Mortgage Payment Calculator
See your monthly payment with principal, interest, taxes, and insurance. Plus the full amortization schedule and the total interest you hand over by the time the loan is paid off. Translation: most of your early payments go to interest, not the house. The schedule below shows it line by line.
Live · Updates as you type Mortgage Calculator
Your mortgage details
Auto-fills typical property tax, insurance, and down payment for your state. Edit anything that does not match your situation.
$
$50,000 to $2,000,000 $
Or enter an exact dollar amount %
$
Per year $
Per year Monthly P&I Payment
$1,770
Loan Amount
$280,000
Total Interest
$357,358
Total Paid
$637,358
Total PITI/mo
$2,062
Monthly Breakdown
- Principal & Interest $1,770
- Property Tax $292
- Home Insurance $100
Principal: 44%
Interest: 56%
| Month | Payment | Principal | Interest | Balance |
|---|
Assumes a fixed-rate, fully amortizing mortgage. Taxes and insurance are estimates. Real numbers shift by lender and location, so always check the loan estimate from your lender.
How This Calculator Works
01
Enter Price and Down Payment
Set the home price and your down payment percentage. 20% down avoids PMI and drops the monthly payment a real amount.
02
Set Loan Term and Rate
Pick 15, 20, or 30 years. Shorter terms mean higher monthly payments and far less interest paid across the life of the loan.
03
Include Taxes and Insurance
Drop in annual property tax and homeowner insurance to see your true PITI payment, the one that lands in your bank account every month.
Frequently Asked Questions
Lenders typically cap your mortgage payment at 28% of gross monthly income. If you earn $5,000 a month, that means staying under $1,400. Add property taxes and insurance to find what the real housing cost actually is. The lender approves you. You decide what you can afford.
20% down avoids PMI (private mortgage insurance), which usually runs $150 to $300 a month with nothing in it for you. If 20% is not realistic, 10% to 15% is a fair target. Just remember closing costs (2% to 5% of the loan) sit on top, and your emergency fund should not be drained to clear the closing table.
Mortgage rates move daily with the bond market. Conventional loan rates typically sit between 5% and 8%. Your actual rate depends on your credit score, down payment, loan type, and the day you lock. Always pull quotes from at least three lenders. Half a point on a $400,000 loan is roughly $28,000 over 30 years.
A 30-year mortgage gives you lower monthly payments and costs much more in total interest. A 15-year builds equity faster and saves a fortune in interest, but the payment climbs. On a $300,000 loan at 6.5%, the 15-year payment is about $500 higher each month, and you keep more than $150,000 in interest you would have otherwise paid out.
Amortization is how the loan gets paid down across regular monthly payments. Early on, most of each payment is interest. Over time, more of every payment goes toward principal. The amortization schedule above shows exactly how each month's payment splits across the entire term. Read it once and the system gets a lot less mysterious.