Mortgage Calculator
Estimate your monthly mortgage payment, with optional property tax and insurance, plus loan amount and total interest.
Learn how it works: How Much Mortgage Can I Afford?Add taxes & insurance (optional)
Enter the home price, down payment, rate, and term to estimate the payment.
How to use the mortgage calculator
Enter the home price and your down payment, which you can give as a dollar amount or a percentage. Pick a loan term and type the interest rate your lender quoted. The principal-and-interest payment appears right away.
Open the taxes and insurance section to add annual property tax and home insurance. The payment then shows the fuller PITI figure, and a split bar separates principal and interest from the tax and insurance portion.
P&I versus PITI
Principal and interest, or P&I, is the part of the payment that repays the loan itself. It is fixed for the life of a fixed-rate mortgage and is what most basic calculators show.
PITI adds two more pieces: property taxes and homeowners insurance. Many lenders collect these monthly and hold them in an escrow account, so the amount that leaves your bank each month is the PITI figure, which is higher than P&I alone.
Down payment and the 20% rule
The down payment is the cash you pay upfront, and the rest becomes the loan. A larger down payment means a smaller loan and a lower monthly payment, plus less interest over the years.
Putting down at least 20% matters because below that, lenders usually require private mortgage insurance, or PMI, which adds to the monthly cost until you build enough equity. The calculator flags when your down payment falls under 20% so you can plan for that extra charge.
15-year versus 30-year terms
A 30-year mortgage spreads the loan over more months, so each payment is lower and easier to fit in a budget. The trade-off is that interest accrues for twice as long, so the total interest is far higher.
A 15-year mortgage costs more each month but clears the debt sooner and usually carries a lower rate, so you pay much less interest overall. Try both terms in the calculator to weigh the monthly payment against the lifetime cost.
What this estimate leaves out
This is a planning estimate, not a loan offer. It does not include PMI, homeowners association (HOA) dues, closing costs, or upkeep and repairs, all of which add to the real cost of owning a home.
Rates, taxes, and insurance also change over time. For an accurate figure tied to your situation, get a quote from a lender and confirm the full monthly and upfront costs before you commit.
Frequently asked questions
- How is a monthly mortgage payment calculated?
- The principal and interest use the standard amortization formula on the loan amount, rate, and term. A $240,000 loan at 6.5% over 30 years comes to about $1,516.96 a month before taxes and insurance.
- What is the difference between P&I and PITI?
- P&I is principal and interest, the part that repays the loan. PITI adds property taxes and insurance, which lenders often collect monthly through escrow. PITI is the larger figure that actually leaves your account.
- What is PMI and when do I pay it?
- Private mortgage insurance protects the lender when your down payment is under 20%. It adds to the monthly cost until you build enough equity. This calculator flags when PMI likely applies but does not estimate its amount.
- Is a 15-year or 30-year mortgage better?
- It depends on your budget. A 30-year term has lower monthly payments but much higher total interest. A 15-year term costs more monthly but clears the loan sooner with far less interest. Try both to compare.
- Does this include all the costs of owning a home?
- No. It estimates principal, interest, and optional taxes and insurance. It leaves out PMI, HOA dues, closing costs, and maintenance. Treat it as a planning estimate and confirm full costs with a lender.