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)
Cross-checked against authoritative formulas (IRS, NIST, ACM) 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.
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