# Mortgage payment calculator

> Free mortgage calculator: monthly payment with principal, interest, property tax, insurance, PMI and HOA, plus a live amortization chart and schedule.

URL: https://mortgage-math-us.com/tools/mortgage-payment-calculator/  
Last reviewed: 2026-10-28 · By the MortgageMath US Editorial team

## Quick answer

Your monthly mortgage payment is principal and interest from the loan formula, plus one-twelfth of the yearly property tax and homeowners insurance, plus PMI if you put less than 20% down on a conventional loan, plus any HOA dues. A $400,000 home with 20% down at 7.24% for 30 years costs about **$2,641 a month** at national-average taxes and insurance.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| 30-year fixed average (default rate) | 7.24% | [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) | Week of Oct 29, 2026 |
| 15-year fixed average | 6.6% | [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) | Week of Oct 29, 2026 |
| US property tax ratio (default) | 0.89% | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=010XX00US) | 2024 ACS 1-year |
| Insurance per $1,000 of value (default) | $4.90 per $1,000 | [Freddie Mac Research](https://www.freddiemac.com/research/insight/homeowners-insurance-costs) | 2023 data |
| PMI ends automatically at | 78% | [CFPB](https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/) | Oct 28, 2026 |

## How the monthly payment is calculated

The loan part of the payment uses the standard amortization formula. With **P** the loan amount, **r** the monthly rate (the annual rate ÷ 12) and **n** the number of monthly payments:

M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

At a 7.24% annual rate, r = 0.006033, and a 30-year loan has n = 360 payments. The calculator then adds the costs that usually travel with the mortgage through an escrow account:

| Part | How it is estimated | Default |
|---|---|---|
| Principal and interest | Formula above | Rate = Freddie Mac weekly average |
| Property tax | Price × tax rate ÷ 12 | 0.89% (US), or your state |
| Homeowners insurance | Annual premium ÷ 12 | $4.90 per $1,000 of value |
| PMI | Loan × PMI rate ÷ 12, only below 20% down | Midpoint of Freddie Mac’s range |
| HOA dues | As entered | $0 |

## Example: $400,000 home, 20% down

> **Worked example: 30-year vs 15-year on a $320,000 loan**
>
> | | 30-year at 7.24% | 15-year at 6.6% |
> |---|---:|---:|
> | Principal and interest | $2,181 | $2,805 |
> | Taxes and insurance | $460 | $460 |
> | Total monthly | **$2,641** | **$3,265** |
> | Total interest over the loan | $465,086 | $184,930 |

The 15-year loan costs $624 more a month but saves $280,156 in interest, because the balance falls faster and the rate is lower.

## Reading the amortization chart

Early payments are mostly interest. The blue line shows the balance falling slowly at first and faster later; the green line shows interest paid to date. Move the rate slider and both curves reshape instantly: a higher rate flattens the early balance curve and steepens the interest line. The table under the chart lists every year’s interest, principal and ending balance, and you can sort any column.

> **Tip: Share a scenario**
>
> Every change updates the page address. Copy the link to send the exact scenario — price, down payment, rate, term, state and costs — to a co-borrower or loan officer.

## How to lower your monthly payment

- **Put more down.** Reaching 20% on a conventional loan removes PMI as well as shrinking the loan.
- **Compare lenders.** Rates on the same day differ between lenders; ask at least three for a Loan Estimate.
- **Check the tax rate.** Homes in different taxing districts carry different bills; the calculator’s state setting shows the state average, the listing shows the real bill.
- **Shop insurance.** Premiums vary by insurer, deductible and coverage — get quotes before you make an offer.
- **Choose the term deliberately.** A 30-year term has the lowest payment; a 15-year term has the lowest total cost.

> **Watch out: Estimates, not quotes**
>
> Results are estimates for planning. Your Loan Estimate shows the lender’s actual rate, fees and escrow amounts, which can differ from these defaults.

## Frequently asked questions

### What is included in a mortgage payment?

Principal and interest on the loan, plus property tax and homeowners insurance (usually collected through escrow), mortgage insurance if your down payment is under 20% on a conventional loan, and any HOA dues paid separately.

### How is PMI calculated?

As a yearly percentage of the loan, divided by 12. Freddie Mac puts typical PMI at $30 to $70 a month for every $100,000 borrowed; the calculator uses the midpoint until you enter your own rate.

### When does PMI stop?

You can ask to cancel it when your balance is scheduled to reach 80% of the original value, and it ends automatically at 78% if you are current. The calculator shows that month as “PMI ends”.

### Why is my payment higher than the calculator says?

Your real tax bill, insurance premium, HOA dues or rate may differ from the defaults. Enter the numbers from the listing and your Loan Estimate to match.

### Which rate does the calculator use?

Freddie Mac’s latest weekly 30-year fixed average (7.24%). It refreshes automatically each week; type your own quote to replace it.

### Is my data saved?

No. Calculations run in your browser and on the page itself; nothing you enter is stored. The values only appear in the page address so you can share them.

## Sources

- [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) — 30-year fixed rate, national weekly average; 15-year fixed rate, national weekly average (Week of Oct 29, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=010XX00US) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=010XX00US) — Effective property tax rate (median taxes ÷ median home value) (2024 ACS 1-year)
- [Freddie Mac Research](https://www.freddiemac.com/research/insight/homeowners-insurance-costs) — Average homeowners insurance premium per $1,000 of home value (2023 data)
- [Freddie Mac My Home](https://myhome.freddiemac.com/buying/breaking-down-pmi) — Typical PMI cost, low end; Typical PMI cost, high end (Oct 28, 2026)
- [CFPB](https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/) — Ask your servicer to cancel PMI at this share of original value; PMI ends automatically at this share of original value (Oct 28, 2026)

_General information, not financial advice._