Free Online Mortgage Calculator (US)
US mortgage calculator with PMI, property tax, and HOA for a complete monthly payment.
PMI is charged monthly on the loan balance until it drops to 80% of the home price. With a 20% down payment, PMI is $0. Results are estimates only.
Monthly payment breakdown
Amortization schedule
Loan-to-value: 80%| Month | P&I | Principal | Interest | PMI | Balance |
|---|---|---|---|---|---|
| 1 | $2,022.62 | $289.28 | $1,733.33 | — | $319,710.72 |
| 2 | $2,022.62 | $290.85 | $1,731.77 | — | $319,419.86 |
| 3 | $2,022.62 | $292.43 | $1,730.19 | — | $319,127.44 |
| 4 | $2,022.62 | $294.01 | $1,728.61 | — | $318,833.43 |
| 5 | $2,022.62 | $295.60 | $1,727.01 | — | $318,537.82 |
| 6 | $2,022.62 | $297.20 | $1,725.41 | — | $318,240.62 |
| 7 | $2,022.62 | $298.81 | $1,723.80 | — | $317,941.80 |
| 8 | $2,022.62 | $300.43 | $1,722.18 | — | $317,641.37 |
| 9 | $2,022.62 | $302.06 | $1,720.56 | — | $317,339.31 |
| 10 | $2,022.62 | $303.70 | $1,718.92 | — | $317,035.62 |
| 11 | $2,022.62 | $305.34 | $1,717.28 | — | $316,730.27 |
| 12 | $2,022.62 | $307.00 | $1,715.62 | — | $316,423.28 |
What is Mortgage Calculator (US)?
A US mortgage calculator estimates the true monthly cost of buying a home by combining principal and interest with property tax, HOA dues, and private mortgage insurance (PMI). PMI is usually required when your down payment is below 20%, and it drops off once your loan balance falls to 80% of the home's value. This calculator builds a full schedule so you can see exactly when PMI ends and how much it costs over the life of the loan.
How to use it
- Enter the home price and your down payment as a dollar amount or percentage.
- Add the annual interest rate and loan term.
- Enter your annual property tax, monthly HOA, and annual PMI rate (default 0.5%).
- Review your total monthly payment and the month-by-month breakdown.
How the US payment is built
Principal & interest uses the standard amortization formula. Monthly property tax = annual tax ÷ 12. Monthly PMI = remaining balance × (annual PMI rate ÷ 100 ÷ 12), charged until the balance drops to 80% of the home price. Total monthly payment = P&I + PMI + property tax + HOA.
Frequently asked questions
Private mortgage insurance (PMI) protects the lender and is typically required when your down payment is less than 20% of the home price. You usually pay it monthly as part of your mortgage payment until your loan-to-value ratio reaches 80%.
PMI is removed once your outstanding loan balance drops to 80% of the home's original value. This calculator shows the exact month PMI reaches zero in the amortization schedule, based on normal payments.
Monthly PMI is the remaining loan balance multiplied by the annual PMI rate divided by 12. A common annual rate is around 0.5%, though your actual rate depends on your credit score, down payment, and loan type.
No. With a 20% down payment your loan-to-value is 80% from the start, so PMI is $0 for the entire loan. This calculator reflects that automatically.
Yes. This calculator adds monthly property tax (annual tax ÷ 12) and the monthly HOA fee to your principal, interest, and PMI to show your full monthly housing cost.
No. Homeowners insurance and other costs vary widely and are not included here. Add them separately when budgeting your total monthly housing payment.
Either. Use the $ / % toggle next to the down payment field to switch. The calculator converts between them automatically based on your home price.
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