Mortgage Payment Calculator
The payment you will actually write, not the quote you saw. Principal & interest, property tax, homeowners insurance, and PMI until you clear 20% equity.
| Loan amount | — |
| Principal & interest | — |
| Property tax | — |
| Insurance | — |
| PMI (first months) | — |
| Payment now | — |
| Payment after PMI ends | — |
| PMI ends (month) | — |
| Interest over full term | — |
PMI model: 0% while loan ≤ 80% of price, full rate from closing, ends the month the balance drops under 80% of the original price (lenders require you to request at 20% and auto-cut at 12%; this uses the 20% date).
How the math works
P&I = L × r(1+r)ⁿ ÷ ((1+r)ⁿ−1), r = APR/12, n = months. Fixed annuity, the standard US mortgage formula.
Escrow = property tax ÷ 12 + insurance ÷ 12. Real escrow re-set annually with tax assessments; this is the average-year number.
PMI = loan × PMI rate ÷ 12 while balance > 80% of the home price. The month it ends is found by walking the amortization schedule.
Total interest = n × payment − loan. Front-loaded: in a 30-year loan, the first ten years pay about 30% of the loan amount in interest alone.
Frequently asked questions
What is the monthly payment on a $400,000 mortgage?
At 6.5% over 30 years, principal and interest is $2,528 a month. Add a typical 1.1% property tax ($367), $100 insurance, and PMI of about $167 until you reach 20% equity, and the full housing payment is roughly $3,162 a month at the start.
When does PMI go away?
Lenders must offer to cancel PMI at 20% loan-to-value and it auto-terminates at 12%, per the Homeowner Protection Act. On a standard 30-year schedule that usually happens around year 7 to 10. You can also request removal after a new appraisal if the market moved your way.
Why is my first payment bigger than the estimate?
Closing usually prepays property tax and insurance into escrow, and the first payment often covers a stretch of months. Compare the P&I line of the estimate to the P&I line of your statement, that is the number that should match.