About the Mortgage Calculator
Tezmy's Mortgage Calculator shows what a home would cost you each month. Enter the price, your down payment, the interest rate and the loan term to get the principal and interest payment, then add property tax, home insurance, PMI and HOA fees for the full monthly figure. You also see the loan amount, the total interest over the whole loan and how the balance goes down year by year. Everything is worked out in your browser; nothing you enter is sent anywhere.
Updated October 2026
How to use the Mortgage Calculator
- 1Enter the home price and your down payment, as a percent or an amount.
- 2Enter the interest rate and the loan term in years.
- 3Open “Taxes, insurance, PMI and HOA” to change the extra costs, or set them to 0.
- 4Read your monthly payment, its breakdown and the loan balance by year.
What goes into a mortgage payment
- Principal: the part that pays back the money you borrowed.
- Interest: what the lender charges for the loan. Early payments are mostly interest; later ones are mostly principal.
- Property tax: a yearly percentage of the home's value, split into 12 monthly amounts. Rates vary a lot by area.
- Home insurance: the yearly premium, split into 12.
- PMI: mortgage insurance when you put down less than 20%.
- HOA fees: monthly fees for a homeowners' association, if the home has one.
How to fill in the calculator
Use the price you expect to pay, not the asking price if you plan to negotiate. For the rate, use a quote from a lender or today's typical rate for your loan type. The default extra costs (1.2% property tax, 1,500 a year insurance, 0.5% PMI) are only examples; replace them with numbers for your area to get a realistic total.
The yearly table shows how much principal and interest you pay each year and what you still owe at the end of it. It is useful for seeing how slowly the balance falls in the first years of a long loan.
Ways to lower your monthly payment
- Put more down: a bigger down payment means a smaller loan, and 20% removes PMI.
- Improve your credit score before you apply to qualify for a lower rate.
- Compare offers from several lenders; a rate just 0.5% lower saves a lot over 30 years.
- Choose a longer term for a lower monthly payment, knowing you'll pay more interest overall.
- Look for homes with lower property tax or no HOA fee.
Estimates, not a loan offer
The calculator assumes a fixed rate for the whole term and the same tax, insurance and HOA amounts every year, and it shows PMI at its starting amount. Real payments can change when taxes or insurance go up, and adjustable-rate loans change with market rates. For other loans, like car or personal loans, use the Loan Calculator; to see how savings grow, try the Compound Interest Calculator.
On your phone or computer
On a computer, the inputs and the result sit side by side. On a phone, the result appears below the inputs, and the yearly table scrolls sideways if it doesn't fit your screen. To see what the payment means for your pay, compare it in the Salary Calculator, and use the Percentage Calculator for the deposit.
Features
- Monthly payment with principal and interest
- Adds property tax, home insurance, PMI and HOA fees
- Down payment as a percent or an amount
- PMI added automatically below 20% down
- Loan amount and total interest
- Year-by-year principal, interest and balance
- Any currency symbol
Frequently asked questions
How is a monthly mortgage payment calculated?
The principal and interest part uses the standard fixed-rate formula: the loan amount, the monthly interest rate (yearly rate ÷ 12) and the number of monthly payments. The calculator then adds one twelfth of the yearly property tax and insurance, monthly PMI if your down payment is under 20%, and any HOA fee.
What is PMI and when do I pay it?
PMI (private mortgage insurance) protects the lender when your down payment is less than 20% of the price. It usually costs about 0.3% to 1.5% of the loan per year. The calculator adds it whenever you put down less than 20%, using the rate you enter. Lenders normally stop charging it once you owe less than 80% of the home's value.
How much down payment do I need for a house?
It depends on the loan. Many loans allow 3% to 5% down, and some government-backed loans allow less, but putting down 20% avoids PMI and lowers your monthly payment. Try different amounts in the calculator to see the difference.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but costs much less interest in total, and rates are often lower. A 30-year mortgage has smaller monthly payments, which leaves more room in your budget. Change the loan term to compare both: the Total interest figure shows the difference.
What does PITI mean?
PITI stands for principal, interest, taxes and insurance, the four main parts of a monthly mortgage payment. This calculator shows all four, plus PMI and HOA fees when they apply.
How much house can I afford?
A common rule of thumb is to keep your full housing payment below about 28% of your gross monthly income, and all debt payments below about 36%. Enter different home prices until the monthly payment fits that share of your income.
Does this include closing costs?
No. Closing costs, often 2% to 5% of the price, are usually paid once when you buy, so they are not part of the monthly payment. Remember to save for them on top of your down payment.
Can I use it for a mortgage outside the US?
Yes. The payment formula is the same for any fixed-rate home loan: pick your currency, set PMI and HOA to 0 if they don't apply, and enter your local property tax as a percentage of the price, or 0.