Mortgage Payment Calculator
Estimate your monthly principal & interest in seconds — then add taxes and insurance for a fuller picture of what you'll really pay.
🇺🇸 United StatesHow this mortgage calculator works
Your monthly mortgage payment is built from a fixed formula. We take your loan amount (home price minus your down payment), apply your monthly interest rate (the annual APR divided by 12), and spread the balance over the number of payments in your term. The result is your monthly principal and interest — the core of every fixed-rate mortgage.
Early in the loan, most of each payment goes toward interest; over time, more goes toward principal. That's why the total interest over the term can rival or exceed the home price itself on a 30-year loan. Shortening the term to 15 years raises the monthly payment but dramatically cuts the total interest you pay.
Turn on property tax and insurance to estimate your full monthly housing cost — often called PITI (principal, interest, taxes, insurance). These are typically collected monthly into an escrow account and paid on your behalf. This calculator does not include HOA dues or private mortgage insurance (PMI); if your down payment is under 20%, use our PMI calculator to estimate that separately.
Use this as a planning tool. Your real payment depends on the rate you're approved for, your property's actual tax and insurance, and your lender's terms. When you're ready, talk to a licensed loan officer for an accurate quote.
Mortgage payment questions
It estimates your monthly principal and interest from the loan amount, interest rate, and term. Turn on taxes and insurance to see a fuller estimated monthly payment (PITI). It does not include HOA dues, PMI, or one-off closing costs.
We use the standard amortization formula: M = P · r / (1 − (1 + r)⁻ⁿ), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12).
Lenders also factor in your exact rate after underwriting, property taxes and insurance specific to your home, PMI if your down payment is under 20%, and any HOA fees. This tool is for planning, not a quote.
Yes. A larger down payment reduces the loan amount, which lowers both your monthly principal and interest and the total interest paid over the life of the loan. At 20% down you also typically avoid PMI.
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