Mortgage Calculator
Monthly payment with PMI, amortization & total cost
Mortgage Calculator is a free, browser-based tool that lets you monthly payment with pmi, amortization & total cost — with zero signup, zero installation. Your data never leaves your browser. Part of 138+ free developer and business tools at wowhow.cloud, built and maintained by a team with 14+ years of hands-on development experience.
= $40,000
PMI required (down payment < 20%)
= $400/mo
$125/mo
optional
Monthly Payment
30-year fixed · 6.8% APR · $360,000 loan (includes PMI)
Monthly Breakdown
Private Mortgage Insurance (PMI)
PMI of $150.00/mo is required because your down payment is below 20%. PMI automatically drops off after ~113 months when your loan balance reaches 78% of the home value. Total PMI cost: $16,950.
Loan Summary
Loan Amount
$360,000
Total Interest
$484,895
Total Cost
$884,895
Amortization Schedule
360 total payments| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $306.93 | $2,040.00 | $359,693 |
| 2 | $308.67 | $2,038.26 | $359,384 |
| 3 | $310.42 | $2,036.51 | $359,074 |
| 4 | $312.18 | $2,034.75 | $358,762 |
| 5 | $313.95 | $2,032.98 | $358,448 |
| 6 | $315.73 | $2,031.20 | $358,132 |
| 7 | $317.52 | $2,029.42 | $357,815 |
| 8 | $319.31 | $2,027.62 | $357,495 |
| 9 | $321.12 | $2,025.81 | $357,174 |
| 10 | $322.94 | $2,023.99 | $356,851 |
| 11 | $324.77 | $2,022.16 | $356,526 |
| 12 | $326.61 | $2,020.32 | $356,200 |
Estimates only. PMI rate assumed at 0.5% of loan amount per year (actual rates vary by lender, credit score, and LTV ratio). Actual payments may vary based on lender fees, escrow adjustments, and rate changes. Consult a mortgage professional for personalized advice.
About Mortgage Calculator
A mortgage is the most complex loan most Americans take — it includes principal and interest, but also property tax, homeowner's insurance, HOA fees, and PMI. Understanding your true monthly payment before making an offer prevents budget surprises after closing. This calculator computes your full PITI payment, complete amortization schedule, and total 30-year cost — helping you compare loan scenarios and lenders confidently.
How It Works
The principal and interest portion uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (typically 180 for 15yr or 360 for 30yr). For a $400,000 home with 20% down ($80,000), at 7% interest for 30 years: P = $320,000, r = 0.005833, n = 360, M = $2,129/month.
On top of P&I, the calculator adds property tax (typically 0.5-2.5% of home value annually, divided by 12), homeowner's insurance (typically 0.1-0.5% annually, divided by 12), PMI when down payment < 20% (0.5-1.5% annually on loan balance), and HOA fees if applicable. These non-P&I components are added linearly each month.
The amortization schedule shows how each payment splits between interest and principal. In the early years, interest dominates. On a $320,000 loan at 7%, the very first payment has $1,867 going to interest and only $262 to principal. By year 15, it flips — more goes to principal than interest. Total interest over 30 years = $2,129 × 360 - $320,000 = $447,000 — more than the original loan.
Who Is This For
A first-time buyer in Texas considering a $350,000 home at 6.75% for 30 years needs to see if their take-home salary of $8,500/month can support the total PITI payment including 2.1% property tax.
A couple comparing a 15-year vs 30-year mortgage on $280,000 wants to see the monthly payment difference ($1,700 vs $2,500) and total interest saved ($180,000) with the shorter term.
A buyer putting only 10% down on a $420,000 home needs to know when PMI drops off (at 80% LTV after ~5.5 years of payments) and what their payment drops to at that point.
A real estate investor evaluating a rental property at $250,000 wants the full monthly cost (mortgage + tax + insurance) to compare against expected rental income of $2,200/month.
A homeowner with 8 years left on a 30-year mortgage at 4.5% is considering refinancing to a 15-year at 6.5% — wants to compare new payment vs current payment and break-even point.
Scope note: This calculator uses fixed interest rates. Adjustable-rate mortgages (ARMs) start with a lower teaser rate and adjust after an initial period (3/1, 5/1, 7/1 ARM), which can significantly change monthly costs. Property tax rates vary by county, not just state, and increase over time. HOA fees can change annually. Closing costs (typically 2-5% of home price) are not included in this calculator. Always get a Loan Estimate from lenders, which includes all costs in a standardized format.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, tax, or legal advice. Results are estimates based on publicly available tax slabs and formulas. Consult a qualified Chartered Accountant, tax professional, or financial advisor for guidance specific to your situation. Built and maintained by the WOWHOW Team with 14+ years of software development experience.
How to Use
Enter the home price and adjust the down payment (% or $)
Choose your loan term — 15-year or 30-year fixed
Enter the current mortgage interest rate
Add property tax rate, home insurance, and optional HOA fees
View your monthly payment breakdown and full amortization schedule instantly
Frequently Asked Questions
More Free Tools
View allNeed production-ready templates?
Browse premium developer tools, starter kits, and templates — starting at $49. Pay once, use forever.
Browse Products