Mortgage Payment Calculator
A mortgage calculator estimates your monthly payment by amortizing the loan over its term with interest, then adding property tax, insurance and PMI to give the true all-in monthly cost.
Last updated 2026-08-15
Embed on your site
Embed this calculator on your site:
<iframe src="https://calculopedia.darzh.xyz/embed/mortgage-payment-calculator/" width="100%" height="700" style="border:0;border-radius:12px" loading="lazy"></iframe>
quizExample
How this calculator works, with real numbers (no JavaScript needed):
Inputs
- Home price
- 350000
- Down payment
- 70000
- Annual interest rate
- 6.5
- Loan term
- 30
- Annual property tax
- 3000
- Annual home insurance
- 1200
- Include PMI
- true
- PMI rate
- 1
Results
- Total monthly payment
- ₹2,119.79
- Principal & interest
- ₹1,769.79
- Monthly property tax
- ₹250
- Monthly insurance
- ₹100
- Monthly PMI
- ₹0
- Total interest
- ₹3,57,124.57
functionsThe formula
A mortgage is a long-term home loan repaid in fixed monthly payments. The two biggest parts of the math are the amortization of the loan and the escrow items added on top.
Principal & interest
Monthly P&I = P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1)
- P = price − down payment
- r = annual rate ÷ 12 ÷ 100
- n = months (years × 12)
Escrow: tax, insurance and PMI
Your lender collects the annual property tax and home insurance in monthly chunks (annual ÷ 12) and pays them for you. If your down payment is under 20%, lenders also add private mortgage insurance (PMI) — roughly 0.5–1.5% of the loan per year — until you reach 20% equity.
Worked example
A $350,000 home, $70,000 down (20%), 6.5%, 30 years:
- P = $280,000, r = 0.00542, n = 360 → P&I ≈ $1,770/month
- Property tax $3,000/yr = $250/month; insurance $1,200/yr = $100/month
- 20% down → no PMI
- Total ≈ $2,120/month
Rule of thumb
Keep the total mortgage payment under 28% of gross monthly income — that's the classic affordability ceiling lenders use.
helpFrequently asked questions
question_markHow is a mortgage payment calculated?
Amortize the loan with the payment formula P × r × (1 + r)ⁿ / ((1 + r)ⁿ − 1), then add monthly property tax, home insurance and PMI (if your down payment is under 20%).
question_markWhat is PMI and when does it go away?
Private mortgage insurance protects the lender when your down payment is under 20%. It typically drops off automatically once you reach 20% equity in the home.
question_markHow much house can I afford?
A common rule is to keep the total monthly payment at or below 28% of your gross monthly income. This calculator shows the all-in payment so you can test different prices.
question_markIs a 15-year or 30-year mortgage better?
A 15-year term has higher monthly payments but much less total interest. A 30-year term is more affordable monthly but roughly doubles the interest paid over the life of the loan.