Mortgage Payment Calculator
Estimate your full monthly mortgage payment — principal, interest, taxes, insurance, and PMI — in one place.
Frequently Asked Questions
PITI stands for Principal, Interest, Taxes, and Insurance — the four components lenders typically bundle into your total monthly mortgage payment, often collected through an escrow account.
Private mortgage insurance is typically required on conventional loans when your down payment is less than 20% of the home price. It protects the lender, not you, and can usually be removed once you reach roughly 20% equity.
Property tax rates vary widely by county and city and are reassessed periodically. This calculator applies the rate you enter to the home price as an estimate — check your county assessor's site for the actual rate in your area.
A 15-year term has a higher monthly payment but a lower rate and far less total interest. A 30-year term keeps payments lower and more flexible, at the cost of paying more interest over the life of the loan. Compare both terms above to see the tradeoff.
No — PITI covers the loan and required insurance/tax escrow only. Utilities, maintenance, and repairs are separate ongoing costs of homeownership worth budgeting for on top of this number.
How to Use the Mortgage Payment Calculator
Enter your home price, down payment, interest rate, and loan term to see your estimated monthly principal and interest payment. Add property tax, homeowners insurance, and HOA dues to get your total monthly housing cost.
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Understanding Your Monthly Mortgage Payment
What Makes Up a Mortgage Payment (PITI)
A monthly mortgage payment is made up of four components — Principal, Interest, Taxes, and Insurance (PITI). Principal reduces your loan balance. Interest is the cost of borrowing. Property taxes and homeowners insurance are often collected through an escrow account. If you put down less than 20%, you’ll likely also pay private mortgage insurance (PMI).
How the Payment Is Calculated
For a $350,000 loan at 6.5% over 30 years, your monthly principal and interest payment is approximately $2,212. Add $350/month in taxes and $120/month in insurance, and your total payment climbs to roughly $2,682.
Example: A $400,000 Home With 10% Down
Your loan amount is $360,000. At 7% on a 30-year fixed loan, principal and interest alone is about $2,395/month. Because your down payment is under 20%, PMI adds roughly $150–$450/month, bringing your realistic total to $2,545–$2,845 before taxes and insurance.
How Interest Rate Affects Your Payment
A 1% rate swing on a $350,000 loan can shift your payment by $200+/month — over $70,000 across the life of the loan. Shopping multiple lenders and improving your credit score before applying can meaningfully lower long-term costs.
15-Year vs. 30-Year Terms
A 15-year mortgage has a higher monthly payment but dramatically less total interest and faster equity growth. A 30-year mortgage lowers your payment but costs more overall. Compare both before deciding.
Calculator Estimates vs. Real Lender Quotes
Calculators use the numbers you input. Real rates depend on credit score, debt-to-income ratio, loan type, and market conditions — so treat this as a starting point before getting a personalized quote.
How Much House Can You Actually Afford
Many advisors recommend keeping total housing payment under 28% of gross monthly income. Test different down payment and term scenarios until you find a payment that still leaves room for savings and emergencies.
Frequently Asked Questions
Your monthly payment typically includes principal, interest, property taxes, and homeowners insurance (PITI). If your down payment is under 20%, PMI is usually added, and HOA fees may apply separately.
Most conventional loans require at least 20% down to avoid private mortgage insurance. Some loan programs, like VA loans, don’t require PMI regardless of down payment size.
Yes — even a small rate increase raises your monthly principal and interest payment and significantly increases total interest paid over the life of the loan.
A 15-year mortgage has a higher monthly payment but saves substantially on total interest and builds equity faster. A 30-year mortgage offers lower payments and more flexibility.
Actual lender quotes factor in your credit score, debt-to-income ratio, loan program, points, and current market rates, which can shift the final numbers.