A mortgage payment is more than principal and interest: property tax and home insurance are usually rolled in too, which is why the “PITI” total this calculator shows is closer to what you actually pay each month. Adjust the home price, down payment, rate and term to compare scenarios, and watch how a lower rate or a bigger down payment cuts the total interest over the life of the loan.
Mortgage Calculator
Reviewed
ResultUpdates as you type
Monthly payment$2,572.62Principal, interest, tax & insurance
Principal & interest$2,022.62
Tax + insurance$550.00
Total interest paid$408,142.36
Total of all payments$926,142.36
- Loan amount
- $320,000.00
- Down payment 20% of home price
- $80,000.00
- Payoff
- 360
- Principal & interest78.6%
- Property tax15.5%
- Home insurance5.8%
- Balance
- Total interest paid
- Total paid
Estimate your monthly mortgage payment including principal, interest, property tax and home insurance.
Enter your home price, down payment, rate and term to see the full monthly payment and how much interest you pay over the life of the loan.
How to use
- Enter the home price and your planned down payment.
- Add the annual interest rate and the loan term in years.
- Optionally include yearly property tax and insurance for a full PITI payment.
- Read your estimated monthly payment and total interest below.
Formula
A mortgage uses the standard amortizing-loan payment formula.
Monthly payment
M = P · r(1 + r)^n / ((1 + r)^n − 1)P = loan amount, r = monthly rate, n = number of months.Frequently asked questions
What is included in the monthly payment?
The headline figure is a full PITI payment — principal and interest on the loan plus one-twelfth of your yearly property tax and home insurance.
How much should my down payment be?
A larger down payment lowers the loan amount and the interest you pay. Twenty percent is a common target because it usually avoids private mortgage insurance, but any amount reduces your monthly cost.