Wealthy PotMortgage Calculator
Calculate your full monthly mortgage payment — principal, interest, property tax, insurance, PMI, and HOA — plus the lifetime interest on your home loan.
Your true monthly payment — not just principal and interest
Most mortgage estimates only show principal and interest, then the real bill arrives with taxes, insurance, and PMI on top. Enter the home price, down payment, rate, term, property tax, insurance, and any HOA dues — this calculator breaks down every piece of the monthly payment and the total interest over the life of the loan.
The 20% down payment and PMI
If you put down less than 20%, lenders charge private mortgage insurance until you build 20% equity. It protects the lender, not you. The calculator shows exactly how much PMI adds each month and what a 20% down payment would take to avoid it.
How to lower the payment
- A larger down payment cuts both the loan and any PMI.
- Even a small rate difference is huge over 30 years — see how to lower your interest rate.
- A 15-year term costs more monthly but saves enormous interest — compare them above.
- Decide how a mortgage fits the rest of your plan: how to prioritize financial goals in your budget.
Frequently Asked Questions
What is included in a monthly mortgage payment?
A full mortgage payment is more than principal and interest. It typically includes property taxes, homeowners insurance, and — if your down payment is under 20% — private mortgage insurance (PMI). Some homes also have HOA dues. This calculator adds all of them so you see the real monthly cost, often called PITI.
How much do I need to put down to avoid PMI?
Putting down 20% or more of the home price lets you skip private mortgage insurance, which otherwise adds roughly 0.5% of the loan per year to your payment until you reach 20% equity. The calculator shows your PMI cost and what a 20% down payment would be.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a higher monthly payment but a lower rate and far less total interest, so you build equity faster and pay much less over the life of the loan. A 30-year keeps payments lower and more flexible. Switch the term in the calculator to compare the monthly payment and lifetime interest.