🏡 Mortgage Calculator with PMI
Free mortgage calculator with PMI, property tax and insurance. See your full monthly payment, total interest, when PMI drops off and a yearly amortization schedule.
Down payment: — · PMI: —
Yearly amortization schedule
| Year | Principal | Interest | Balance |
|---|
How this calculator works
Principal and interest use the standard amortization formula M = P × r / (1 − (1 + r)−n), with r the monthly rate and n the number of payments. Property tax and insurance are added monthly. If your down payment is under 20%, mortgage insurance is estimated as a yearly percentage of the loan and dropped once the balance reaches 78% of the original price — the automatic-termination point for conventional loans in the US.
In Canada, mortgage default insurance for down payments under 20% is usually a one-time premium added to the loan rather than a monthly charge; in Australia, lenders mortgage insurance (LMI) works similarly. If that applies to you, set the PMI rate to 0 and add the premium to the home price instead.
Frequently asked questions
How can I avoid PMI?
Put 20% or more down, ask about lender-paid options, or plan to request cancellation once your loan reaches 80% of the home's original value. Read our PMI guide for the details.
15-year or 30-year?
A 15-year loan has a higher payment but dramatically lower total interest. Compare both here — the difference in total interest is often six figures.
Does this include closing costs?
No. Budget separately for closing costs, which commonly run a few percent of the price depending on where you live.
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Results are estimates for educational purposes based on the inputs and assumptions shown; they are not a guarantee or a recommendation. Last reviewed October 30, 2026.