Mortgage Payment Calculator

Calculate your monthly mortgage payment, total interest, and view a full amortization schedule.

Home Price

Total purchase price of the property

Down Payment

Cash paid upfront — higher amounts reduce your loan and may eliminate PMI

Interest Rate (%)

Annual interest rate offered by your lender

Loan Term

Shorter terms cost more monthly but save on total interest

Annual Property Tax

Yearly property tax from your local council or authority

Annual Home Insurance

Yearly homeowners or buildings insurance premium

Estimated Monthly Payment

Total monthly cost including principal, interest, tax, and insurance

$2,161.46

Principal & Interest

The core loan repayment each month

$1,769.79

Property Tax

$291.67

Insurance

$100.00

PMI

N/A

Loan Amount

$280,000.00

Total Interest

Total interest paid over the loan’s lifetime

$357,124.57

Down Payment

20.0%

💡 Example Scenario

On a $350,000.00 home with 20% down, you'll pay $2,161.46/month. Over 30 years, you'll pay $357,124.57 in interest — that's 128% of the loan amount.

Recommended Tools

LendingTree

Compare mortgage rates from multiple lenders. Get up to 5 offers in minutes.

Compare Mortgage Rates →

Bankrate

Find the best loan rates and financial products. Trusted by millions.

Check Today's Rates →

Credit Karma

Check your credit score for free and get personalized loan offers.

Check Your Score Free →

Rocket Mortgage

Get approved in minutes. America's largest mortgage lender.

Get Pre-Approved →

SoFi

Refinance student loans and mortgages at lower rates. No fees.

Check Your Rate →

NerdWallet

Compare credit cards, loans, and insurance. Free financial tools.

Compare Options →

We may earn a commission if you sign up through these links, at no extra cost to you.

Understanding Your Mortgage Payment

Your monthly mortgage payment consists of four parts (PITI): Principal, Interest, Taxes, and Insurance. Our calculator breaks down each component so you can see exactly where your money goes each month.

How Interest Rates Affect Your Payment

Even small changes in interest rates have a large impact. On a $300,000 loan, the difference between 6% and 7% interest is about $200/month and over $70,000 in total interest over 30 years. Use the calculator to explore different scenarios.

Frequently Asked Questions

How is a monthly mortgage payment calculated?

The monthly payment uses the formula: M = P[r(1+r)^n]/[(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments. Our calculator also includes property tax, insurance, and PMI estimates.

How much house can I afford?

A common guideline is that your total monthly housing costs (mortgage + taxes + insurance) should not exceed 28% of your gross monthly income. Use our calculator to find a payment that fits your budget.

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% to 1% of the loan amount per year and is added to your monthly payment.