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Mortgage Calculator

Estimate a monthly mortgage payment, loan amount, taxes, insurance, and total interest with this free mortgage calculator.

Results update instantly.Change any value and the estimate recalculates on the spot.

Money

Mortgage payment

Estimate principal, interest, taxes, and insurance.

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Additional costs
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Estimated monthly housing payment

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  • Principal & interest-
  • Property tax-
  • Homeowners insurance-
  • PMI-
  • HOA dues-
  • Loan amount-
  • Total interest-
Loan balanceYearly interest
Yearly amortization schedule
YearPaymentPrincipalInterestBalance

Estimate only. Excludes closing costs and changes in taxes or insurance.

Quick answer: Your monthly mortgage estimate combines principal and interest with any property tax, insurance, PMI, and HOA dues you enter.

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Compare mortgage options

Use your estimated payment above as a starting point when comparing lenders. Look beyond the monthly payment: compare APR, points, closing costs, and whether the rate is fixed or adjustable.

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How it works

How the Mortgage Calculator works

Quick answer: A $400,000 home with 20% down at 6.5% for 30 years costs about $2,023 a month in principal and interest, or $2,573 with typical property tax and insurance.

Formula

M = P × r(1 + r)^n ÷ ((1 + r)^n − 1)
Total monthly = M + tax ÷ 12 + insurance ÷ 12 + PMI + HOA

P is the loan amount (price minus down payment), r is the annual rate ÷ 12, and n is the number of monthly payments.

Worked example

Price $400,000, 20% down ($320,000 loan), 6.5% for 30 years, $4,800/yr property tax, $1,800/yr insurance. Principal and interest: $2,023. Tax: $400. Insurance: $150. Total monthly: $2,573. Total interest over the loan: $408,142.

Monthly principal and interest on a $320,000 loan, 30 years

Interest ratePrincipal & interestTotal interest
5.5%$1,817$334,093Open
6%$1,919$370,682Open
6.5%$2,023$408,142Open
7%$2,129$446,428Open
7.5%$2,237$485,495Open

Assumptions and limits

  • Uses a fixed rate and equal monthly payments for the whole term.
  • Property tax and insurance are entered as yearly amounts and divided by 12.
  • Closing costs, rate changes, and escrow adjustments are not included.

Frequently asked questions

What does PITI mean?

Principal, interest, property tax, and homeowners insurance - the four parts of a monthly housing payment.

Does this include PMI?

Yes, any monthly PMI amount you enter is added to the estimated payment.

How much does a 1% higher rate change the payment?

On a $320,000, 30-year loan, going from 6.5% to 7.5% adds roughly $215 a month and more than $77,000 in total interest.

Does a bigger down payment lower the rate?

It lowers the loan amount and can remove PMI at 20% down. Lenders may also price the rate slightly better, but that varies by lender.

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