Use this mortgage calculator to figure out the monthly payments for a home mortgage loan. Monthly payments are based on the home's valuation price, the desired duration or term of the loan, the homeowner's equity value, and the interest rate of the loan. This calculator factors in PMI (Private Mortgage Insurance) for loans if there is less than 20% equity on a mortgage. Take also into consideration the property taxes relevant for your state, and the effect on the total monthly mortgage payment.