UtilityHub

Mortgage Calculator

Estimate your monthly mortgage payment with taxes, insurance and PMI.

Your numbers

Monthly principal & interest
$2,022.62
Loan amount
$320,000.00
Property tax (monthly)
$400.00
Home insurance (monthly)
$150.00
PMI (monthly)
$0.00
Total monthly payment
$2,572.62
Total interest over loan
$408,142.36
Total cost of loan
$728,142.36

Breakdown

Remaining loan balance by year

How this calculator works

A mortgage payment is more than principal and interest. Lenders quote the P&I figure, but your actual check each month also covers property taxes and homeowners insurance — and if your down payment is under 20%, private mortgage insurance (PMI) until you build enough equity. This mortgage calculator shows the full picture: enter the home price, down payment, rate and term, plus annual tax and insurance figures, and it breaks your payment into each component so you can see exactly where the money goes.

The amortization engine underneath uses the standard loan formula, then walks through every payment to total up lifetime interest and draw your remaining balance year by year. Two numbers deserve special attention: total interest, which on a 30-year loan can nearly equal the price of the house itself, and the effect of rate — even a half-point difference changes your payment by tens of thousands over the loan. Use the results to compare loan offers apples-to-apples, decide whether a 15-year term is affordable, or see how a larger down payment kills PMI and shrinks interest. These are estimates for planning, not a loan offer — actual payments depend on your lender's exact terms.

Frequently asked questions

How is a monthly mortgage payment calculated?
The principal-and-interest portion uses the amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly rate, and n the number of payments. Taxes, insurance and PMI are added on top.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender when your down payment is under 20%. It typically costs 0.5–1% of the loan per year, added to your monthly payment, and drops off once you reach about 20% equity.
Does a 15-year mortgage save money?
Yes — dramatically. Rates are usually lower and you pay interest for half the time, often cutting total interest by 60% or more. The tradeoff is a much higher monthly payment.
Should I include property tax and insurance?
Absolutely. Most lenders escrow taxes and insurance into your monthly payment, so excluding them understates what you will actually pay each month — sometimes by 25% or more.
Disclaimer: Results are estimates for planning purposes only and are not financial advice. Actual loan terms, taxes and investment returns vary — consult a qualified professional before making financial decisions.