What is PMI and when do I need it?

PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender if you default on the loan. PMI usually costs 0.5% to 1% of the loan amount annually.

How much should I put down on a house?

While 20% is ideal to avoid PMI, many buyers put down less. FHA loans require as little as 3.5% down. Consider your savings, monthly budget, and whether you can afford PMI when deciding.

What's included in my monthly mortgage payment?

Your monthly payment typically includes Principal & Interest (P&I), property taxes, homeowners insurance, and if applicable, PMI and HOA fees. This is often called PITI (Principal, Interest, Taxes, Insurance).

How do I lower my monthly mortgage payment?

You can lower your payment by: increasing your down payment, extending your loan term, finding a lower interest rate, or reducing additional costs like insurance and PMI. Shop around for the best rates and terms.

Is this tool free to use?

Yes! The Toolzilla Mortgage Calculator is 100% free with no registration required. All calculations happen in your browser, so your data stays private.

Mortgage Calculator

Calculate monthly mortgage payments and amortization

Mortgage Calculator

Calculate your monthly mortgage payment and see a detailed breakdown of costs including principal, interest, taxes, and insurance.

Show amounts in Lacs (1 Lac = 100,000)

Loan Details

Home Price

Down Payment

% of home price

Loan Term: 30 years

5 years30 years

Interest Rate (%)

Additional Costs (Annual)

Property Tax (per year)

Home Insurance (per year)

PMI (per year) - Usually required if down payment < 20%

HOA Fees (per year)

Your estimate

$1,817

per month

Monthly Breakdown

Principal & Interest$1,517

Property Tax$200

Home Insurance$100

Loan Summary

Loan Amount$240,000

Total Interest$306,107

Total Cost$714,107

How to Use the Mortgage Calculator

1.Enter your home price and down payment (amount or percentage).
2.Select your loan term (5-30 years) and interest rate.
3.Add annual property tax, insurance, PMI (if applicable), and HOA fees.
4.View your total monthly payment and detailed breakdown on the right.
5.Download your results for future reference.

Frequently Asked Questions

Everything you need to know about this tool

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