Estimate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI.
A monthly mortgage payment is what you pay your lender each month to repay a home loan. The full amount — often called PITI — combines principal and interest with property taxes and homeowner's insurance, and adds PMI when your down payment is under 20%. Working out your PITI before house hunting keeps you focused on homes you can actually afford, not just ones a lender pre-approves you for. The calculator below uses the standard amortization formula and lets you factor in taxes, insurance, and PMI to see your real monthly cost.
We calculate the principal by subtracting your down payment from the home price.
Using the loan amount, interest rate, and term, we calculate your fixed monthly payment.
Each payment is split between principal and interest, with early payments going more toward interest.
Formula: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P = principal (loan amount after down payment), r = monthly interest rate (annual rate ÷ 12), n = total payments (360 for a 30-year mortgage). Taxes, insurance, and PMI are added separately.
Example: P = $300,000, APR = 6% → r = 0.06/12 = 0.005, n = 360 → M ≈ 300,000×0.005×(1.005)^360/((1.005)^360−1) ≈ $1,798.65 (principal & interest only, before taxes/insurance/PMI)
Principal & interest only, for a $300,000 30-year fixed-rate mortgage with 20% down (loan amount $240,000) at common 2026 rates:
| Interest rate | Loan amount | Term | Monthly P&I | Total interest paid |
|---|---|---|---|---|
| 5.5% | $240,000 | 30 years | $1,363 | $250,853 |
| 6.0% | $240,000 | 30 years | $1,439 | $277,800 |
| 6.5% | $240,000 | 30 years | $1,516 | $305,773 |
| 7.0% | $240,000 | 30 years | $1,596 | $334,498 |
| 7.5% | $240,000 | 30 years | $1,677 | $363,852 |
For a $300,000 home with 0% down (loan amount $300,000) at 6.5% over 30 years, monthly P&I is $1,896. Adding typical property tax ($250/month) and homeowners insurance ($100/month) brings total PITI to about $2,246/month.
PMI is required when the down payment is under 20%. PMI typically costs 0.5–1% of the loan amount per year.
The total monthly payment most homeowners pay is called PITI: Principal, Interest, Taxes, and Insurance. The calculator above handles each separately so you can see the true all-in cost.
| Component | What it pays for | Typical share |
|---|---|---|
| Principal | Repaying the loan balance | Grows over time |
| Interest | Cost of borrowing | Shrinks over time |
| Property taxes | Local government (schools, services) | ~$100–$400/mo by state |
| Homeowners insurance | Structure and liability coverage | ~$75–$150/mo |
| PMI | Lender insurance when down payment < 20% | 0.5–1% of loan/year |
| HOA fees | Condo / planned-community dues (if applicable) | $0–$500/mo |
Early in a 30-year loan, interest makes up the majority of the P&I portion. By year 20, principal usually dominates — that is the amortization effect and the reason a mortgage is a built-in forced savings plan.
Monthly principal and interest is calculated with the standard amortization formula, sometimes called the annuity formula:
M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]Where:
Worked example (the $300K / 6.5% / 30-year headline number):
P = 300,000, r = 0.065 / 12 = 0.005417, n = 360 M = 300000 × [ 0.005417 × (1.005417)^360 ] / [ (1.005417)^360 − 1 ] = 300000 × [ 0.005417 × 7.0143 ] / [ 7.0143 − 1 ] = 300000 × 0.006322 = $1,896.20Adding property tax and insurance to get PITI: at 1.1% effective property tax + $1,200/year insurance on a $300K home, that is about $275 + $100 = $375/month, bringing the total PITI payment to roughly $2,271/month. PMI (if down payment is under 20%) is typically another 0.5–1% of the loan balance per year, or roughly $125–$250/month for the first several years.
The total interest over 30 years at 6.5% is about $382,837 — meaning $1 of every $2.27 in monthly P&I goes to interest on day one, and gradually flips to principal by year 20.
Alex and Jordan, both 32, combine to earn $135,000/year. They find a $400,000 townhouse in a medium-cost-of-living area and put 10% down ($40,000), financing the remaining $360,000 at 6.5% for 30 years.
Their gross household income supports the payment (the standard 28% rule of thumb for housing says ≈ $3,150/month is the upper limit on a $135K income), but the payment still feels tight alongside daycare, student loans, and retirement contributions. They use the calculator to model two scenarios: (a) the same loan with $200/month in extra principal payments, and (b) waiting one more year to save a 20% down payment and skip PMI. Even with $30,000 of additional rent paid in scenario (b), the lifetime savings exceed $50,000.
Mortgages differ by interest-rate structure, term length, and government backing. The calculator above handles any of them — just enter your rate, loan amount, and term.
| Type | Best for | Key feature |
|---|---|---|
| Fixed-rate (FRM) | Most home buyers | Rate never changes; predictable payment |
| Adjustable-rate (ARM) | Short-term owners | Lower initial rate; resets annually after fixed period |
| FHA loan | First-time buyers, low down payment | Insured by Federal Housing Administration; 3.5% down |
| VA loan | Veterans and active-duty military | 0% down; no PMI; guaranteed by Department of Veterans Affairs |
| USDA loan | Rural and suburban buyers | 0% down for eligible areas |
| Conventional | Buyers with 5–20% down | Not government-backed; conforming loan limits set by FHFA |
| Jumbo | High-cost-area or luxury buyers | Loan amount above the conforming limit; stricter credit |
| 15-year fixed | Owners who can afford higher payments | Higher monthly, much less interest; builds equity fast |
The 2026 baseline conforming loan limit for a single-family home in most U.S. counties is $832,750; the high-cost area ceiling is $1,249,125 (per the Federal Housing Finance Agency). Loans above those limits are jumbo loans and typically carry stricter credit and down-payment requirements.
Extra payments go 100% toward principal — every extra dollar reduces the balance on which future interest is calculated. Three popular strategies:
Use the calculator above to model any of these scenarios — increase the monthly payment or shorten the term to see the new payoff date and total interest saved.
Calculator formulas follow standard amortization mathematics and are consistent with lender disclosures under TILA (Truth in Lending Act).
Every CalcCentral calculator is authored by a credentialed subject-matter expert and independently reviewed before publication. Our editorial policy follows the same E-E-A-T guidelines used by Google to evaluate YMYL (your-money-or-your-life) pages.
Author
Maya Chen, CFA
Chartered Financial Analyst
Independently reviewed
Dr. Aaron Pak, PhD
Doctor of Kinesiology & Public Health
Last reviewed: August 12, 2026 · Next scheduled review: quarterly
Cross-checked against authoritative formulas (IRS, NIST, ACSM) and updated for 2025/2026 tax years and rates.
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Estimates only. Calculator results are for educational and planning purposes — not professional advice. For binding decisions on taxes, investments, health, or legal matters, consult a qualified professional.
FAQ
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A mortgage payment calculator is a free tool that estimates the monthly principal and interest payment for a home loan. Our mortgage payment calculator supports fixed-rate and adjustable-rate mortgages, FHA, VA, and conventional loans, and adds taxes, insurance, and PMI to show the full PITI payment. The mortgage payment calculator also shows amortization and total interest over the loan term.
How it works
Our mortgage payment calculator lets you estimate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI in five steps.
Type the purchase price or appraised value of the home. This is the starting point for the loan calculation.
Type the dollar amount you are paying up front. A 20% down payment avoids private mortgage insurance (PMI) on most loans.
Type the annual mortgage rate as a percentage. The calculator uses this to compute the monthly interest charge on the remaining balance.
Type the loan length in years, typically 15 or 30. Shorter terms have higher payments but much less total interest.
The calculator shows principal and interest, plus optional fields for property tax, home insurance, and HOA fees when you provide them.
Every state has unique property-tax rates, homeowners-insurance costs, and conforming loan limits. Pick your state to see a pre-loaded median-priced home example with PITI breakdown.
All 50 states + DC. Property-tax data from Tax Foundation, insurance from III, conforming limits from FHFA 2026.
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