Calculator

Monthly payment, itemised

What would the payment actually be — all of it, not just the loan?

One number is not an answer. This works the payment out component by component, shows which storey of it is thickest, and follows the published rules for when mortgage insurance stops — which is not the same rule for every loan type.

The purchase

Percent of the price.

A starting placeholder, not a quote.

Each type has its own mortgage-insurance rule.

The rest of the payment

Percent of the loan per year, charged above 80% LTV.

Total monthly payment—Principal, interest, taxes, insurance, HOA and mortgage insurance

Loan amount—

Down payment—

Loan-to-value—

Principal & interest—
Property tax—
Home insurance—
Mortgage insurance—
HOA dues—

—

Mortgage insurance is charged until —.

Interest over the loan—
Mortgage insurance over the loan—
Total of all payments—
Balance and interest over time

Where each year’s payments go

The schedule

What this page assumes, and where it comes from

Every field starts from a placeholder you can change. The interest rate is a round starting number, not a quote, not an average, and not tied to a date — this site publishes no rates. The tax, insurance and mortgage-insurance rates are typical orders of magnitude, not your county’s or your insurer’s.
The schedule is a level-payment amortisation: interest is the balance times the monthly rate, and everything else reduces principal. Extra payments are applied to principal in the month you set.
Conventional PMI is modelled as ending when the SCHEDULED balance reaches 80% of the original purchase price — the point the Homeowners Protection Act lets you request cancellation. Automatic termination is 78%. Both are measured against the original value, so appreciation does not count.
FHA annual MIP is charged on the average outstanding balance for each year, at the rates in HUD Mortgagee Letter 2023-05 — where the RATE breaks at 95% loan-to-value, not at 90%, which is where the DURATION breaks. It runs for the LIFE OF THE LOAN when the loan-to-value at origination is above 90%, and for 11 years otherwise (HUD ML 2013-04). It does not stop at 80% — that is the conventional rule, and applying it to an FHA loan understates the cost by a five-figure sum on an ordinary 3.5%-down purchase.
Property tax is applied as a flat percentage of the purchase price. Real assessments are re-struck by the county, often after a sale, and can move sharply in the first year of ownership.
Every figure this calculator produces is an illustration. It uses the published rules for amortisation and mortgage insurance, and states its assumptions on the page, but it cannot know your credit profile, your county’s tax assessment or an insurer’s pricing. Treat the shape of the answer as useful and the exact dollar as a placeholder.

Questions this raises

Why is the payment bigger than the one my friend quoted?

Almost always because they quoted principal and interest and you are looking at PITI. Property tax, homeowner’s insurance, HOA dues and mortgage insurance are real money leaving your account every month; on a typical purchase they add a quarter to a third on top of the loan payment.

When does PMI stop?

On a conventional loan, when the scheduled balance reaches 80% of the ORIGINAL purchase price you may request cancellation, and at 78% the servicer must cancel automatically. Both are measured against the original value from the amortisation schedule, so a rising market does not get you there faster unless you pay for a new appraisal and your servicer accepts it. This page models the 80% request point.

Does an FHA loan work the same way?

No, and this is the single most common error in mortgage calculators. FHA annual MIP does not cancel at 80%. Above 90% loan-to-value at origination it runs for the life of the loan. Switch the loan type on this page to FHA and watch the total change.

Is the property tax figure right for my house?

Treat it as an order of magnitude. Rates vary by county, by municipality and by exemption, and an assessment is often re-struck after a sale. Find your county’s actual millage and put it in the field.

Ask a person about this

A real lender would want these five things before it could say anything useful.

This form is a demonstration. Submitting it validates your entries and shows you the confirmation state. Nothing is saved, nothing is sent, and nobody will call you. See the README for the single seam where real delivery would be wired in.

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