Find out what a home will really cost you each month. Enter the home price, down payment,
interest rate and loan term, and this free ToolNly calculator shows your monthly
principal & interest, property tax, homeowners insurance and HOA — plus total interest
and a year-by-year amortization summary.
100% free No sign-up Runs in your browser — nothing is savedLast updated: November 2026 · ToolNly.com
Your loan details
Results update instantly as you type. All amounts in US dollars ($).
20% down usually avoids private mortgage insurance (PMI) on a conventional loan. PMI is not included in this calculator.
US average is roughly 1.1% of home value per year — it varies a lot by state and county.
Many US homeowners pay roughly $1,500–$2,500 per year.
Leave at $0 if the home has no homeowners association.
Advanced options — extra payments & start date
Paid toward principal on top of your regular payment.
Used for the payoff date in the amortization summary.
Total monthly payment
$0
Loan amount $0 · —
Monthly cost
Per month
Per year
Total interest$0
Total amount paid$0
Loan paid off—
Estimate for a fixed-rate loan. Excludes PMI, closing costs and escrow deposits — see the FAQ below. Results are estimates, not financial advice.
Copied ✓
Amortization summary
How your balance falls year by year. Early payments are mostly interest; later payments are mostly principal — that is how amortization works on every fixed-rate US mortgage.
Loan amount
$0
—
Principal & interest
$0/mo
—
Total interest
$0
—
Payoff date
—
—
Remaining loan balance Equity you own (incl. down payment)
Year
Principal paid
Interest paid
Tax + ins. + HOA
Total paid
Ending balance
How this mortgage calculator works
A US mortgage payment is more than just the loan. Lenders bundle several costs into one monthly
bill — often called PITI: Principal (the part that pays down what you borrowed),
Interest (the lender’s charge), Taxes (property tax) and
Insurance (homeowners insurance). Condos and many newer communities add
HOA fees on top. This calculator works each part out separately so you can see
exactly where your money goes.
1
Loan amount
Home price minus your down payment. A $400,000 home with 20% down ($80,000) means a $320,000 loan.
2
Principal & interest
The standard amortization formula spreads the loan evenly over the term, so the payment stays the same while the interest/principal mix changes every month.
3
Tax, insurance & HOA
Yearly property tax and insurance are divided by 12 and added to the monthly bill, along with any monthly HOA fee — just like a lender’s escrow account.
M = P × r(1 + r)n ÷ ((1 + r)n − 1)
M is your monthly principal & interest payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of payments (years × 12). Total interest is everything you pay on top of the amount you borrowed: M × n − P.
Check the math — a worked example
$400,000 home · 20% down ($80,000) · $320,000 loan · 6.5% fixed rate · 30 years:
Monthly principal & interest = $2,022.62 · Total interest over 30 years = $408,142.36 · Total principal & interest paid = $728,142.36. Type these exact figures into the calculator above and you will get the same numbers — then add your own tax, insurance and HOA to see the full monthly payment.
What each part of your monthly payment covers
Part
What it is
In this calculator
Principal
Repays the amount you borrowed. Small at first, grows every month.
Included
Interest
The lender’s charge, based on your remaining balance and rate.
Included
Property tax
Charged by your county/city, usually 0.3%–2%+ of home value per year depending on the state.
Yearly ÷ 12
Homeowners insurance
Protects the home against fire, storms and liability. Required by lenders.
Yearly ÷ 12
HOA fees
Homeowners association dues for shared upkeep, common in condos and planned communities.
Monthly
PMI
Private mortgage insurance, usually required with less than 20% down on a conventional loan.
Not included
Closing costs
One-time fees at purchase (origination, appraisal, title), typically 2%–5% of the loan.
Not included
Shorter term vs. lower payment: a 15-year loan costs more each month but far less
overall, because you pay interest for half as long and usually get a lower rate. A 30-year loan
keeps the monthly payment down, which is why most US buyers choose it. Use the term buttons above
to compare both on the same home — the total interest figure is where the real difference shows.
More free tools on ToolNly
ToolNly is being built as one home for free, fast online tools — starting with the US money calculators Americans use every day. No sign-up on any of them.
You are here
Mortgage Calculator
Monthly payment, PITI breakdown, total interest and amortization for US home loans.
The principal & interest part uses the standard amortization formula: M = P × r(1 + r)n ÷ ((1 + r)n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Your total monthly payment then adds property tax, homeowners insurance and any HOA fees, which lenders often collect in escrow.
What does PITI mean?
PITI stands for Principal, Interest, Taxes and Insurance — the four core parts of most monthly mortgage payments. Many US borrowers also pay HOA fees and, with less than 20% down, private mortgage insurance (PMI) on top of PITI.
How much should my down payment be?
20% is a common target because it usually avoids private mortgage insurance (PMI) on a conventional loan and lowers both your monthly payment and total interest. Many US loans allow far less — FHA loans can start at 3.5% down and some conventional loans at 3% — but a smaller down payment means a bigger loan, a higher monthly payment and usually PMI until you reach about 20% equity.
Does this calculator include PMI, closing costs or escrow?
No. This calculator covers principal & interest, property tax, homeowners insurance and HOA fees. It does not add private mortgage insurance (PMI), closing costs, origination fees or prepaid escrow deposits, so if you put less than 20% down your actual monthly payment will likely be higher. Your lender’s Loan Estimate shows all of these figures for a specific loan offer.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has a higher monthly payment but a lower interest rate and far less total interest — on a $320,000 loan the saving versus a 30-year term is typically well over $100,000. A 30-year mortgage keeps the monthly payment lower, which can make the home affordable or leave cash free for other goals. Try both terms above and compare the total interest figure.
How do extra monthly payments help?
Extra money paid toward principal reduces the balance that interest is charged on, so the loan ends sooner and total interest falls. Even $100 a month extra on a 30-year loan can cut years off the term and save tens of thousands of dollars in interest. Use the extra payment field in the advanced options to see your own numbers.
Are these results exact?
They are estimates based on the figures you enter and a fixed interest rate. Real payments can differ because of PMI, escrow adjustments, changing tax and insurance amounts, HOA changes and lender fees. ToolNly does not provide financial advice — for a decision about a specific home loan, compare lenders’ official Loan Estimates and talk to a qualified mortgage professional.
Disclaimer: This mortgage calculator is provided by ToolNly for general information and
planning purposes only. Results are estimates based on the figures you enter and a fixed
interest rate; they are not a loan offer, a quote, or a guarantee of any rate or payment.
ToolNly does not provide financial, mortgage, tax or legal advice. Actual payments depend on
your lender, credit profile, PMI, escrow requirements, and local tax and insurance amounts, all of which
can change. Before making a home-buying decision, review the official Loan Estimate from your lender and
consult a qualified mortgage or financial professional.