Mortgage payment calculator (PITI + PMI)

Estimate your monthly mortgage payment: principal and interest plus optional property tax, homeowners insurance, PMI and HOA dues, with a yearly amortization schedule.

Estimates only, not an offer of credit. Express Approvals is not a lender or mortgage broker, doesn't make loans or credit decisions and can't guarantee approval, rates or terms. Results depend entirely on the numbers you enter. Everything is calculated in your browser; nothing you type is sent to us.

How this calculator works

Principal and interest use the standard amortization formula: M = P × r ÷ (1 − (1 + r)⁻ⁿ), where P is the loan amount, r is the annual rate ÷ 12 and n is the number of monthly payments. Taxes and insurance are divided by 12. PMI is the annual rate you enter × the loan amount ÷ 12, applied only when the loan-to-value ratio is above 80%.

Check it by hand: a $300,000 loan at 7.00% for 30 years gives r = 0.0058333 and n = 360, so M = $1,995.91.

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Frequently asked questions

What does PITI mean?

Principal, interest, taxes and insurance: the four main parts of a typical monthly mortgage payment. Mortgage insurance and HOA dues may be added.

Why is the rate pre-filled?

For convenience it starts at the latest Freddie Mac national average for a 30-year fixed mortgage (7.24%, week of Oct 29, 2026). That average assumes strong credit and 20% down. It is not an offer, so replace it with a quote from a lender.

Is this the payment a lender will offer me?

No. It's an estimate. Your Loan Estimate shows the lender's actual projected payment, including escrow.

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