Mortgage Calculator
Estimate your monthly home payment including principal & interest, property taxes, insurance, HOA fees, and PMI. Results update instantly as you type.
1 Loan Details
2 Monthly Costs
Include PMI
Required when down payment < 20%
Estimated Monthly Payment
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Enter your loan details to see your payment
Total Interest Paid
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Over loan lifetime
Total Cost
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Principal + interest
Loan Amount
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Amount financed
Down Payment
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Of home price
Monthly Payment Breakdown
Balance Over Time
Rate Comparison
How your payment changes with different interest rates
| Rate Scenario | Monthly P&I | Total Interest |
|---|---|---|
| Enter loan details above to see rate scenarios | ||
Amortization Schedule
Full month-by-month payment breakdown
| Month | Year | Payment | Principal | Interest | Balance |
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How to Use This Mortgage Calculator
Our free mortgage calculator helps US home buyers estimate monthly payments instantly. Enter your home price, down payment, current interest rate, and loan term to see a complete cost breakdown including taxes, insurance, and PMI.
What's included in your payment?
- Principal & Interest — the core payment based on loan amount and rate
- Property Tax — typically 0.5%–2.5% of home value annually
- Homeowners Insurance — required by lenders, ~$1,000–$2,000/year
- PMI — required when down payment is under 20% of the purchase price
Smart Home Buying Tips
A 30-year fixed mortgage is the most popular home loan in the US, offering predictable monthly payments. A 15-year term saves significantly on total interest but requires higher monthly payments.
Key rules of thumb
- Aim for 20% or more down to eliminate PMI and lower your rate
- Keep housing costs under 28% of gross monthly income
- Each 0.25% rate difference can mean thousands in savings over 30 years
- Use the rate comparison table above to model rate-lock decisions
Mortgage Calculator by State
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (years × 12). This covers principal and interest only — property taxes, insurance, and HOA fees are added separately.
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components lenders use to evaluate your total monthly housing cost. Lenders use your full PITI payment when qualifying you for a mortgage. Our calculator shows both the P&I payment and the full PITI estimate when you include property tax and insurance inputs.
What is PMI and do I need it?
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. It protects the lender — not you — if you default. PMI typically costs 0.5–1.5% of the loan amount annually, or roughly $100–$300/month on a $300,000 loan. It can be cancelled once you reach 20% equity, per the Homeowners Protection Act.
What's the difference between a 15-year and 30-year mortgage?
A 30-year mortgage has lower monthly payments but you pay significantly more interest over the life of the loan. A 15-year mortgage has higher payments but you build equity faster and pay roughly half the total interest. For example, on a $350,000 loan at 7%: 30-year = $2,329/month with $488,440 total interest; 15-year = $3,145/month with $216,110 total interest — a $272,330 difference.
How much house can I afford?
A common guideline is that your total housing payment (PITI) should not exceed 28% of your gross monthly income, and total debt payments (housing plus car, student loans, etc.) should not exceed 36–43%. Use our Affordability Calculator for a personalized estimate based on your income and existing debts.
All calculations are estimates for informational purposes only. Full Disclaimer.