PiggyMortgage Calculator
Estimate your monthly mortgage payment with taxes, insurance and HOA fees — and see how your balance falls over the life of the loan.
How this is calculated
Your principal-and-interest payment uses the standard amortization formula
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount borrowed,
r the monthly interest rate and n the number of payments.
Property tax, homeowners insurance, HOA dues and — when your down payment is under 20% —
private mortgage insurance are added on top.
Worked example: a $400,000 home with $80,000 down at 6.5% over 30 years gives a $320,000 loan, a principal-and-interest payment of $2,023 per month, and $408,142 of total interest. Adding $4,800 of annual property tax and $1,800 of insurance brings the full monthly cost to $2,573.
Loan details
Monthly payment breakdown
Remaining balance over time
Amortization schedule
How this mortgage calculator works
Your monthly principal-and-interest payment is calculated with the standard amortization formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r the monthly interest rate, and n the number of monthly payments. Property tax, homeowners insurance and HOA fees are then added to show your realistic total monthly housing cost — the number lenders use when they check your debt-to-income ratio.
Early in the loan most of each payment goes to interest; over time the split shifts toward principal. The balance chart and the year-by-year amortization schedule above show exactly how fast you build equity with your inputs.
If your down payment is under 20%, the calculator also adds private mortgage insurance — typically 0.5%–1.5% of the loan per year — and tells you roughly which month it falls away. PMI must be cancelled on request at 80% loan-to-value and terminates automatically at 78%, so it is a temporary cost, not a permanent one.
Frequently asked questions
How much house can I afford?
What is PMI and when do I pay it?
Is a 15-year or 30-year mortgage better?
Sources
Every formula on this page is checked against an independent implementation before publication. How we check our math →