US Mortgage Calculator 2026

Free US Mortgage Calculator for 2026. Calculate monthly PITI payments, PMI, property taxes, HOA fees and FHA/VA/conventional loan scenarios. Includes FHA upfront and annual MIP, the VA funding fee, USDA guarantee fees and PMI removal. For income-based affordability and DTI, use the Mortgage Affordability Calculator.

Last revised 29 September 2026

By Team GlobalCalqulate · About our editorial standards

Loan Details

Home Price

Down Payment

Interest Rate (APR)

Loan Term

Loan Type

Taxes, Insurance & Fees

Property Tax Rate

Homeowners Insurance (per year)

HOA Fees (per month)

PMI Rate

Financial Disclaimer: This result is an educational estimate produced by applying published rates and thresholds to the figures you entered. It is not a tax determination: your actual liability depends on circumstances this calculator does not collect. Confirm your position with the relevant tax authority or a qualified accountant before acting on it. Full disclaimer.

Sources & methodology

Formula:: Principal and interest
Reference:: Consumer Financial Protection Bureau
Rates for:: 2026
Figures verified:: September 2026 — checked against the primary source above
Content last updated:: September 2026
Scheduled re-verification:: December 2026

Calculation type: Rule-based calculation. Uses 2026 rates and thresholds. Figures are taken from Consumer Financial Protection Bureau and Federal Housing Finance Agency and US Department of Housing and Urban Development and US Department of Agriculture, Rural Development and US Department of Veterans Affairs — see sources below.

Reviewed by Team GlobalCalqulate — Verifies each figure against the issuing authority's published source · Checked 24 September 2026

Your entries stay on this device. This calculator runs entirely in your browser — the figures you type are not sent to us or to anyone else. The page itself uses cookies for analytics and advertising, described in the privacy policy.

Formula & methodology

Formula used

Principal and interest

M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)

The standard amortization formula: the level payment that retires the loan exactly over its term. P is the loan, r the monthly rate (annual ÷ 12) and n the number of payments. Early payments are mostly interest; later ones mostly principal.

Full monthly payment (PITI plus)

total = principal & interest + property tax + insurance + HOA + PMI

The principal-and-interest figure alone understates what you actually pay each month. Taxes and insurance are usually collected with the payment into an escrow account.

Monthly escrow items

monthly property tax = home price × tax rate ÷ 12;  monthly insurance = annual premium ÷ 12

Program fees (FHA, VA, USDA)

FHA adds a 1.75% upfront premium, VA a one-time funding fee (1.25%-3.3% by down payment and prior use, or none if exempt) and USDA a 1% upfront guarantee fee. Each is added to the loan amount, so it is repaid with interest. FHA and USDA also charge an annual premium or fee, paid monthly; VA has no monthly insurance.

Private mortgage insurance

PMI is generally required when the down payment is under 20%, and it is not permanent — the calculator projects the month the loan amortizes down to the threshold where PMI ends, and shows the lower payment from that point.

Step-by-step calculation

1. Work out the loan amount
Home price less down payment.
2. Convert rate and term to monthly terms
The annual rate is divided by 12 and the term multiplied by 12.
3. Calculate principal and interest
Using the amortization formula.
4. Add taxes, insurance, HOA and PMI
Producing the full monthly housing payment.
5. Project when PMI ends
Based on the amortization schedule, along with the payment after it drops off.

Limitations

The interest rate is assumed fixed for the whole term. Adjustable-rate mortgages, temporary buydowns and refinancing are not modelled.
The property tax rate defaults to a national-style assumption and varies enormously by state, county and municipality. Enter your local rate for a meaningful figure — and note that assessments are periodically revised upward.
Homeowners insurance premiums vary widely by location and risk, and have risen sharply in some markets. The figure you enter is used as-is.
Closing costs, points, origination and lender fees are excluded from the monthly payment.
Conventional PMI termination is projected from scheduled amortization only; actual removal depends on your servicer's rules, which may require a request, an appraisal, or automatic termination at a set point.
FHA: upfront MIP of 1.75% is financed; annual MIP uses the standard published rate for the term and down payment (base loans up to the FHA limit — the higher jumbo tier is not modelled), is charged on the original base loan and held level rather than recomputed on the falling balance, and ends after 11 years only with 10% or more down. VA: the funding fee follows the purchase-loan table for first or subsequent use, or is waived if you select exempt; refinance and other VA fee tables are not modelled. USDA: 1% upfront fee is financed and the 0.35% annual fee is held level on the loan balance.
Loan limits, credit and income eligibility, and minimum down payments for each program are not checked.
Debt-to-income and income-based affordability are not calculated here; use the Mortgage Affordability Calculator.
Extra payments, biweekly schedules and recasting are not included.
This is an estimate, not a loan offer, quote or Loan Estimate. Your actual rate and payment depend on credit, underwriting and the lender's pricing.

This page is educational. It applies a standard formula to the figures you enter and shows the arithmetic behind the result. It is an estimate, not an offer, a quotation or financial advice: real costs depend on the provider's pricing, fees and underwriting, and on circumstances this calculator does not collect.

Sources & references

Homeowners Protection Act of 1998 — PMI cancellation at 80% LTV and automatic termination at 78% — Consumer Financial Protection Bureau
FHFA conforming loan limit values for 2026 — Federal Housing Finance Agency
Mortgagee Letter 2023-05 — FHA annual mortgage insurance premium rates — US Department of Housing and Urban Development
USDA Single Family Housing Guaranteed Loan Program — upfront and annual guarantee fees — US Department of Agriculture, Rural Development
VA funding fee and closing costs — purchase loan fee rates — US Department of Veterans Affairs

Financial Disclaimer: This calculator estimates your monthly PITI payment using the loan amount, rate, term, property tax rate, insurance, HOA, and PMI you enter; it models PMI, FHA MIP, the VA funding fee and USDA guarantee fees at the standard published rates, but does not reflect lender-specific underwriting, loan-limit or eligibility checks, rate locks, or discount points. Actual loan terms and payments depend on your lender, credit profile, and the property's location. This tool is for planning purposes only and is not financial advice — compare official Loan Estimates from multiple lenders before committing. Full disclaimer.

🏠

Understanding US Mortgages

A mortgage is a secured loan used to purchase real estate. The property serves as collateral for the loan, meaning if you fail to repay, the lender can foreclose on the home. In the US, most mortgages are either fixed-rate (interest rate stays the same) or adjustable-rate (rate changes periodically).

Key concept: A mortgage payment consists of four components called "PITI": Principal (loan amount), Interest (cost of borrowing), Taxes (property tax), and Insurance (homeowners insurance and potentially PMI).

Mortgage Payment Calculation (PITI Formula)

Monthly Principal + Interest = P × [r(1+r)^n] / [(1+r)^n - 1]

Where:
  P = Loan amount (principal)
  r = Monthly interest rate (annual rate / 12)
  n = Total number of payments (years × 12)

Total Monthly Payment (PITI) = Principal + Interest + Property Tax + Insurance + PMI

The amortization formula calculates how much of your monthly payment goes toward principal versus interest. Early payments have more interest; later payments have more principal. Property taxes, insurance, and PMI are added to find your total PITI payment. PMI is included when down payment is less than 20% and disappears once you reach 20% equity.

Key Terms & Definitions

Principal

The original loan amount. Over time, you pay this down with each mortgage payment.

Interest Rate (APR)

The annual percentage rate charged by the lender. Used to calculate how much interest you pay each month on your remaining balance.

Loan Term

The length of the mortgage, typically 15, 20, or 30 years. Shorter terms mean higher monthly payments but less total interest.

PITI

Principal, Interest, Taxes, and Insurance. The four components of your total monthly mortgage obligation.

PMI (Private Mortgage Insurance)

Insurance protecting the lender if you default. Required when down payment is less than 20%. Disappears at 20% equity.

Down Payment

The amount of money you pay upfront as a percentage of the home's purchase price. Larger down payments reduce your loan amount and may eliminate PMI.

Mortgage Shopping Tips

✓Get pre-approved from multiple lenders – rates vary significantly, and shopping around can save tens of thousands over 30 years.
✓Consider the loan term carefully: 30-year means lower payments but more interest; 15-year means higher payments but faster payoff.
✓Aim for at least a 20% down payment to avoid PMI, but balance this with keeping emergency savings.
✓Factor in property taxes, insurance, and HOA fees when calculating affordability – they can add 30-50% to your principal + interest.
✓Lock your interest rate early once you find a good one, but be aware of lock-in periods and fees.
✓Use this calculator to compare scenarios, but always review the official Loan Estimate from your lender before committing.

How this US mortgage calculator works

The calculator estimates your monthly mortgage payment by combining principal and interest with property taxes, homeowners insurance, HOA fees and, when applicable, mortgage insurance (PMI, FHA MIP or the USDA annual fee) and any upfront FHA, VA or USDA fee financed into the loan. It uses a standard amortization formula for fixed-rate loans.

Computes principal and interest from loan amount, interest rate and term.
Adds estimated annual property taxes and insurance, spread across 12 months for a PITI view.
Includes PMI (conventional), FHA upfront and annual MIP, the VA funding fee and USDA guarantee fees, based on your loan type and down payment.
Generates an amortization-style breakdown showing how interest and principal change over time.

Real lender offers can differ based on credit score, loan program, closing costs and state-specific regulations. Use this as a planning tool, not a binding mortgage quote. Always compare official Loan Estimates from multiple lenders.

Help & FAQs

Frequently Asked Questions

Clear answers to common questions to help you use this calculator confidently.

What does the PITI breakdown in my results actually include?

Tap to view the answer

PITI stands for Principal, Interest, Taxes, and Insurance — the four line items this calculator sums into your total monthly payment. On the $300,000-home example above (20% down, 6.5%, 30-year), that's $1,516.96 in principal & interest plus your entered property tax and insurance amounts. HOA and PMI, when applicable, are shown as separate line items on top of PITI, since not every loan carries them.

Why does the calculator show PMI on some scenarios but not others?

Tap to view the answer

This calculator only adds PMI when your down payment is below 20% of the home price, matching how conventional lenders apply it. Enter a down payment at or above 20% and the PMI line drops to $0 automatically. If PMI is included, it's calculated as your PMI rate applied to the loan amount, divided by 12.

At what point does PMI get removed from my payment?

Tap to view the answer

For conventional loans, the Homeowners Protection Act requires automatic PMI termination once your amortization schedule brings the loan balance down to 78% of the home's original value, and you can request cancellation yourself once you reach 80%. This calculator's amortization math is what determines when your specific loan crosses that threshold — it depends on your rate, term, and starting equity, not a fixed number of years.

Should I choose a 15-year or 30-year mortgage?

Tap to view the answer

On the same $300,000 loan at 6.5%, a 15-year term runs $2,613.32/month and pays $170,397.98 in total interest, while a 30-year term runs $1,896.20/month and pays $382,633.47 in total interest — roughly $212,000 more in interest for the lower payment. Run both terms through this calculator with your actual numbers to see the exact trade-off for your loan size and rate.

Does this calculator check my debt-to-income ratio?

Tap to view the answer

Front-end DTI compares your PITI payment to your gross monthly income; most lenders want this under 28-31%. This calculator does not ask for your income or other debts, so it does not compute DTI — divide the PITI total it shows by your gross monthly income for a quick front-end check, or use the Mortgage Affordability Calculator for a full front-end and back-end DTI.

Need more help? Contact support or email globalcalqulate@gmail.com

We typically reply within 24–48 hours.

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How to Use This Calculator

Enter home price and down payment amount or percentage.

The difference between home price and down payment becomes your loan amount — the figure principal & interest, and PMI (if applicable), are calculated against.

Select loan type (Conventional, FHA, VA, USDA) and loan term.

Loan type determines which mortgage insurance rules apply: conventional PMI phases out at 78%-80% LTV, FHA MIP can last the life of the loan, and VA has a one-time funding fee and no monthly insurance, and USDA has an upfront and an annual guarantee fee; these fees are added for you.

Enter property taxes, insurance, HOA, and PMI rates.

These combine with principal & interest to form your full PITI payment — property tax and insurance alone commonly add 20-30% on top of principal & interest.

Check the projected PMI removal month.

On a conventional loan with under 20% down, the result shows the month scheduled amortization reaches the Homeowners Protection Act threshold and what the payment drops to from there. To model extra principal payments, use the mortgage amortization calculator.

Review monthly PITI, amortization, and total interest.

The amortization view shows how your specific loan's principal/interest split shifts over time, and total interest shows the full lifetime cost of borrowing at your rate and term.

Understanding Your Results

Principal & Interest
The core loan payment from the standard amortization formula, based on loan amount, interest rate, and term. This is what's left after removing taxes, insurance, HOA, and PMI from your total payment.
PITI (Total Monthly Payment)
Principal, Interest, Taxes, and Insurance combined — the full recurring cost of the mortgage, plus HOA and PMI when they apply.
PMI
Only charged when down payment is below 20% on a conventional loan. Shown as $0 automatically once your down payment reaches 20% of the home price.
Total Interest Paid
The sum of every interest charge over the full loan term — the true lifetime cost of borrowing, separate from how much of each payment goes toward the principal balance.

Key Tips

✓
Getting pre-approved before house hunting gives you a clear budget.
✓
Compare at least 3-4 lenders and review Loan Estimates side by side.
✓
Putting 20% down eliminates PMI and saves hundreds per month.
✓
Lenders publish separate rate tiers by credit score band, so improving your score before applying can qualify you for a meaningfully lower rate.
✓
Consider buying points to lower your rate if you plan to stay 5+ years.

Formula & methodology

Formula used

Principal and interest

M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)

Full monthly payment (PITI plus)

total = principal & interest + property tax + insurance + HOA + PMI

The principal-and-interest figure alone understates what you actually pay each month. Taxes and insurance are usually collected with the payment into an escrow account.

Monthly escrow items

monthly property tax = home price × tax rate ÷ 12;  monthly insurance = annual premium ÷ 12

Program fees (FHA, VA, USDA)

Private mortgage insurance

Step-by-step calculation

1. Work out the loan amount
Home price less down payment.
2. Convert rate and term to monthly terms
The annual rate is divided by 12 and the term multiplied by 12.
3. Calculate principal and interest
Using the amortization formula.
4. Add taxes, insurance, HOA and PMI
Producing the full monthly housing payment.
5. Project when PMI ends
Based on the amortization schedule, along with the payment after it drops off.

Limitations

The interest rate is assumed fixed for the whole term. Adjustable-rate mortgages, temporary buydowns and refinancing are not modelled.
The property tax rate defaults to a national-style assumption and varies enormously by state, county and municipality. Enter your local rate for a meaningful figure — and note that assessments are periodically revised upward.
Homeowners insurance premiums vary widely by location and risk, and have risen sharply in some markets. The figure you enter is used as-is.
Closing costs, points, origination and lender fees are excluded from the monthly payment.
Conventional PMI termination is projected from scheduled amortization only; actual removal depends on your servicer's rules, which may require a request, an appraisal, or automatic termination at a set point.
FHA: upfront MIP of 1.75% is financed; annual MIP uses the standard published rate for the term and down payment (base loans up to the FHA limit — the higher jumbo tier is not modelled), is charged on the original base loan and held level rather than recomputed on the falling balance, and ends after 11 years only with 10% or more down. VA: the funding fee follows the purchase-loan table for first or subsequent use, or is waived if you select exempt; refinance and other VA fee tables are not modelled. USDA: 1% upfront fee is financed and the 0.35% annual fee is held level on the loan balance.
Loan limits, credit and income eligibility, and minimum down payments for each program are not checked.
Debt-to-income and income-based affordability are not calculated here; use the Mortgage Affordability Calculator.
Extra payments, biweekly schedules and recasting are not included.
This is an estimate, not a loan offer, quote or Loan Estimate. Your actual rate and payment depend on credit, underwriting and the lender's pricing.

Calculator inputs

Loan Details

Taxes, Insurance & Fees

Your results

Sources & methodology

Formula & methodology

Formula used

Principal and interest

Full monthly payment (PITI plus)

Monthly escrow items

Program fees (FHA, VA, USDA)

Private mortgage insurance

Step-by-step calculation

Limitations

Sources & references

Understanding US Mortgages

Mortgage Payment Calculation (PITI Formula)

Key Terms & Definitions

Principal

Interest Rate (APR)

Loan Term

PITI

PMI (Private Mortgage Insurance)

Down Payment

Mortgage Shopping Tips

How this US mortgage calculator works

What does the PITI breakdown in my results actually include?

Why does the calculator show PMI on some scenarios but not others?

At what point does PMI get removed from my payment?

Should I choose a 15-year or 30-year mortgage?

Does this calculator check my debt-to-income ratio?

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Calculator inputs

Loan Details

Taxes, Insurance & Fees

Your results

Sources & methodology

How to Use This Calculator

Example Calculation

Understanding Your Results

Key Tips

Formula & methodology

Formula used

Principal and interest

Full monthly payment (PITI plus)

Monthly escrow items

Program fees (FHA, VA, USDA)

Private mortgage insurance

Step-by-step calculation

Limitations

Sources & references

How to Use This Calculator

Example Calculation

Understanding Your Results

Key Tips