Mortgage Payment Calculator
Enter a home price, your down payment, the rate, and the term to see your estimated monthly payment and the total interest you would pay over the life of the loan.
How the Calculator Works
Your monthly payment has two parts. The first is principal and interest, which comes from your loan amount, your interest rate, and the number of months. The loan amount is the home price minus your down payment. The second part is property tax and home insurance, which the tool splits into monthly amounts and adds on top. Change any field and the number updates right away.
How to Use It
Enter the home price, your down payment, the interest rate, and the yearly property tax and insurance. Pick a loan term from 10 up to 30 years. The result shows your full monthly payment, how it splits between principal and interest, and the total interest you would pay over the life of the loan.
What Changes Your Monthly Payment
| Factor | Effect on your payment |
|---|---|
| Higher home price | Raises the payment |
| Bigger down payment | Lowers it, and 20 percent down usually avoids PMI |
| Higher interest rate (APR) | Raises it |
| Longer loan term | Lowers the monthly payment, but adds more interest overall |
| Property tax and insurance | Added on top of principal and interest |
A 30 year loan gives the lowest monthly payment, while a 15 year loan costs more each month but far less interest in total. These figures are a planning estimate, not a loan offer.
Frequently Asked Questions
How is a mortgage payment calculated?
The principal and interest part is based on your loan amount, your interest rate, and the loan term in months. The tool then adds monthly property tax and insurance to show your full payment.
What does PITI mean?
PITI stands for principal, interest, taxes, and insurance, the four pieces of a typical monthly payment. This calculator includes all four, so the number is closer to what you would really pay.
How much should I put down on a house?
Twenty percent is the common target because it usually lets you skip private mortgage insurance. You can buy with less down through many loan programs, but a smaller down payment means a larger loan and a higher payment.
What is PMI?
Private mortgage insurance is an extra monthly cost lenders add when your down payment is under 20 percent. It protects the lender, not you, and it usually drops off once you build enough equity. It is not included in the estimate above.
Is a 15 year or 30 year mortgage better?
A 15 year loan has higher monthly payments but saves a lot of interest and builds equity faster. A 30 year loan costs less each month but more over time. The right pick depends on your budget and goals.
How much house can I afford?
A common guideline is to keep your total housing payment under about 28 percent of your gross monthly income. Try different home prices and down payments here to find a monthly number that fits your budget comfortably.
Buying Your First Home?
Knowing the payment is only the first step. Our plain English guide walks you through saving a down payment, getting approved, making a strong offer, and sidestepping the costly mistakes that trip up first time buyers.
Free guide coming soon