What is included in a mortgage payment?

A typical monthly mortgage payment (often abbreviated PITI) includes principal, interest, property taxes, and homeowners insurance. If your down payment is under 20%, it usually also includes private mortgage insurance (PMI).

How is the monthly principal and interest payment calculated?

It uses the standard amortization formula: payment equals the loan amount multiplied by the monthly interest rate, divided by one minus (one plus the monthly rate) raised to the negative number of payments.

When does PMI go away?

PMI is generally required until your loan balance drops to 80% of the home's original value, either through payments or appreciation, at which point you can request removal.

Calculator 01 — Payment

Mortgage Calculator

Enter your loan details to see your monthly payment broken into principal, interest, taxes, insurance, PMI, and HOA — plus a full month-by-month amortization schedule.

Loan Details

Home price

Down payment

Down payment %

Interest rate (APR)

Loan term

Property tax per year

Homeowners insurance per year

PMI rate applies if down payment < 20%

%/yr

HOA dues per month

Your Estimated Payment

Total monthly payment

$2,839.00

on a $336,000 loan

Principal & interest$2,179
Property tax$420
Home insurance$140
PMI$0
HOA$0
Total interest over loan life$447,000
Payoff dateAug 2056

How this calculator works

Your monthly principal & interest payment is calculated with the standard fixed-rate amortization formula, using your loan amount (home price minus down payment), your interest rate, and your term. Property tax, home insurance, PMI, and HOA are added on top since they're paid alongside your loan through most lenders' escrow accounts.

Tips for using the results

PMI is estimated only when your down payment is below 20% of the home price, and is removed automatically from the total once you reach 20% equity in later years of the schedule.
Property tax and insurance are rough pass-throughs of your annual figures — check your specific county rate and insurance quote for precision.
Use the amortization schedule to see how much of your balance is paid down by any given year, useful when deciding whether to refinance.

Once you have a payment figure, try the affordability calculator to check it against your income, or the closing costs estimator to see the cash you'll need at signing.