Mortgage Payment Calculator
Use this calculator to estimate your monthly mortgage payment. Enter your home price, down payment, loan term, and interest rate to see a detailed breakdown including property taxes, insurance, and PMI. View the full amortization schedule showing how each payment is split between principal and interest over the life of the loan.
Your monthly mortgage payment is almost never just "principal and interest." For most U.S. homeowners it is bundled into a single payment called PITI — Principal, Interest, Taxes, and Insurance — that the lender collects each month and disburses on your behalf. If you put less than 20% down on a conventional loan, lenders typically add Private Mortgage Insurance (PMI) on top of PITI until you build enough equity.
This calculator estimates your full monthly housing cost using the standard amortization formula lenders use, then breaks the result down into each component so you can see exactly where every dollar is going. It also produces a full amortization schedule, which is the month-by-month split between the interest you pay the bank and the principal that actually reduces your loan balance.
Use the result as a planning estimate, not a quote. Actual mortgage payments depend on lender-specific underwriting, your credit profile, loan program (conventional, FHA, VA, USDA), discount points, escrow rules in your state, and the precise property tax and insurance numbers for the address. Rates also change daily.
Inputs
Results
Monthly Payment
$2,269.79
Principal & Interest
$1,769.79
Loan Amount
$280,000.00
Total Interest
$357,124.57
Monthly Payment Breakdown
Annual Principal vs Interest
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,769.79 | $253.12 | $1,516.67 | $279,746.88 |
| 2 | $1,769.79 | $254.49 | $1,515.30 | $279,492.38 |
| 3 | $1,769.79 | $255.87 | $1,513.92 | $279,236.51 |
| 4 | $1,769.79 | $257.26 | $1,512.53 | $278,979.25 |
| 5 | $1,769.79 | $258.65 | $1,511.14 | $278,720.60 |
| 6 | $1,769.79 | $260.05 | $1,509.74 | $278,460.54 |
| 7 | $1,769.79 | $261.46 | $1,508.33 | $278,199.08 |
| 8 | $1,769.79 | $262.88 | $1,506.91 | $277,936.20 |
| 9 | $1,769.79 | $264.30 | $1,505.49 | $277,671.90 |
| 10 | $1,769.79 | $265.73 | $1,504.06 | $277,406.16 |
| 11 | $1,769.79 | $267.17 | $1,502.62 | $277,138.99 |
| 12 | $1,769.79 | $268.62 | $1,501.17 | $276,870.37 |
Formula
How to use this calculator
- Enter the home purchase price (the sale price you and the seller agree on).
- Enter your down payment in dollars. Conventional loans typically require 5–20%; FHA loans allow 3.5%; VA loans can be 0%.
- Choose a loan term. 30 years is most common in the U.S.; 15 years cuts interest paid dramatically but raises the monthly payment.
- Enter the interest rate you have been quoted (or use a current national average if you are exploring).
- Enter annual property tax. For an estimate, multiply the home price by your county effective tax rate (typically 0.5%–2.5%).
- Enter annual home insurance. Most U.S. policies run $1,000–$3,000 depending on location and home value.
- If your down payment is below 20%, add monthly PMI (typically 0.3%–1.5% of the loan amount per year, divided by 12).
- Review the monthly breakdown and the amortization schedule. The chart shows how interest dominates early payments and principal dominates late ones.
Worked examples
First-time buyer, 10% down
Home price: $350,000 Down payment: $35,000 (10%) Loan: $315,000 at 6.5%, 30 years Property tax: $4,200/yr; insurance: $1,800/yr; PMI: $150/mo Principal & interest: $1,991/mo Taxes + insurance: $500/mo PMI: $150/mo Total monthly payment: ≈ $2,641 Notice how PMI alone costs $1,800/year — the equivalent of a small annual vacation lost to insurance.
15-year vs 30-year, same loan
Loan: $280,000 at 6.5% 30-year: $1,770/mo, total interest ≈ $357,000 15-year: $2,440/mo, total interest ≈ $158,000 The 15-year payment is ~$670 higher per month, but the buyer saves roughly $199,000 in lifetime interest. The break-even decision usually depends on whether that extra $670/mo would otherwise be invested and at what return.
Higher rate, same monthly target
If rates rise from 6.5% to 7.5% on a 30-year loan and you want to keep the same $1,770 P&I payment, your maximum loan amount drops from about $280,000 to about $253,000 — roughly $27,000 less house for the same monthly cost. This is why small rate moves matter so much for affordability.
When to use this calculator
Use this calculator any time you want a realistic picture of monthly housing costs — when shopping for a home, comparing offers from different lenders, deciding between a 15-year and 30-year term, or testing how much rate-and-down-payment changes affect your budget.
It is not a substitute for a lender's Loan Estimate (the standardized disclosure required under TRID). Once you apply for a specific loan, the lender provides exact figures including escrow accounting, prepaid interest, lender fees, and discount points. Use those numbers for the closing decision; use this calculator for the planning decisions that come first.
For other related questions, see the rent-vs-buy calculator (to decide whether buying makes sense at all), the home affordability calculator (to find the price you qualify for), and the mortgage refinance calculator (to compare a new loan against your current one).
Common mistakes to avoid
- Forgetting taxes and insurance. The "P&I only" payment a lender quotes is usually 20–30% lower than the full PITI you will actually pay each month.
- Ignoring PMI when the down payment is below 20%. PMI typically runs 0.3%–1.5% of the loan balance per year and can add hundreds of dollars to the monthly payment.
- Using the home price as the loan amount. The loan is the price minus your down payment; using the wrong number inflates the calculated payment.
- Comparing a 15-year payment to a 30-year payment on monthly cost alone. The relevant comparison is lifetime interest and what you would do with the difference.
- Underestimating property tax in high-tax states (NJ, IL, NH, TX) where rates above 2% are common. A small error compounds across hundreds of payments.
- Confusing APR with note rate. The note rate drives the P&I payment; the APR includes fees and is mostly useful for comparing two loan offers, not for monthly-payment math.
Frequently Asked Questions
Sources & further reading
- Mortgages: Loan Estimate explainer — U.S. Consumer Financial Protection Bureau
- Private Mortgage Insurance (PMI) overview — U.S. Consumer Financial Protection Bureau
- Homeowner Affordability and Stability — calculator guidance — U.S. Department of Housing and Urban Development