Mortgage Payment Calculator
Estimate Your Monthly Mortgage Payment
This calculator helps homeowners and buyers calculate their monthly mortgage payment, including principal, interest, taxes, and insurance (PITI). Whether you’re buying your first home or refinancing an existing mortgage, this tool gives you an accurate estimate of how much you’ll pay – and how changing loan terms, down payments, or interest rates affects your total cost.
Worked Example
Home price: $400,000, Down payment: $80,000 (20%), Loan term: 30 years, Interest rate: 6%, Annual property tax: $3,000, Insurance: $1,200/year.
This works out to a total monthly payment of $2,269 ($1,919 principal & interest, plus $250 tax and $100 insurance). Over 30 years, the total loan cost is approximately $689,000 including interest.
Comparing Loan Terms
| Loan Type | Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|---|
| 30-Year Fixed | 6.0% | $1,919 | $371,000 |
| 20-Year Fixed | 5.75% | $2,145 | $196,000 |
| 15-Year Fixed | 5.5% | $2,613 | $151,000 |
Shorter-term loans save on interest but come with higher monthly payments.
Key Mortgage Terms Explained
Principal – the original loan amount borrowed. Interest – the cost of borrowing money, charged by the lender. Amortization – the gradual reduction of your loan balance over time. PMI (Private Mortgage Insurance) – typically required if your down payment is under 20%. PITI – Principal, Interest, Taxes, and Insurance, your full monthly payment.
Frequently Asked Questions
Does this include taxes and insurance?
Yes, you can include both for a complete PITI estimate.
Can I use this for refinancing?
Yes – just enter your current loan balance as the home price, and set down payment to 0.
What’s the benefit of a higher down payment?
It lowers your loan balance and can remove the PMI requirement entirely.
Does it calculate PMI automatically?
PMI is typically required if your down payment is under 20% – enter your lender’s quoted monthly amount if applicable.
How can I lower my monthly payment?
Increase your down payment, refinance to a lower rate, or choose a longer loan term.