Mortgage Calculator

Calculate your monthly mortgage payment including principal, interest, taxes, and insurance.

Home Price

Down Payment

20%

Loan Term

Interest Rate

Start Date

Monthly Payment

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monthly

Home Price

—

Loan Amount

—

Total Interest Paid

—

Total Cost of Loan

—

Payoff Date

—

Down Payment

—

Amortization Schedule

Year	Principal	Interest	Taxes & Ins.	Balance

Guide

Everything You Need to Know About Mortgage Payments

Planning to buy a new home? Our Mortgage Payment Calculator is the ultimate tool for first-time home buyers and seasoned investors alike. By inputting your loan details, you can instantly see your estimated monthly mortgage payment with PMI, taxes, and insurance included. Understanding your future financial commitment is the most important step in the home-buying process.

A Mortgage Payment Calculator is a financial tool designed to help you estimate the total cost of a home loan. Unlike a simple interest calculator, this tool accounts for the various factors that make up a real-world PITI payment (Principal, Interest, Taxes, and Insurance). Whether you are comparing a 15 vs 30 year mortgage or trying to understand the down payment impact on your monthly payment, this tool provides the clarity needed to shop for a home with confidence.

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Key Features of This Calculator

Full PITI Breakdown — principal, interest, property taxes, and homeowners insurance.
PMI Estimation — calculates Private Mortgage Insurance when down payment is below 20%.
Amortization Schedule — see how your balance decreases year by year.
Adjustable Terms — easily switch between 10, 15, 20, and 30-year loans.
HOA & Extra Fees — include HOA dues for a more accurate monthly total.

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How to Use This Tool

Using this calculator is straightforward. Enter your home price and set your down payment using the dollar or percent toggle. Select your loan term and current interest rate. For a more complete picture, expand the optional section and add property tax, home insurance, PMI, and HOA fees. Hit Calculate to see your full monthly breakdown instantly.

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15 vs 30 Year Mortgage

One of the most impactful decisions in home buying is your loan term. A 30-year mortgage offers lower monthly payments but results in significantly more interest paid over time. A 15-year mortgage has higher monthly payments but can save tens of thousands of dollars in total interest and builds equity much faster. Use the calculator above to compare both scenarios side by side.

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What is PMI?

Private Mortgage Insurance (PMI) is required by lenders when your down payment is less than 20% of the home's purchase price. It protects the lender — not you — against default. PMI typically costs between 0.5% and 1.5% of the loan amount per year and is added to your monthly payment. Once you reach 20% equity, you can usually request its removal.

Frequently Asked Questions

How is my monthly mortgage payment calculated?

Your monthly payment is made up of four parts — Principal (repaying the loan balance), Interest (the lender's fee), Taxes (property tax divided by 12), and Insurance (homeowners + PMI if applicable). The principal and interest portion is calculated using the standard amortization formula based on your loan amount, interest rate, and term. Our calculator adds taxes and insurance on top for a complete PITI payment.

What is an amortization schedule and why does it matter?

An amortization schedule is a complete table showing every payment over the life of your loan. It breaks down how much of each payment goes toward interest versus principal. In the early years of a mortgage, the majority of your payment is interest. Over time, the balance shifts so more goes toward principal. This schedule is crucial for understanding your equity build-up and for planning extra payments strategically.

How does the down payment affect my mortgage?

Your down payment directly reduces the loan amount you need to borrow, which lowers both your monthly payment and the total interest paid over the loan's life. Putting down 20% or more also eliminates PMI, saving you hundreds per year. A larger down payment can also help you qualify for a lower interest rate. Use the slider above to instantly see how different down payment amounts impact your monthly cost.

What interest rate should I use in the calculator?

Use the rate you have been pre-approved for by a lender, or use current average rates as a benchmark. Mortgage rates vary daily and depend on your credit score, loan-to-value ratio, loan type (fixed vs adjustable), and loan term. Even a 0.5% difference in rate can add up to tens of thousands of dollars over a 30-year loan. Try different rate scenarios in the calculator to understand the impact.

Can making extra payments reduce my mortgage term?

Yes — making extra payments toward your principal balance is one of the most powerful strategies to save money on a mortgage. Even one extra payment per year can shave several years off a 30-year loan and save tens of thousands in interest. The key is to ensure extra payments are applied to the principal and not future installments. Always confirm with your lender how extra payments are handled before making them.

Is this calculator accurate for all loan types?

This calculator is designed for fixed-rate mortgages — the most common loan type in the US. If you are considering an adjustable-rate mortgage (ARM), FHA, VA, or USDA loan, some figures may differ because those products have variable rates, government fees (like the VA funding fee), or different insurance structures. Always consult with a licensed mortgage professional for a precise quote tailored to your situation.