How the Mortgage Payment Calculator works

Estimate monthly mortgage payments with taxes, insurance, and PMI.

Show the math

Formula

Monthly P&I = P × r × (1 + r)^n / ((1 + r)^n − 1) where P = loan amount, r = monthly rate (annual rate ÷ 12 ÷ 100), n = total months (years × 12).

Inputs

Home price (USD)
Down payment (USD)
Annual interest rate (%)
Loan term (years)
Property tax, insurance, PMI (optional)
Loan program (conventional, FHA, VA, USDA)

Worked example

- Home price: $300,000.00
- Down payment: $60,000.00 (20%)
- Loan amount: $240,000.00
- Rate: 6.5%, term: 30 years
- Monthly principal + interest: **$1,516.96**
- Taxes, insurance, HOA, and PMI are additional and vary by property.

Notes

Assumes a fixed-rate, fully amortizing loan.
This is not a rate quote or a commitment to lend.

Rates, terms, and payments are illustrative estimates, not a quote or a commitment to lend. Not a substitute for underwriting. Equal Housing Lender. See our licensing and disclosures page.

For AI agents: Markdown version of this calculator.

Payment inputs vs a Loan Estimate

Principal and interest are the easy part. Taxes, insurance, HOA, and mortgage insurance are why two files with the same rate do not have the same payment.

Price, down payment, rate, term: These set P&I. The typed rate is not APR and is not a lock.
Taxes, insurance, PMI/MIP: Front-end DTI is housing payment (PITI plus HOA if applicable) divided by gross monthly income. PMI on conventional can often be removed with equity; FHA MIP often cannot. VA has a funding fee instead of monthly PMI.

Terms used in this calculator

Not sure what one of these means? Each links to a full definition.

APR (Annual Percentage Rate): The yearly cost of a loan expressed as a percentage, including the interest rate plus most lender fees.
Amortization: The schedule that splits each mortgage payment between interest and principal over the life of the loan.
Discount points: An optional upfront fee paid to the lender in exchange for a permanently lower interest rate.
Down payment: The share of the purchase price you pay in cash, becoming your starting equity in the property.
Fixed-rate mortgage: A mortgage whose interest rate never changes, so principal and interest stay the same for the full term.
Interest rate (note rate): The percentage charged on your loan balance, the number your principal and interest payment is calculated from.
LTV (Loan-to-Value Ratio): The loan amount as a percentage of the property’s value, the main measure of how much equity cushions the loan.
PMI (Private Mortgage Insurance): Insurance on a conventional loan that protects the lender when the borrower has less than the program’s required equity.
PITI: Principal, Interest, Taxes and Insurance, the four parts of a typical monthly mortgage payment.
Principal: The amount borrowed and still owed, separate from the interest charged on it.
Property tax: An annual tax assessed by local government on real property, usually collected monthly through escrow.
Homeowners insurance: Property and liability coverage a lender requires, typically paid a year in advance at closing then escrowed.

Browse the full real estate glossary

Related education

Home affordability calculator

Estimate a price range from income, debts, and expenses. Illustration only.

How MIP vs PMI Actually Leaves the Loan

FHA annual MIP is timed from original LTV. Conventional PMI can often come off with equity. This post covers how each one ends.

DTI: Front-End vs Back-End with HOA

HOA dues are housing expense in front-end DTI, then roll into back-end with other debts. A modest PITI plus a large HOA can still fail the ratio.

Discount Points: Breakeven Without a Sales Pitch

One point is typically 1% of the loan paid to lower the note. Break-even is cost divided by monthly P&I savings. Not a temporary buydown and not a pricing slogan.

Interest-Only Mortgages: Who They Are For, Who They Hurt

IO payments skip scheduled principal for a stated period. Payment shock when amortization starts is the risk. Not a teaser-rate promise.

Utah home loans

Conventional, FHA, VA, USDA, jumbo, and specialty programs. Education first, then a conversation with a loan officer.

Utah Mortgage Payment Calculator

Enter Your Information

Home PriceEst.

Down PaymentEst.

Down Payment %

Linked to the amount

Loan AmountEst.

Interest RateEst.

Arrow keys move in eighths, the way rate sheets are priced.

Loan Term

Rate Structure

Annual Property TaxEst.

Annual Homeowners InsuranceEst.

Monthly HOA DuesNone

Leave at 0 if the property has no association.

Loan Program

Credit ScoreEst.

Finance upfront fee into loan (FHA/VA/USDA)

About This Calculator

What This Calculator Shows:

Monthly mortgage payment breakdown
Total cost over the loan term
Interest vs. principal payments
Amortization schedule
PMI calculations (if applicable)

Important Notes:

Rates and terms may vary by lender
Property taxes vary by location
Insurance costs depend on coverage
PMI typically required for <20% down
Consult a mortgage professional for exact rates