US mortgage calculator
Enter the price, the down payment, the rate and the term to see the full monthly payment on a US home loan and the month private mortgage insurance falls away.
Results
Total monthly payment
0.00
Principal and interest, property tax, homeowners insurance and PMI.
- Total monthly payment
- 0.00
- Principal and interest, monthly
- 0.00
- Property tax and insurance, monthly
- 0.00
- PMI
- -
- Loan amount
- 0.00
- Interest over the loan
- 0.00
- Principal and interest over the loan
- 0.00
- Monthly payments
- 0
- Last payment
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- Interest as a share of all payments
- 0.00%
- With the extra principal the loan ends
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| Year | Paid | Principal | Interest | Balance at year end |
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| Payment | Date | Paid | Principal | Interest | Balance |
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For information only, not financial, tax or legal advice.
Last updated . Method checked . Methodology
A US mortgage payment is usually more than the loan itself. This calculator starts from the home price and your down payment, works out principal and interest on a fixed rate loan paid monthly, and adds the property tax and homeowners insurance you enter, the two bills a lender often collects through escrow. With less than 20% down it adds private mortgage insurance at the yearly rate from your lender and shows how many payments carry it before the balance reaches 80% of the price. Defaults follow the common US loan: 30 years, monthly payments and interest that compounds monthly. Property tax and insurance start at zero because they depend on the home and the county, so type your own figures. An extra principal payment shows how much sooner the loan ends. The sums run in your browser.
How to use the US Mortgage Calculator
- Enter the home price and the down payment as a percent or a dollar amount.
- Enter the interest rate and the term, 30 or 15 years for most fixed rate loans. Tip: Use the rate on the Loan Estimate; the APR also folds in fees, so it reads higher.
- Type the yearly property tax and homeowners insurance for the home.
- Keep PMI on with the lender's rate when the down payment is under 20%, or switch it off.
- Read the monthly total and the schedule, then download the schedule as CSV.
Worked example
A $400,000 home bought with 10% down on a 30 year fixed rate loan with PMI. All figures are USD.
| Input | Value |
|---|---|
| Home price | USD 400,000.00 |
| Down payment | 10% (USD 40,000.00) |
| Interest rate | 6.25% a year, compounded monthly |
| Term | 30 years, 360 monthly payments |
| Property tax and homeowners insurance | USD 4,800.00 and USD 1,500.00 a year |
| PMI | 0.5% of the loan a year |
Loan = 400,000 - 40,000 = USD 360,000.00, which is 90% of the price, so PMI applies Monthly rate i = 6.25% / 12 = 0.0052083, and (1 + i)^360 = 6.489166 Principal and interest = 360,000 x 0.0052083 x 6.489166 / 5.489166 = USD 2,216.58 Escrow = (4,800 + 1,500) / 12 = USD 525.00 a month PMI = 360,000 x 0.5% / 12 = USD 150.00 a month, until payment 92 brings the balance to USD 320,000.00 or less Total monthly payment = 2,216.58 + 525.00 + 150.00 = USD 2,891.58 Over the loan: 359 payments of USD 2,216.58 and a last one of USD 2,218.50 = USD 797,970.72, of which USD 437,970.72 is interest
- Total monthly payment
- USD 2,891.58
- Principal and interest, monthly
- USD 2,216.58
- Property tax and insurance, monthly
- USD 525.00
- PMI
- USD 150.00 a month for 92 payments
- Loan amount
- USD 360,000.00
- Interest over the loan
- USD 437,970.72
After payment 92, about 7 years and 8 months in, PMI ends and the monthly total falls to USD 2,741.58. The tax and insurance figures here are example amounts for this home, not averages.
How the US mortgage payment is worked out
Loan L = home price - down payment
Monthly rate i = yearly rate / 12, n = years x 12
Principal and interest M = L x i x (1 + i)^n / ((1 + i)^n - 1)
Monthly total = M + (property tax + homeowners insurance) / 12 + L x PMI rate / 12 while the balance is above 80% of the price
US fixed rate mortgages are paid monthly, and interest is charged each month on the balance at one twelfth of the yearly rate. A 6.25% loan therefore uses a monthly rate of about 0.52%. The standard annuity formula above gives the level payment that clears the loan in n months, worked to full precision and rounded once to the cent.
Each month the interest is the balance times i, rounded to the cent, and the rest of the payment lowers the balance. Because of that rounding the final payment is a little different, and it is set so the balance ends at exactly zero. The year by year table adds the months of each loan year, and the schedule lists every payment with its date when a start date is given.
Property tax and homeowners insurance are entered as yearly amounts and spread evenly over 12 payments. Lenders often collect them into an escrow account and pay the bills when they fall due, so the calculator shows them as one escrow line. Their real amounts change each year with the tax assessment and the insurance renewal.
Private mortgage insurance protects the lender on a conventional loan with less than 20% down. The calculator charges the yearly PMI rate on the original loan, split into monthly amounts, from the first payment until the payment that brings the balance to 80% of the price. That is the point where the Homeowners Protection Act lets a borrower ask for it to be cancelled; automatic removal comes later, at 78%. With 20% or more down no PMI is charged.
An extra principal payment is taken off the balance after each normal payment, and the tool compares the result with the same loan without it. Closing costs, points, HOA dues, adjustable rates and the different mortgage insurance of FHA, VA and USDA loans are not modeled.
Frequently asked questions
What is included in a US mortgage payment?
Principal and interest repay the loan. Property tax and homeowners insurance are often added and held in an escrow account, which the servicer uses to pay those bills, according to the Consumer Financial Protection Bureau. A loan with less than 20% down also carries private mortgage insurance for a while. The calculator shows each part and the monthly total.
Why can my monthly payment change on a fixed rate loan?
The principal and interest stay the same for the whole term, but the escrow part does not. The CFPB notes that property taxes and insurance premiums can change from year to year, and the escrow payment and the total change with them. Running the calculator again with the new tax bill or premium shows the new total.
When can PMI be removed?
Under the Homeowners Protection Act a borrower can ask in writing to cancel PMI once the balance reaches 80% of the original value, if payments are current and the value has not fallen. The servicer must end it at 78% on the original schedule, or the month after the loan's midpoint. FHA and VA loans follow their own rules. The tool stops PMI at 80%.
How much PMI do I pay each month?
PMI is quoted as a yearly percent of the loan, and the rate comes from the lender's quote. The calculator takes that rate times the loan and divides by 12. On a $360,000 loan at 0.5% that is $150.00 a month. Type the rate from your own quote, as rates differ from lender to lender.
Why is there no average property tax for my state?
Property tax is set by counties, cities and school districts, so two homes in one state can pay very different bills. This calculator has no state averages because none was confirmed on an official Census Bureau or state page for this release. The listing, the county assessor or the Loan Estimate gives the figure for a real home.
Guides for this tool
Sources
- Consumer Financial Protection Bureau: when can I remove private mortgage insurance (80% on request, 78% and the midpoint automatically) checked 2 November 2026
- Consumer Financial Protection Bureau: what is an escrow or impound account (property taxes and homeowners insurance, which can change each year) checked 2 November 2026