A mortgage payment is usually more than principal and interest. The real monthly number often includes taxes and insurance (PITI), and sometimes PMI and HOA dues. Use this calculator to model a payment you can actually live with, not just a theoretical loan payment.
Comprehensive Mortgage Calculator
Calculate your complete monthly housing payment with taxes, insurance, and PMI
Monthly Payment
Principal & Interest:$1,516.96
Property Tax:$300.00
Home Insurance:$100.00
Total Monthly:$1,917
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Loan Amount:$240,000
Total Interest:$306,107
Total Cost:$690,107
Loan-to-Value:80.00%
Formula used in this calculation
M = P[r(1+r)^n] / [(1+r)^n-1] where P = loan amount, r = monthly rate, n = 360 months
Amortization Schedule (First Year)
Month
Payment
Principal
Interest
Balance
1
$1,516.96
$216.96
$1,300.00
$239,783
2
$1,516.96
$218.14
$1,298.82
$239,565
3
$1,516.96
$219.32
$1,297.64
$239,346
4
$1,516.96
$220.51
$1,296.46
$239,125
5
$1,516.96
$221.70
$1,295.26
$238,903
6
$1,516.96
$222.90
$1,294.06
$238,680
7
$1,516.96
$224.11
$1,292.85
$238,456
8
$1,516.96
$225.32
$1,291.64
$238,231
9
$1,516.96
$226.55
$1,290.42
$238,004
10
$1,516.96
$227.77
$1,289.19
$237,777
11
$1,516.96
$229.01
$1,287.96
$237,548
12
$1,516.96
$230.25
$1,286.72
$237,317
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How this calculation works
According to standard financial formulas, your monthly principal and interest payment is calculated using the amortization formula. PITI adds property tax (annual rate ÷ 12), homeowners insurance (typically 0.5% of home value annually ÷ 12), and MIP for FHA loans (0.55% of loan balance annually ÷ 12).
M = P[r(1+r)^n] / [(1+r)^n-1] where P = loan amount, r = monthly rate, n = 360 months
How interest rate affects your payment
Rate
Monthly P&I ($380k, 30yr)
Total Interest Paid
5.5%
$2,158
$397,000
6.0%
$2,279
$440,000
6.41%
$2,374
$474,000
6.82%
$2,478
$512,000
7.5%
$2,657
$576,000
A 1% rate difference on a $380,000 mortgage costs approximately $60,000 more over 30 years.
A mortgage calculator is a financial tool that estimates your monthly home loan payment based on principal, interest rate, and loan term.
How to Calculate Mortgage Payment
Enter your home price or loan amount
Input your down payment (if buying)
Set your annual interest rate and loan term in years
Add property tax, insurance, and PMI if applicable
Click calculate to see monthly principal, interest, and total housing cost
The Mortgage Payment Formula
M = P[r(1+r)^n]/[(1+r)^n-1] where P=principal, r=monthly rate, n=number of payments; add taxes and insurance for PITI.
Where: symbols follow the inputs and conventions used in this calculator (principal, rates, terms, or units as labeled).
Real-World Example
A $300,000 loan at 6.5% for 30 years ≈ $1,896/month principal and interest before taxes and insurance.
Frequently Asked Questions
How to calculate Mortgage Payment?
Enter your home price or loan amount Input your down payment (if buying) Set your annual interest rate and loan term in years Add property tax, insurance, and PMI if applicable Click calculate to see monthly principal, interest, and total housing cost
What is the formula for Mortgage Payment?
M = P[r(1+r)^n]/[(1+r)^n-1] where P=principal, r=monthly rate, n=number of payments; add taxes and insurance for PITI.
Can you give a real-world Mortgage Payment example?
A $300,000 loan at 6.5% for 30 years ≈ $1,896/month principal and interest before taxes and insurance.
What is the difference between PITI and principal and interest?
Principal and interest cover the loan repayment. PITI adds property taxes and homeowners insurance (and often PMI) so the number matches a realistic monthly housing bill.
📊 Did You Know?
The US national median home price is $360,591 (Zillow, Jan 2026). The average 30-year fixed mortgage rate as of March 2026 is approximately 6.65%. (Zillow, Jan 2026; Market snapshot, March 2026)
How to Use This Calculator
Enter home price and down payment to set your loan amount.
Enter interest rate and term to estimate principal and interest.
Add taxes and insurance assumptions to estimate a realistic monthly housing cost (PITI).
The Formula Explained
Monthly Payment = P[r(1+r)^n] / [(1+r)^n - 1]
P is the loan principal, r is the monthly interest rate (APR/12), and n is the number of payments (months). Taxes and insurance are typically added on top of the principal-and-interest payment to estimate a full housing cost.
Tips & What Your Results Mean
When you’re stress-testing a mortgage, your goal is not “lowest possible payment.” Your goal is a payment that stays comfortable even when life changes. Rates move, insurance can rise, and maintenance is real. Build a cushion into the payment you consider “safe.”
Down payment is a powerful lever because it reduces principal immediately. But it’s not always optimal to drain your savings to hit 20%. If a smaller down payment keeps emergency savings intact, that can be a better overall risk decision—even if the monthly payment is slightly higher.
Compare 15-year vs 30-year terms by looking at both the monthly payment and total interest. A shorter term can save a massive amount of interest, but only if the payment doesn’t crowd out retirement contributions and necessities.
Finally, remember that “what you’re approved for” is not the same as “what you should spend.” Use the calculator to find a payment that fits your actual monthly budget and long-run priorities.
Frequently Asked Questions
What is the national median home price right now?
A commonly cited national median home price is $360,591 (Zillow, Jan 2026). Your local market can be higher or lower, so use the home price input as your biggest lever.
What is the 30-year fixed mortgage rate in 2026?
A useful planning reference is ~6.65% for the average 30-year fixed rate as of March 2026. (Market rate snapshot, March 2026) Always price shop and lock timing matters.
What does PITI include?
PITI stands for Principal, Interest, Taxes, and Insurance. Some budgets also include HOA dues and PMI if down payment is below 20%. For affordability, it’s usually better to plan around a full monthly housing cost, not just principal and interest.
How does down payment change the payment?
Down payment reduces the loan amount (principal), which lowers monthly principal-and-interest and reduces total interest. It can also reduce or eliminate PMI, which may lower the monthly total further.
Is a 15-year mortgage always better than a 30-year?
A 15-year loan typically has higher monthly payments but much less total interest. A 30-year loan has a lower payment but higher interest over time. Use the calculator to compare both and decide based on cash flow and goals.
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