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Mortgage Payment Calculator

See exactly what your monthly mortgage payment will be — including principal, interest, taxes, insurance, and PMI. No surprises at closing.

How to Use This Calculator

Enter your home price and down payment amount (or percentage). Adjust the loan term and interest rate to match your expected mortgage terms. Add your estimated annual property tax, homeowners insurance, and any HOA fees. The calculator instantly shows your complete monthly payment breakdown.

Understanding Your Results

Your total monthly payment includes everything you'll owe each month. The principal and interest portion goes toward your loan, while taxes and insurance are typically held in an escrow account by your lender. If your down payment is less than 20%, PMI is automatically calculated. The amortization schedule shows how your payment splits between principal and interest over the life of the loan — early payments are mostly interest, but that shifts over time.

Pro Tips

  • ✓Get rate quotes from at least 3 lenders — even a 0.25% difference saves thousands over the life of your loan.
  • ✓A 15-year mortgage has higher monthly payments but saves you tens of thousands in interest compared to a 30-year.
  • ✓Don't forget to budget for maintenance costs (typically 1-2% of home value per year) on top of your mortgage payment.
  • ✓Making one extra payment per year can shave 4-5 years off a 30-year mortgage.

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How Much Can I Afford

Find out the maximum home price you can afford based on your income, debts, and down payment.

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Amortization Schedule

Generate a complete month-by-month amortization schedule for your mortgage with extra payment options.

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Down Payment

Calculate how much you need for a down payment and compare different down payment scenarios.

Frequently Asked Questions

How is my monthly mortgage payment calculated?▼
Your monthly mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula uses amortization to split each payment between principal and interest. Property taxes, homeowners insurance, HOA fees, and PMI are added on top.
What is included in a mortgage payment?▼
A typical mortgage payment includes principal (paying down your loan balance), interest (the cost of borrowing), property taxes, homeowners insurance, and possibly PMI (if your down payment is less than 20%) and HOA fees.
How much should I put down on a house?▼
While 20% down eliminates PMI, many buyers put down 3-10%. FHA loans allow as little as 3.5% down. The right amount depends on your savings, monthly budget, and how much PMI you're comfortable paying.
What is PMI and when do I need it?▼
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.5-1% of the loan amount annually and can be removed once you reach 20% equity.
How does the interest rate affect my payment?▼
Even small rate differences significantly impact your payment and total interest. A 1% rate increase on a $300,000 loan adds roughly $170/month to your payment and over $60,000 in total interest over 30 years.