Mortgage Details

$
$
%

Homeowner Expenses

$

Extra Payments — Amount and Start Date

$
$
$
$
Monthly Principal & Interest$1,690.99
Monthly Extra Payment (from Oct 2013)$0.00
Property Taxes$350.00
Homeowner's Insurance$66.67
PMI (till Oct 2019)$136.50
HOA Fees$0.00
Total Monthly Payment$2,244.15
Down Payment & One-time Expenses$35,000.00
Principal$315,000.00
Extra Payments$0.00
Interest$293,755.72
Taxes, PMI, Insurance & Fees$160,783.50
Total of all Payments
$804,539.22
Mortgage Payment Schedule
(Oct 2013Sep 2043)
Comparison of Mortgage Payments

Wanna print OR share a custom link to your mortgage calculation (with all your numbers pre-filled)?

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How to Use the Free Mortgage Calculator

This mortgage calculator helps you estimate your monthly payment with the principal and interest components, property taxes, PMI, homeowner’s insurance and HOA fees. It also calculates the sum total of all payments including one-time down payment,  total PITI amount and total HOA fees during the entire amortization period. You are presented with a detailed mortgage payment schedule. Many homeowners wish to accelerate their mortgage schedule through extra payments or accelerated bi-weekly payments. A table showing the difference in payments, total interest paid and amortization period under both schemes is also displayed.

Here are a few important points to help you understand the mortgage calculations:

  • The difference between home value and the mortgage amount is considered your down payment. If this is not the case (e.g., refinancing your loan), you should ignore the down payment and subtract this amount from the total of all payments.
  • Private Mortgage Insurance (PMI) is calculated only if down payment is less than 20% of the property value (i.e., loan-to-value ratio is higher than 80%) and stops as soon as the outstanding principal amount (balance) is less than or equal to 80% of the home value. PMI is estimated at following rates: 95.01-100% LTV = 1.03% , 90.01-95% LTV = 0.875%, 85.01-90% LTV = 0.625%, 80.01-85% LTV = 0.375%. The actual PMI is based on your loan-to-value (LTV), credit score and debt-to-income (DTI) ratio.
  • PMI, property taxes and homeowners insurance (aka hazard insurance OR home insurance) are defaulted to national averages in the US. These averages may not be accurate for your particular situation. You should override and enter your own estimates, if required.
  • Although you may not pay property taxes and insurance on a monthly basis, it is factored into the total monthly payment with the assumption that you are setting aside this amount (through escrow / impound account or some other means) every month.
  • You can enter down payment, one-time expenses, property taxes and homeowners insurance as a percentage of the home value and PMI as a percentage of the mortgage amount. You also have the choice of entering exact dollar amounts instead, if desired.
  • One-time expenses can include closing costs (including discount points) and any money spent on one-time repair or renovation of the property.
  • Bi-weekly payments (aka 'Accelerated Bi-weekly', 'True Bi-weekly' or 'Bi-weekly applied bi-weekly') help reduce your total interest cost and accelerate mortgage payoff.
  • All extra payments pay down the principal and help reduce the loan tenure.
  • You can print OR share a custom link to your mortgage calculation, with all your numbers already pre-filled, with your friends & family.
  • Taxes, PMI, Insurance & Fees includes property taxes, PMI, Homeowner's Insurance and HOA Fees.
  • PITI refers to Principal, Interest, Taxes and Insurance.

The mortgage calculations do not include the following costs and savings:

  • Certain recurring costs associated with home ownership (e.g., utilities, home warranty, home maintenance costs etc.)
  • Savings such as tax deductions on your mortgage payments

Some of the recurring expenses will change over the lifetime of home ownership due to home value changes, inflation and other factors. Some expenses (e.g., property taxes, homeowner's insurance etc.) will continue even after you have paid off your loan. You should consider all these factors, especially when making a rent vs. buy decision.

Best wishes for an affordable home mortgage loan and a great new home!

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168 responses to “U.S. Mortgage Calculator with Taxes, Insurance and PMI

  1. This is great, thanks! One feature request… it’d be cool to add a chart which would show the monthly payment if your down-payment was 10k, 20k, … 100k more than what you entered. A quick way to find the “down-payment sweet spot”. 🙂

  2. This is by far the best mortgage tool that I have been able to find on the web. I’ve been utilizing this app for a few years now and was very happy to find an app for my phone. I was wondering if there is a way or if you’ve considered adding a column for Estimated Accumulated Equity. So for every month of it would take into consideration the original down payment, extra payments monthly etc and subtract that from the original purchase price. Dollar value and percentage if possible.
    Thank You for your consideration and all the hard work that you have invested in this tool for people like me.

  3. I cannot get the calculator to display on my (Wix) website anymore, eventhough I can see it fine in the Back office. Any suggestions? Thanks!

  4. Hi Vasu,

    We love your calculator and we implemented it in a clients website – all went well and it was working but within a short period of time it stopped appearing on the site.

    It’s a WIX site and we contacted them for advice. They said that WIX only allows https scripts and that the usmortgagecalculator uses an http script.

    Is there any chance you have a version based on https or if you can send me a version that will work with WIX.

    Thanks

  5. The down payment field keep auto populating as I tab through other fields even though I specifically put $0. The PMI field does not retain its value as I tab through other fields, it keep resetting to 0 irregardless of what value I supply. :-/

  6. Could you possibly add multiple additional monthly fields, i.e. if we started making additional monthly payments two years ago, then now wanted to make that same amount plus additional amount starting in a month from now? Thanks for the great calculator!!

  7. Very nice calculator. can you add monthly expenses like water, sewage, electricity etc. this helps in understand how much monthly debt in total.

  8. First – thanks very much for this great and simple tool. Suggestion – Can you incorporate a “Copy to Excel” kind of functionality to enable exporting or opening the table to excel? I can probably help with some of the coding! :). Thanks.

  9. Vasu! This is the best calculator I’ve found to date. Clean and simple with the most robust set of variables. Thank you.

  10. I love this calculator. The only thing I would add is either the ability to specify the potential percentage growth of the property to remove PMI.

  11. Thanks for the calculator. I love it. I have a problem printing. I have an apple computer and the printing does not look like what I see in the screen.
    Thanks.

  12. Dear Vasu Adiga,

    Wonderful Job!! Amazing Work you did here. Calculators are very useful and appreciate your dedication. Thank You for creating and sharing with all of us for FREE!!

    Have a Bright Future!

  13. This is the best mortgage calculator I’ve seen. Thanks!! If you continue to add features please add the ability to make multiple one-time payments. Thanks again for the awesome calculator!

  14. Love the calculator and website, I was getting frustrated not finding exactly what I needed online but finally I stumbled across your site. Thank you, Thank you! Now I can see exactly what I need to do and how much I need to pay in order to hit my target goals and the best way to do it. Awesome site I plan to share with friends and family

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