Mortgage CalculatorSmart Calculations

Mortgage Calculator

Estimate a complete monthly payment including principal, interest, taxes, insurance, and PMI. Default rates are examples — look up Freddie Mac PMMS or a lender quote, then type it in.

Last verified: · Methodology

Quick Answer: Based on a $400,000 home with $40,000 down (10.0%) at 6.5% interest over 30 years, your estimated monthly mortgage payment is $2,955. This includes $2,275 principal and interest, $400 property taxes, $100 homeowners insurance, and $180 PMI.

Loan Details

Example default — not this week’s PMMS average. Check Freddie Mac PMMS and type the rate you want to model.

Property Details

Illustrative statewide average, not your county bill, as of 2026. Figures are mean effective rates on owner-occupied housing (ACS calendar year 2024), rounded. County millage and assessed value can differ a lot — edit the tax % after picking a state.

Source: Tax Foundation Facts & Figures 2026, Table 33 (ACS CY 2024)

Default 1.2% is a round placeholder. Pick a state above or type your county’s effective rate.

Annual premium as % of home value.

Monthly Payment

30-Year Fixed
$2,955/mo
Principal & Interest
$2,275
Property Tax
$400
Insurance
$100
PMI
$180

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Loan Summary

Loan Amount
$360,000
Down Payment
$40,000 (10.0%)
Loan-to-Value (LTV)
90.0%
Total Interest Paid
$459,160
Total Cost of Loan
$819,160
PMI Drops Off
Month 109

Compare Loan Terms

Click above to see how a 15-year loan compares in monthly payment and total interest savings.

Monthly$2,955
Principal & Interest77.0%
Property Tax13.5%
Insurance3.4%
PMI6.1%

Payment Details

Principal & Interest
$2,275
Property Tax
$400
Home Insurance
$100
PMI
$180
Total Monthly$2,955

How to Use This Mortgage Calculator

  1. Enter your home price — This is the purchase price of the home you are considering, or an estimated price for your target area.
  2. Set your down payment — Enter the amount you plan to put down. If it is less than 20% of the home price, PMI will be automatically calculated and added to your monthly payment.
  3. Enter the interest rate — Look up the weekly 30-year survey at Freddie Mac PMMS or use a lender quote. The 6.5% default is an example, not this week’s average.
  4. Choose your loan term — Most buyers choose a 30-year fixed mortgage for lower monthly payments. A 15-year loan saves significant interest but has higher monthly payments.
  5. Add property taxes and insurance — Choose a state preset (illustrative statewide average, not your county bill) or type the rate from your assessor. Insurance is a percent of home value.
  6. Review your results — Payment Breakdown is a donut of the monthly stack. Amortization is a chart of principal vs interest over time, plus a yearly table. Open the full month-by-month schedule if you need every row.

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New to Mortgages? Start Here

Our mortgage education center covers everything from the 28/36 rule to closing costs. Build your knowledge before you buy.

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28/36 RuleWhat is PMIClosing CostsPre-Approval

Mortgage Calculator FAQs

Principal and interest use the standard amortization formula. Tax and insurance defaults are placeholders you can edit. PMI uses simplified LTV bands, not an insurer quote. For the closest planning figure, enter a rate from Freddie Mac PMMS or a lender, plus local tax and insurance. See the methodology page for the worked example.
Yes, PMI is automatically calculated when your down payment is less than 20%. The calculator estimates PMI based on your loan-to-value ratio, then shows when PMI will drop off your payment (typically when you reach 78% LTV).
Market value is what a buyer would pay for your home today. Assessed value is what your county uses for tax purposes and may be higher or lower than market value. Our calculator uses your purchase price (market value) for all calculations.
FHA loans use MIP (Mortgage Insurance Premium) instead of PMI. This includes an upfront premium of 1.75% (usually rolled into the loan) and an annual premium of 0.55-1.05% paid monthly. Unlike conventional PMI, FHA MIP typically lasts the life of the loan. Use our FHA loan calculator for exact FHA payment calculations.
For conventional loans, PMI automatically cancels when your loan balance reaches 78% of the original home value. You can also request cancellation at 80% LTV. If your home appreciates, a new appraisal showing 20%+ equity may also qualify you for PMI removal.