Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, home insurance and PMI.
How the mortgage calculator works
Your core principal & interest payment is based on the loan amount (home price minus down payment), the annual interest rate, and the loan term. CalcPylot uses the standard amortization formula, then adds monthly property tax, home insurance and optional PMI to show a realistic total monthly cost.
Tips to lower your payment
- Increase your down payment to reduce the loan and remove PMI.
- Compare shorter terms — 15-year loans cost more per month but far less interest overall.
- Shop multiple lenders; even 0.25% lower APR saves thousands.
Estimates only. Actual rates, taxes and insurance vary by lender and location.
Frequently asked questions
How is my monthly mortgage payment calculated?
Principal and interest use the standard amortization formula from your loan amount, rate and term. Monthly tax, insurance and PMI are then added.
What is PMI?
Private Mortgage Insurance is often required when your down payment is below 20%. It is added monthly until you build enough equity.
Does a bigger down payment help?
Yes — it lowers your loan amount, reduces interest, and can eliminate PMI.