Mortgage Calculator

Mortgage Calculator
Monthly payment breakdown & charts.

Calculate your mortgage instantly see principal, interest, taxes & insurance month by month. Compare terms and simulate extra payments.

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Mortgage Calculator

Enter your home price, down payment, and loan details to see your full monthly payment breakdown including taxes and insurance.





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Monthly P&I
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Total Interest
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Total Cost
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Principal
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Monthly payment breakdown
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Adjust sliders to instantly see how price, rate, and down payment affect your monthly cost.

Full month-by-month breakdown of principal, interest, and remaining balance.

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Period Payment Principal Interest Balance

Fixed-rate loan, equal monthly payments. Extra payments not included.

Compare how different loan terms and rates affect your monthly payment and total interest.

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Green card = lowest total interest paid over the life of the loan.

See how making extra monthly payments reduces your interest and shortens your loan.

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Find out the maximum home price you can afford based on your income and monthly budget.

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How mortgage calculations work

Your monthly mortgage payment has several components principal, interest, taxes, and insurance (PITI). Early payments go mostly toward interest; later payments shift toward paying down principal.

P&I Formula
M = P[r(1+r)ⁿ] / [(1+r)ⁿ−1]

28% Rule
Keep total housing costs (PITI) under 28% of gross monthly income.

PMI tip
Put 20% down to avoid PMI. Even 5% extra saves thousands over the loan.

Key insight
A 1% rate drop on a $400K loan saves ~$230/month over 30 years.



How to Calculate Your Monthly Mortgage Payment

Short answer: lenders use the amortization formula M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1) where P is the loan amount, r the monthly interest rate, and n the number of payments. The calculator above runs this instantly and splits the result into principal, interest, taxes, and insurance.

Worked example: a $300,000 loan at 6.5% annual interest over 30 years (360 payments):

r = 6.5% ÷ 12 = 0.005417 per month
M = 300,000 × 0.005417 × (1.005417)³⁶ ÷ ((1.005417)³⁶ − 1)
Monthly principal & interest: $1,896.20

Taxes, homeowner’s insurance, and PMI (if your down payment is under 20%) are added on top — that full figure is your true monthly housing cost.

What Is PITI?

PITI is the four-part anatomy of a mortgage payment:

  • Principal — the chunk that actually pays down your loan balance. It grows with every payment.
  • Interest — the lender’s charge, highest in the early years when the balance is largest.
  • Taxes — property taxes, usually collected monthly into an escrow account.
  • Insurance — homeowner’s insurance, plus PMI (private mortgage insurance) if you put down less than 20%.

Early in a 30-year loan, most of each payment goes to interest; later, the balance flips toward principal. The amortization chart on the calculator above visualizes this shift payment by payment.

What Is a Good Mortgage Rate in 2026?

Short answer: Mortgage rates move weekly, so check Freddie Mac’s Primary Mortgage Market Survey for the latest — but small differences matter enormously. On a $400,000, 30-year fixed loan, each single percentage point changes your payment by roughly $260 a month:

30-year fixed rate Monthly P&I Total interest
6% $2,398 $463,353
7% $2,661 $558,036
8% $2,935 $656,622

The jump from 6% to 8% costs an extra $537 every month — nearly $193,000 in added interest over 30 years. This is why timing your rate lock and comparing at least three lenders (per CFPB guidance) pays off.

15-Year vs 30-Year Mortgage: Real Numbers

The 15-year loan’s payment is about 30% higher, but you pay it off in half the time — and 15-year rates typically run 0.5–1 point below 30-year rates. On $400,000:

30-year at 7% 15-year at 6.5%
Monthly P&I $2,661 $3,484
Total interest $558,036 $227,197
Interest saved vs 30-year — ~$330,839

Rule of thumb: choose the 15-year if the higher payment still leaves room in your budget — it builds equity dramatically faster. Choose the 30-year if you need payment flexibility; you can always pay extra toward principal.

Types of US Home Loans

Loan type Down payment Best for
Conventional 3–20% Borrowers with good credit (620+); no upfront mortgage insurance with 20% down
FHA 3.5% First-time buyers or lower credit scores (580+); requires mortgage insurance premiums
VA 0% Eligible veterans and service members; no monthly PMI, one-time funding fee
USDA 0% Buyers in eligible rural/suburban areas within income limits
Jumbo 10–20% Loan amounts above conforming limits; stricter credit and reserve requirements

Closing Costs: The True Cost of Buying a Home

Beyond the down payment, expect closing costs of roughly 2–5% of the purchase price — on a $400,000 home, that’s $8,000–$20,000 due at signing. They include lender origination fees, appraisal, title insurance, prepaid taxes and insurance, and recording fees. Under US rules you’ll receive a Loan Estimate within 3 business days of applying and a Closing Disclosure before signing — compare the APR and cash-to-close lines, not just the rate.

How Much House Can I Afford? The 28/36 Rule

Lenders use two caps: your housing payment (PITI) shouldn’t exceed 28% of gross monthly income, and all monthly debts shouldn’t exceed 36%. Worked example on a $120,000 salary ($10,000/month):

Rule Cap Max monthly amount
Housing (28%) $10,000 × 0.28 $2,800 for PITI
Total debt (36%) $10,000 × 0.36 $3,600 all debts incl. housing

So with no other debts, up to $2,800/month can go to principal, interest, taxes, and insurance. With a $600 car payment, housing drops to $3,000 under the 36% cap — the lower of the two limits wins. Try your own numbers in the affordability tool above.

Do Biweekly Mortgage Payments Save Money?

Yes — paying half your monthly amount every two weeks means 26 half-payments a year, equal to 13 full monthly payments instead of 12. That one extra payment a year goes entirely to principal. On a 30-year loan it typically shaves 4–6 years off the term and saves tens of thousands in interest. Just confirm your lender applies the extra to principal (not as an early next payment) and charges no prepayment penalty.

How Extra Payments Shorten Your Mortgage

Short answer: any extra amount you pay goes straight to principal, which shrinks the balance that future interest is charged on — compounding your savings. Even $200 extra per month on a $300,000, 6.5%, 30-year loan can shave roughly 7 years off the term and save over $100,000 in interest.

Use the prepayment tab on the calculator above to model your own scenario: enter an extra monthly amount (or a one-time lump sum) and see the new payoff date and total interest saved instantly.

Mortgage Calculator FAQs

How is my monthly mortgage payment calculated?
With the amortization formula M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r the monthly interest rate, and n the number of payments. Property tax, homeowner’s insurance, and PMI are then added to get the full monthly payment (PITI).
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of gross monthly income on housing and 36% on total debt. Enter your income in the affordability tab above for a personalized estimate based on current rates.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender when your down payment is under 20%. It typically costs 0.3%–1.5% of the loan per year, added to your monthly payment, and usually drops off once you reach 20% equity.
Do extra mortgage payments really save money?
Yes — extra payments go directly to principal, reducing the balance that interest accrues on. On a typical 30-year loan, $200 extra per month can cut about 7 years off the term and save six figures in interest. Model it in the prepayment tab above.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has higher monthly payments but a lower rate and far less total interest; a 30-year loan costs less per month, freeing cash flow, but you pay much more interest over time. Compare both terms in the calculator above to see the exact trade-off for your numbers.
Does this calculator include property tax and insurance?
Yes. Enter your annual property tax, homeowner’s insurance, PMI, and HOA dues and the calculator folds them into your true monthly PITI payment — not just principal and interest.

Last updated: October 2026. Educational estimates using the standard amortization formula — not lending or financial advice. Rate examples are illustrative; actual rates move weekly (see Freddie Mac PMMS). Consult a licensed mortgage loan officer for your situation. Sources: Consumer Financial Protection Bureau (CFPB); Freddie Mac Primary Mortgage Market Survey; IRS.