Finance / Home & Money
Estimate your monthly home payment with principal, interest, taxes, insurance, and PMI in one view.
Enter your home details and calculate your full monthly payment.
Enter home price, down payment percentage, interest rate, loan term, property taxes, insurance, and PMI to see your full monthly payment. The amortization table shows how much goes to principal versus interest each month over the life of the loan. Use it to compare scenarios: what happens if you put down 20% instead of 10%? What if rates rise 1% before you close? The calculator separates principal and interest from taxes and insurance so you can see which part of the payment is negotiable and which is fixed by your market.
A $350,000 home with 20% down ($70,000) at 6.5% for 30 years. Monthly principal and interest: about $1,770. Add $350/month in taxes, $120 insurance, $50 HOA (illustrative — the tool itself has no HOA input). Total monthly: $2,290. Over 30 years, total interest paid: roughly $357,000. If the same loan were 15 years at 5.5%, monthly P&I jumps to ~$2,290 but total interest drops to ~$132,000 — saving $225,000 in interest. The amortization table shows exactly when the principal balance starts dropping faster.
This Quik-Calc mortgage calculator estimates your monthly housing payment by combining the same core components used by many lenders when reviewing affordability. First, it calculates principal and interest using a standard amortization formula that depends on your loan amount, annual interest rate, and term in months. The loan amount equals the home price minus your down payment, so changing either field instantly updates the borrowing baseline. Next, it estimates monthly property tax from the annual tax rate you enter and divides it across twelve months. Home insurance is also converted from an annual value into a monthly expense. If your down payment is below twenty percent, PMI is included as an additional monthly cost based on the loan balance and annual PMI rate. The total monthly payment shown is the sum of principal and interest, taxes, insurance, and PMI. Beyond monthly cash flow, the amortization summary helps you evaluate long-term impact. You can compare total interest paid over the full term, view projected total cost across the life of the loan, and see an estimated payoff timeline. Use this calculator to test different combinations of down payment, loan term, and rate assumptions so you can understand tradeoffs before applying. Shorter terms often reduce total interest but raise monthly obligations, while larger down payments reduce both principal and financing cost. The visual payment chart also shows how each component contributes to your monthly total so budgeting decisions are easier. The calculator does not account for HOA fees, variable rate adjustments, or other lender-specific costs that may appear in your actual mortgage agreement. For the most accurate estimate, consider consulting with a mortgage professional who can incorporate your specific loan program, credit profile, and regional property tax variations. This tool is designed for planning and educational purposes only and should not be relied upon as financial advice for major decisions.
PMI (Private Mortgage Insurance) applies when your down payment is under 20% of the home price. Quik-Calc models it as a share of the loan amount billed monthly — the calculator's default rate is a modeling assumption (e.g., a $400,000 loan at the 1.0% assumption costs about $333/month); enter the rate your lender actually quotes. PMI protects the lender, not you, and does not build equity — but it disappears automatically once the balance reaches 78% of the original home value (or earlier by request at 80%).
Property taxes are separate and never go away. Rates depend on your state and assessment — Quik-Calc's 0.6-2.4%-of-home-value band is a modeling assumption (at the 1.2% scenario, a $450,000 home owes $5,400/year — $450/month added to your payment, held in escrow). Enter your actual assessment and millage rate. Taxes rise over time as assessments increase, unlike fixed-rate principal and interest.
Worked example — the 10% down payment decision: $450,000 home, 10% down ($45,000) vs 20% down ($90,000). At 10% down: loan $405,000, PMI at 0.8% ≈ $270/month for years, monthly P&I at 6.5%/30yr ≈ $2,561. At 20% down: loan $360,000, no PMI, monthly P&I ≈ $2,275. The 10%-down path costs roughly $2,831/month (with PMI) versus $2,561 — but keeps $45,000 in cash. The calculator lets you model both scenarios with taxes and insurance included so the comparison is the true monthly cost, not just P&I.
When PMI ends: In Quik-Calc's worked 10%-down example, PMI termination is modeled as landing about 8-11 years into a 30-year loan — actual termination depends on your amortization schedule and property value, so compute your own schedule rather than relying on that example. — compute your own schedule rather than relying on that example. After it cancels, your payment drops by the PMI amount while taxes and insurance continue, which is why a lower-payment loan with PMI can later become cheaper than a higher-payment loan without it.
The calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. Property tax, homeowners insurance, and PMI are added as separate monthly amounts only for the values you enter — principal and interest alone is not your total homeownership cost. The calculator does not model HOA fees, closing costs, utilities, or maintenance; budget for those separately.
Home / Finance / Mortgage Calculator
Published and maintained by the Quik-Calc team (Fuzzy Solutions LLC). The formulas on this page are checked against the sources cited below whenever we update the calculator. Last verified: September 20, 2026.
A common rule: spend no more than 28% of gross monthly income on housing and 36% on total debt. Adjust based on your local market and lifestyle.
15-year saves massive interest but requires higher monthly payments. Choose 15 if you can afford the payment comfortably; choose 30 for flexibility.
More down means lower principal, lower monthly payment, and no PMI above 20%. Each 5% extra down reduces payment by roughly 3-5%.
PMI is private mortgage insurance, required on conventional loans when your down payment is below 20%. Its cost is quoted as a percentage of the loan amount billed annually (Quik-Calc's 0.5-1.5% band is a modeling assumption, e.g. $167-500/month on a $400,000 loan) and it protects the lender if you default. Under federal law (Homeowners Protection Act), lenders must automatically terminate PMI when your balance reaches 78% of the home's original value, and you can request removal at 80%. Example: with 10% down on a $450,000 home, expect roughly $270/month PMI at 0.8%, which drops after the balance crosses the threshold.
One discount point costs 1% of the loan amount. Paying points may reduce the interest rate offered by the lender, but the amount of the reduction varies by lender, loan type, and market conditions (the amount of the reduction varies by lender, loan type, and market conditions). Break-even is calculated from the upfront cost of points and the monthly payment savings in the selected scenario — compute yours using your quoted point rate, and buy points only if you plan to stay past the break-even it shows.