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Mortgage Payment Calculator

Calculate monthly mortgage payments, total interest, and amortization schedule with taxes and insurance.

Loan Details

Home Price / Loan Amount

Interest Rate (%)

Loan Term (years)

Additional Costs

Annual Property Tax

Annual Insurance

Monthly Payment Breakdown

$2,528.27

Principal & Interest

$666.67

Property Tax

$100.00

Insurance

$3,294.94

Total Monthly (PITI)

Total Interest Paid

$510,177.95

Total Amount Paid

$910,177.95

Amortization Schedule

💡 Tips for Home Buyers

• Aim for a total monthly payment (PITI) that's no more than 28% of your gross monthly income
• A 20% down payment helps you avoid private mortgage insurance (PMI)
• Even a 0.5% lower interest rate can save thousands in total interest
• Consider 15-year loans for much lower total interest, if you can afford higher payments

About Mortgage Payment Calculator

Free mortgage calculator that computes exact monthly payments for home loans. Enter loan amount, interest rate, loan term, and optional property taxes and insurance to get detailed breakdown of principal, interest, taxes, and insurance (PITI). View an amortization schedule showing how much of each payment goes toward principal vs interest. Compare different loan scenarios by adjusting down payment, loan term (15, 20, 30 years), and interest rates. Essential tool for home buyers, real estate agents, and anyone planning a mortgage. All calculations happen in your browser with complete privacy.

Frequently Asked Questions

How is my monthly mortgage payment calculated?▾

Your monthly mortgage payment has four main components: Principal (loan repayment), Interest (lender's fee), Property Taxes (annual taxes ÷ 12), and Insurance (homeowner's insurance ÷ 12). This is called PITI. The calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is loan amount, r is monthly interest rate, and n is number of payments.

What factors affect my mortgage interest rate?▾

Interest rates depend on your credit score (higher score = lower rate), down payment amount (20%+ often gets better rates), loan term (15-year typically lower than 30-year), debt-to-income ratio, employment history, and current market conditions. Even a 0.5% rate difference significantly impacts your monthly payment and total interest paid.

Should I choose a 15-year or 30-year mortgage?▾

15-year mortgages have higher monthly payments but much lower total interest paid and faster equity building. 30-year mortgages have lower monthly payments but you pay significantly more interest overall. Choose based on your budget, financial goals, and whether you plan to stay in the home long-term.

How much should I budget for property taxes and insurance?▾

Property taxes typically range from 0.5% to 2.5% of home value annually, varying by location. Homeowner's insurance averages 0.3% to 1.5% of home value per year. If your down payment is less than 20%, you'll also need private mortgage insurance (PMI), which costs 0.3% to 1.5% of the loan amount annually.

What is an amortization schedule?▾

An amortization schedule shows exactly how much of each monthly payment goes toward principal (loan balance reduction) versus interest. Early payments are mostly interest, but over time more goes toward principal. This schedule helps you see your loan balance over time and total interest paid.

Is this mortgage calculator accurate and free?▾

Yes, the calculator uses standard mortgage formulas and is completely free with no signup. However, actual rates and terms depend on your lender, credit profile, and current market conditions. Use this as a planning tool, then get official quotes from mortgage lenders.