Mortgage Payment Calculator
Estimate your monthly mortgage payment and the full cost of the loan so you can shop with a clear budget
About the Calculator
Your mortgage payment sets the tone for your whole budget. This calculator estimates principal, interest, taxes, and insurance together, so you see the payment that will actually hit your bank account. Use it to test prices, down payment sizes, and loan terms before you commit. You can also explore how taxes, insurance, or extra payments change the total cost. Try higher rates to stress test your budget and find your comfort zone. It is useful for comparing listings when the taxes and HOA fees differ, so you avoid surprises at closing. That clarity helps you shop with confidence and negotiate with your lender.
The purchase price of the home
Amount ($)
Percent (%)
✓ 20%+ — No PMI required
Typical minimum is 3-5% for first-time buyers
Today's average 30-year rate: 6.8%
Your Monthly Payment
$2,603/month
30-year fixed at 6.8%
$320,000 loan amount
Monthly Payment Breakdown
Loan Amount
$320,000
Total Interest Paid
$431,018
Total Cost of Home
$831,018
Payoff Date
February 2056
Loan Term Comparison
| 30-Year Fixed | 15-Year Fixed | |
|---|---|---|
| Monthly P&I: | $2,086 | $2,841 |
| Total Interest: | $431,018 | $191,306 |
| You save: | — | $239,712 |
| You pay more: | — | $754/mo |
The 15-year saves $239,712 in interest but costs $754 more each month
How Your Rate Affects Your Payment
$400,000 home, 20% down, 30-year
| Rate | Monthly P&I | vs. Current |
|---|---|---|
| 5.5% | $1,817 | $269 |
| 6.0% | $1,919 | $168 |
| 6.5% | $2,023 | $64 |
| 6.8% ← Current | $2,086 | — |
| 7.0% | $2,129 | +$43 |
| 7.5% | $2,237 | +$151 |
| 8.0% | $2,348 | +$262 |
💡 Every 0.5% rate difference ≈ ~$100/month
💡 What If I Pay Extra?
Quick examples:
Extra $100: Save 3yr 10mo | Save $66,700
Extra $200: Save 6yr 9mo | Save $113,437
Extra $300: Save 8yr 11mo | Save $148,484
Extra $500: Save 12yr 2mo | Save $198,205
Amortization Schedule
| Year | Balance Remaining | Interest Paid (cumulative) |
|---|---|---|
| 1 | $319,727 | $1,813 |
| 1 | $316,622 | $21,656 |
| 2 | $313,007 | $43,075 |
| 3 | $309,139 | $64,240 |
| 4 | $304,999 | $85,134 |
| 5 | $300,568 | $105,738 |
| 6 | $295,827 | $126,031 |
| 7 | $290,753 | $145,991 |
| 8 | $285,323 | $165,595 |
| 9 | $279,512 | $184,818 |
| 10 | $273,294 | $203,633 |
| 11 | $266,639 | $222,012 |
| 12 | $259,517 | $239,925 |
| 13 | $251,896 | $257,337 |
| 14 | $243,740 | $274,215 |
| 15 | $235,012 | $290,521 |
| 16 | $225,671 | $306,214 |
| 17 | $215,675 | $321,252 |
| 18 | $204,978 | $335,588 |
| 19 | $193,530 | $349,174 |
| 20 | $181,279 | $361,957 |
| 21 | $168,168 | $373,881 |
| 22 | $154,138 | $384,884 |
| 23 | $139,123 | $394,903 |
| 24 | $123,055 | $403,869 |
| 25 | $105,859 | $411,707 |
| 26 | $87,457 | $418,339 |
| 27 | $67,764 | $423,680 |
| 28 | $46,689 | $427,639 |
| 29 | $24,136 | $430,120 |
| 30 | $0 | $431,018 |
How to Calculate Your Mortgage Payment
Your monthly mortgage payment is calculated using a standard formula that considers your loan amount, interest rate, and loan term. The formula divides your annual interest rate by 12 to get the monthly rate, then applies it to calculate equal payments that will fully pay off your loan over the specified term. Most mortgage payments include PITI: Principal (paying down your loan), Interest (cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). If your down payment is less than 20%, Private Mortgage Insurance (PMI) is typically added to protect the lender.
What Affects Your Monthly Mortgage Payment?
Home Price and Loan Amount
The purchase price minus your down payment determines your loan amount. A larger loan means higher monthly payments.
Down Payment Size
Putting down 20% or more eliminates PMI and reduces your loan amount, lowering your monthly payment significantly.
Interest Rate
Your interest rate has a massive impact. Even a 0.5% difference can save or cost tens of thousands over the loan term.
Loan Term
30-year mortgages have lower monthly payments but cost more in interest. 15-year loans have higher payments but save significantly on interest.
Property Taxes
Property tax rates vary widely by location, from less than 0.5% to over 2% of your home's value annually.
Homeowners Insurance
Required by all lenders, homeowners insurance typically costs $1,000-$2,500 annually depending on location and home value.
PMI (Private Mortgage Insurance)
If you put down less than 20%, lenders require PMI, typically costing 0.5-1% of the loan amount annually. It's automatically removed at 78% loan-to-value.
30-Year vs 15-Year Mortgage
The most common mortgage terms are 30-year and 15-year fixed-rate loans. Each has distinct advantages:
30-Year Fixed
- Lower monthly payments
- More flexibility in budget
- Higher total interest cost
- Slower equity building
15-Year Fixed
- Higher monthly payments
- Save $100,000+ in interest
- Build equity twice as fast
- Own your home sooner
Frequently Asked Questions
Disclaimer: This calculator provides estimates for educational purposes. Actual payments may vary based on lender requirements, exact interest rates, and local tax assessments. Consult a licensed mortgage professional for personalized advice.
Examples
$400,000 home, 20% down, 30-year loan at 6.5%.
Loan amount is $320,000. Principal and interest is about $2,020 per month, plus taxes and insurance.
$350,000 home, 10% down, 30-year loan at 7.0%.
Loan amount is $315,000. Principal and interest is about $2,100 per month, plus PMI, taxes, and insurance.
Add $200 extra principal each month.
Extra payments can cut years off the loan term and save tens of thousands in total interest.
🎉 Fun Facts
- •Small input changes can lead to noticeable result changes.
- •Rounding is common to keep results easy to read.
- •Checking a result with a second method builds confidence.