TetraKits
Principal & interest (P&I)
M = P × r(1+r)ⁿ(1+r)ⁿ − 1
P = loan amount, r = monthly interest rate (annual ÷ 12), n = total payments (years × 12)
Mortgage Calculator
Estimate monthly mortgage payments including principal, interest, property taxes, homeowners insurance, and PMI. Enter home price, down payment, rate, and term — see payment breakdown and full amortization schedule.
Read: Mortgage Calculator Guide: Payments, PMI & Amortization →
- Free to Use
- No Signup
- Privacy Friendly
How to calculate mortgage payment
- 1
Enter home price and down payment
Type purchase price and down payment amount or percent. Loan amount = price minus down payment.
- 2
Set rate, term, and extras
Enter annual interest rate, loan term (15 or 30 years), plus optional property tax, insurance, and PMI monthly amounts.
- 3
Read monthly payment
See principal + interest and total monthly payment including escrow. Compare loan scenarios with the loan calculator.
Mortgage Payment Formula
Full monthly payment
Total = P&I + property tax/12 + insurance/12 + PMI (if down payment < 20%)
PMI is estimated at ~0.5% of loan amount per year, divided by 12.
Why Use This Tool?
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Full Payment
Principal, interest, tax, insurance, and PMI in one total.
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Amortization
See how much goes to principal vs interest monthly.
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Down Payment
Adjust down payment percentage and see PMI impact.
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Private
Financial details stay on your device.
Frequently Asked Questions
What is included in the monthly payment?
Principal and interest are always included. Property tax, homeowners insurance, and PMI are optional add-ons that reflect typical escrow payments.
What is PMI?
Private Mortgage Insurance is required when down payment is below 20%. It protects the lender and adds to your monthly cost until you reach 20% equity.
How is principal and interest calculated?
Standard amortization: M = P × [r(1+r)^n] / [(1+r)^n − 1] on the loan amount after down payment.
Does this include closing costs?
No. Closing costs are one-time fees at purchase — this calculator shows recurring monthly payments.
Is this mortgage calculator free?
Yes. Unlimited scenarios with no signup.
Home Payment Estimates Before House Hunting
Pre-approval letters, listing comparisons, and rent-vs-buy decisions all start with monthly payment math — not just principal and interest. Model taxes, insurance, and PMI to see the full picture of homeownership cost.
