Mortgage Calculator
Estimate your real monthly mortgage payment — not just principal and interest, but the full picture including property tax, home insurance, and PMI. Enter the home price, your down payment, the rate, and the term, and see your total monthly payment broken down line by line, plus the total interest and a year-by-year amortization schedule.
Total monthly payment
$2,186.46
How to Use
Enter the home price and your down payment (the percentage updates automatically), then the interest rate and loan term. Add your annual property tax and home insurance to get the true monthly cost. The calculator shows your total monthly payment with a breakdown of principal and interest, taxes, insurance, and PMI (added automatically if your down payment is under 20%), along with total interest and an amortization table.
Why This Tool Is Useful
Most mortgage calculators only show principal and interest, which badly understates what you'll actually pay each month. Property tax, insurance, and PMI can add hundreds of dollars. This calculator gives you the full PITI payment so you can budget realistically and compare homes, rates, and down payments accurately. Note: results are estimates for planning — your lender's exact figures, rates, and tax assessments will vary.
What's in a Mortgage Payment (PITI)
A monthly mortgage payment is usually made up of four parts, abbreviated PITI: Principal (the loan balance you're paying down), Interest (the cost of borrowing), Taxes (property tax, collected monthly and held in escrow), and Insurance (homeowners insurance, also escrowed). If your down payment is under 20%, lenders typically add PMI (private mortgage insurance) on top.
This calculator adds all of these together so the total reflects what actually leaves your account each month.
Down Payment, LTV, and PMI
Your down payment determines your loan-to-value ratio (LTV) — the loan amount divided by the home price. A 20% down payment gives an 80% LTV, the threshold at which lenders usually drop the PMI requirement.
With less than 20% down, PMI is added (commonly around 0.5%–1% of the loan per year). This calculator estimates PMI at 0.5% annually when your down payment is below 20%. PMI can usually be removed later once you reach 20% equity.
How Much House Can You Afford?
A common guideline is the 28/36 rule: keep your total housing payment (PITI) under about 28% of your gross monthly income, and all debt payments under 36%. So if you earn $6,000 a month before tax, aim for a housing payment under roughly $1,680.
Use the total monthly figure here, not just principal and interest, when checking affordability — taxes and insurance are part of the real cost.
15-Year vs 30-Year Mortgages
A 30-year loan has a lower monthly payment but far more total interest. A 15-year loan costs more per month but builds equity faster and can save a fortune in interest. The reference table below shows the principal-and-interest cost per $100,000 borrowed at common rates and both terms.
Try both terms in the calculator to see the trade-off for your numbers.
Why Early Payments Are Mostly Interest
Because interest is charged on the outstanding balance, your early payments are mostly interest and only a little principal. As the balance falls, more of each payment goes to principal. The amortization table shows this shift year by year — and it's why making extra principal payments early saves so much interest.
Monthly Principal & Interest per $100,000 Borrowed
| Loan term | 5% rate | 6% rate | 7% rate |
|---|---|---|---|
| 15-year | $790.79 | $843.86 | $898.83 |
| 30-year | $536.82 | $599.55 | $665.30 |