down) |
|---|---|---|
| $60,000 | $1,400 | ~$220,000 |
| $80,000 | $1,867 | ~$295,000 |
| $100,000 | $2,333 | ~$370,000 |
| $120,000 | $2,800 | ~$440,000 |
| $150,000 | $3,500 | ~$550,000 |
| $200,000 | $4,667 | ~$735,000 |
These estimates assume 20% down, 6.5% rate, 30-year term, 1.2% property tax, and $1,500/year insurance. Your local market, tax rate, and rate may differ — enter your specifics in the calculator above for a precise estimate.
Important: What a lender approves and what you can comfortably afford are different things. Lenders approve the maximum; financial advisors recommend staying below 28% of gross income. Factor in maintenance (1-2% of home value/year), utilities, and your savings goals before committing.
Mortgage Rates Around the World (2026 Reference)
This calculator supports 35 currencies and works for mortgages globally. Here are typical mortgage rates and conventions by country:
| Country | Typical rate (2026) | Common term | Key convention |
|---|---|---|---|
| United States | 6.0-7.5% | 30 years (fixed) | PITI + PMI if <20% down |
| United Kingdom | 4.5-6.5% | 25-35 years | Fixed 2-5yr intro, then variable |
| Canada | 5.0-6.5% | 25yr amortization | Term renewed every 5 years |
| Australia | 6.0-7.0% | 25-30 years | Variable rate common |
| Germany | 3.5-4.5% | 15-30 years | Fixed for 10-15yr periods |
| France | 3.0-4.0% | 20-25 years | Fixed rate dominant |
| UAE | 4.0-6.0% | 25 years max | Linked to EIBOR, expats max 75% LTV |
| Singapore | 3.0-4.0% | 25-30 years | HDB vs private, TDSR limits |
| India | 8.25-9.5% | 15-30 years | Floating rate, linked to repo rate |
| Japan | 0.5-1.5% | 35 years | Ultra-low fixed rates |
Select your currency from the dropdown above, enter your local interest rate and home price, and the calculator adapts instantly. The PMI and property tax fields are US-centric but can be used as proxies for similar costs in other countries (e.g., stamp duty amortized over the loan, or mortgage insurance in Canada/Australia).
For Indian home loans with prepayment modeling and Indian tax deduction context (Section 24b, 80C), use our dedicated Home Loan Calculator.
Mortgage Interest Tax Deductions by Country
Mortgage interest deductibility significantly affects the true cost of homeownership:
| Country | Interest deductible? | Details |
|---|---|---|
| United States | Yes (itemizers) | Up to $750,000 loan; must itemize vs standard deduction |
| India | Yes | Up to ₹2,00,000/year under Section 24(b) for self-occupied |
| Netherlands | Yes | One of the most generous; deductible for 30 years |
| Sweden | Yes (partial) | 30% of interest up to certain limits |
| United Kingdom | No (owner-occupied) | No deduction for primary residence since 2000 |
| Canada | No (primary residence) | Deductible for rental/investment properties only |
| Australia | No (owner-occupied) | Deductible for investment properties (negative gearing) |
| Germany | No (owner-occupied) | Deductible for rental properties |
Tax rules change frequently and vary by jurisdiction — verify with a local tax professional. In countries with mortgage interest deductions, the true after-tax cost of your mortgage is lower than the calculator shows.
5 Common Mortgage Mistakes to Avoid
1. Looking only at P&I, not total cost
A $2,500/month P&I payment becomes $3,400+ with taxes, insurance, PMI, and HOA. Always calculate PITI (this calculator does) before deciding what you can afford.
2. Ignoring PMI
With less than 20% down on a $400K home, PMI adds $100-$300/month. Over 5-7 years before you reach 20% equity, that's $6,000-$25,000 in extra cost. Saving for a larger down payment or accelerating principal payments to remove PMI faster can save significantly.
3. Choosing 30 years without considering 15
The monthly difference between 15 and 30 years is often less than people expect ($500-$1,000 more/month), but the total interest savings is enormous (often $200,000+). Run both scenarios in the calculator above.
4. Forgetting maintenance costs
Budget 1-2% of home value annually for maintenance and repairs. On a $400K home, that's $4,000-$8,000/year ($333-$667/month) that doesn't appear in any mortgage calculator but is a real cost of ownership.
5. Not shopping rates
A 0.5% difference in interest rate on a $400K, 30-year mortgage saves approximately $45,000 in total interest. Always get quotes from at least 3-4 lenders. Even a 0.25% reduction saves $20,000+.
Frequently asked questions
How much mortgage can I afford on my salary?
Use the 28/36 rule: your total monthly housing cost (PITI + PMI + HOA) should not exceed 28% of your gross monthly income. If you earn $100,000/year ($8,333/month), your maximum housing cost is approximately $2,333/month. Enter different home prices in the calculator above until the total monthly payment fits within this budget. Remember to factor in maintenance costs (1-2% of home value/year) that aren't included in the calculator.
How do I calculate my mortgage payment?
The principal and interest portion uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is loan amount, r is monthly interest rate, and n is total months. Then add monthly property tax (annual tax ÷ 12), monthly insurance (annual premium ÷ 12), PMI if applicable (annual PMI ÷ 12), and HOA fees. This calculator handles all of this automatically — enter your numbers and see the complete breakdown.
What is PMI and when can I remove it?
PMI (Private Mortgage Insurance) is required on conventional mortgages with less than 20% down payment. It costs 0.3-1.5% of the loan amount annually, added to your monthly payment. By law (Homeowners Protection Act), your lender must automatically cancel PMI when your loan balance reaches 78% of the original home value. You can also request PMI removal at 80% — some lenders require an appraisal to confirm. Making extra principal payments accelerates reaching this threshold.
Can I use this mortgage calculator for countries other than the US?
Yes — select your currency from the 35-currency dropdown. The P&I calculation works identically worldwide. The property tax and insurance fields use US conventions but can be adapted: enter your local property tax rate and annual insurance cost. PMI may not apply in your country — set it to 0% if not relevant. For Indian home loans with prepayment modeling, our Home Loan Calculator is purpose-built.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage saves $150,000-$300,000+ in total interest but requires a higher monthly payment ($800-$1,200 more on a typical loan). Choose 15-year if you can comfortably afford the higher payment while still saving for retirement and emergencies. Choose 30-year if you need lower monthly payments or want to invest the difference in higher-return assets. A middle ground: take a 30-year mortgage but make extra payments as if it were a 20-year — this gives flexibility with the benefits of faster payoff.
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four pillars of many monthly mortgage payments in the US and similar markets. Principal pays down your loan balance; interest is the cost of borrowing. Taxes are usually property taxes levied as a percentage of assessed home value, often paid monthly through escrow. Insurance is homeowner coverage, also commonly escrowed. Together they approximate your recurring housing obligation before PMI and HOA. This calculator shows each piece so you are not surprised by the gap between P&I alone and your full monthly cost.
When does PMI apply in this calculator?
We apply the PMI rate you enter when the down payment is below 20% of the home price and the loan amount is positive. Otherwise PMI is treated as zero in the estimate. The PMI field is expressed as an annual percentage of the loan amount, which is a common way lenders quote it. If your loan program does not use PMI (or uses a different structure), set the PMI rate to zero. Always confirm PMI rules, cancellation timing, and lender-specific overlays with your loan officer.
Does the currency dropdown change loan math?
No. The currency selector only changes how amounts are formatted on screen — number grouping and symbol — not the underlying arithmetic. You should enter home price, down payment, insurance, and HOA in the same currency you selected so labels and totals stay consistent. There is no foreign-exchange conversion between currencies; you are modeling one loan in one currency at a time. Switching currency is useful for international readers who think in EUR, GBP, INR, AED, and others among the 35 supported codes.
Is this tax, insurance, or legal advice?
No. This page is for education and planning only. Tax deductibility of mortgage interest, escrow requirements, insurance mandates, and PMI cancellation timelines vary by country, loan program, and law. Insurance premiums depend on property type, location, and carrier. Nothing here replaces advice from a licensed tax professional, insurance agent, or attorney. Before you commit to a loan, review the official Loan Estimate and Closing Disclosure from your lender and ask questions until every fee and assumption is clear.
How should I use the 15-year versus 30-year term selector?
The term control changes the amortization length and therefore your monthly principal and interest. A 15-year loan has higher monthly P&I but much lower total interest than a 30-year at the same rate. Use the selector to compare scenarios for the same home price, down payment, and rate — watch total interest and monthly payment together. Many buyers run both options, then decide whether the higher 15-year payment still leaves room for savings and emergencies. Your results table updates instantly as you switch terms.
Where can I model Indian home loans or prepayment?
For India-style amortization, floating-rate context, and prepayment or part-prepayment simulations, use DoItSwift Home Loan Calculator. That tool is tailored to how Indian banks typically quote EMIs and handle partial prepayments. This mortgage calculator remains useful for quick PITI-style estimates in rupees or other currencies, but it does not model every India-specific fee or tax section (such as Section 24(b) limits) inside the math. Pick the calculator that matches your country workflow.
Are my inputs uploaded?
No. All calculations run locally in your browser using the inline script on this page. Values you type are not sent to DoItSwift servers, and we do not store loan scenarios. You can disconnect from the internet after the page loads and the tool will still work for modeling. Clear the tab when you are done if you are on a shared computer. For sensitive borrowing decisions, also avoid sharing screenshots that expose personal financial details.