Loan amount
$320,000.00
Mortgage Calculator
Estimate your full PITI payment: principal, interest, taxes, insurance, HOA, and PMI, with every formula shown. Free, no sign-up, runs in your browser.
Key Terms (Click to expand)
PMI
Private Mortgage Insurance, often required when down payment is below 20%.
Principal
The original amount you borrow after subtracting down payment from the home price.
Principal + Interest
The core loan payment amount before taxes, insurance, HOA fees, and PMI.
Interest
The borrowing cost charged by the lender, based on your loan balance and rate.
Escrow costs
Property tax and home insurance are often collected monthly as part of your payment.
HOA
Homeowners Association fee, a recurring community fee that may be required for some properties.
Loan term
The total repayment period for the mortgage (for example 15 or 30 years).
Amortization
How each payment is split between interest and principal over the full life of the loan.
Total monthly payment
Principal + interest plus tax, insurance, HOA, and PMI if applicable.
Tool
Principal + interest
$2,022.62
Total monthly payment
$2,572.62
Mortgage detail breakdown
| Monthly taxes | $400.00 |
|---|---|
| Monthly insurance | $150.00 |
| Monthly HOA | $0.00 |
| Monthly PMI | $0.00 |
| Total interest paid | $408,142.36 |
| Total of loan payments | $728,142.36 |
| Total estimated payments (with costs) | $926,142.36 |
Methodology
Monthly principal-and-interest uses the standard fixed-rate amortization formula:
M = P * [r(1 + r)^n] / [(1 + r)^n - 1]
- P = loan amount
- r = monthly interest rate (annual rate / 12)
- n = total number of payments (years * 12)
Using This Tool Well
When to use this tool
- Offer ceiling check: compare a $400,000 home with $80,000 down against a smaller down payment before you anchor on a purchase price.
- Escrow stress test: add a $6,000 annual property-tax bill and $1,800 annual insurance bill to see the extra $650 per month that principal-and-interest math alone hides.
- Down-payment threshold check: compare 5%, 10%, and 20% down so PMI and loan amount move together instead of being judged one field at a time.
How to read the result
Read the total monthly payment as a layered estimate: loan payment first, then the tax, insurance, HOA, and PMI assumptions you supplied. If one recurring cost is unknown, run the tool twice - once low and once high - so the result becomes a budget range instead of a single comforting number.
Common mistakes
- Ignoring PMI: on a $400,000 home with 5% down, a rough 0.5% annual PMI charge on the $380,000 loan would add about $158 per month that the payment will miss unless you enter it.
- Mixing annual and monthly escrow: typing a $6,000 annual tax bill into a monthly tax field adds $5,500 too much every month, while typing $500 into an annual field understates tax by about $458 per month.
- Comparing only the payment: about $2,657 in principal and interest can describe a $320,000 15-year loan at 5.75% or a much larger 30-year loan, with lifetime interest differing by hundreds of thousands of dollars.
Reviewed by Leonardo, Software Engineer
Last reviewed June 23, 2026
Premises and Limitations
- This estimate assumes a fixed interest rate for the full term.
- Taxes, insurance, HOA, and PMI are treated as constant monthly costs.
- Actual lender offers and escrow adjustments can change your real payment.
FAQ
Does this include taxes and insurance?
Yes. Annual tax and insurance values are converted into monthly costs.
Is PMI automatically estimated?
PMI is optional and should be entered manually if needed.
Is this the exact payment a lender will offer?
No. It is an estimate for planning. Lender terms, fees, and escrow policies can differ.