Mortgage Calculator
See your actual monthly mortgage payment — principal, interest, property tax, insurance, PMI and HOA dues, all in one number.
What's included in this payment?
A mortgage payment is usually more than just principal and interest. This calculator adds property tax, homeowner's insurance, PMI (private mortgage insurance), and HOA dues on top of principal & interest, so the "total monthly payment" figure reflects what you'd actually be billed, not just the loan repayment portion.
How the payment is calculated
Principal & interest uses the standard amortizing-loan formula: M = P × [r(1+r)n] / [(1+r)n − 1], where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. This is the same math behind every standard mortgage and EMI calculator.
What is PMI, and when do you need it?
Private mortgage insurance is typically required when a down payment is below a lender's threshold (commonly 20% of the property value) — it protects the lender, not the borrower, and is usually dropped once enough equity has built up. If your loan doesn't require it, leave this field at zero.
Paying down principal faster
Making extra payments toward principal reduces the total interest paid over the life of the loan, since every rupee/dollar of extra principal payment stops accruing interest immediately. This calculator shows the standard schedule; for simulating prepayments and comparing payoff strategies, Accelpix's Smart Loan Optimizer is built specifically for that.
How to use this calculator
- Enter your loan amount, interest rate, and term.
- Optionally add property tax, insurance, PMI, and HOA to see your full monthly bill, not just principal & interest.
- Read the total monthly payment and total interest over the full loan term.
Frequently asked questions
No — you enter your own property tax and insurance estimates, since these vary enormously by location and property. Leave them at zero to see principal & interest only.
Leave the PMI field at zero. PMI is typically only required when a down payment is below a lender's threshold, commonly 20% of the property's value.
This calculator is built around the recurring costs a home mortgage typically bundles (property tax, insurance, PMI, HOA). The Smart Loan Optimizer is built for simulating prepayments, comparing payoff strategies, and goal-seeking a debt-free date on any loan type.