Mortgage Payment Calculator
Enter the home price, down payment, rate, and term. See your monthly payment broken into principal & interest, property tax, and insurance — plus what the loan really costs over its lifetime.
| Principal & interest | — |
| Property tax | — |
| Insurance | — |
| Loan amount | — |
| Total interest over the loan | — |
| Total of all payments | — |
Full amortization schedule (year by year)
How your mortgage payment is calculated
Principal and interest come from the standard amortization formula:
M = P × r ÷ (1 − (1 + r)−n)
where P is the loan amount, r the monthly interest rate (annual rate ÷ 12), and n the number of monthly payments. Property tax and insurance are added on top — together the four parts are called PITI.
What lenders don't emphasize: total interest
On a $280,000 loan at 6.5% for 30 years, the monthly principal & interest is about $1,770 — but total interest over the loan is roughly $357,000, more than the loan itself. Shortening the term to 15 years raises the payment to about $2,439 but cuts total interest to around $159,000.
Term comparison for a $280,000 loan at 6.5%
| Term | Monthly P&I | Total interest |
|---|---|---|
| 30 years | $1,770 | ≈ $357,200 |
| 20 years | $2,088 | ≈ $221,000 |
| 15 years | $2,439 | ≈ $159,000 |
Down payments below 20% usually add private mortgage insurance (PMI), typically 0.3–1.5% of the loan per year, until you reach 20% equity.
Frequently asked questions
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full monthly mortgage payment. Lenders use the total PITI figure when deciding how much you can borrow.
How much house can I afford?
A common guideline is the 28/36 rule: housing costs at or below 28% of gross monthly income, and all debt payments below 36%. On an $8,000 gross monthly income, that caps PITI around $2,240.
What is PMI and when does it apply?
Private mortgage insurance is required on most conventional loans with less than 20% down. It typically costs 0.3–1.5% of the loan amount per year and can be removed once you reach 20% equity.
Does this calculator include HOA fees?
No. If your home has homeowners-association dues, add them to the monthly result yourself — they are billed separately from the mortgage.
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Last updated: 2026-07-07