Mortgage Calculator
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.
M = P · r(1 + r)^n / ((1 + r)^n − 1)P = loan amount, r = monthly rate, n = number of months.Worked examples
$320,000 loan at 6.5% for 30 years
A $400,000 home with $80,000 down leaves a $320,000 loan. At 6.5% over 30 years the principal & interest payment is about $2,023 per month.
Frequently asked questions
What is PITI?
PITI stands for Principal, Interest, Taxes and Insurance — the four parts that make up a typical monthly mortgage payment.
Does this include PMI?
This estimate does not add private mortgage insurance. Lenders usually require PMI when your down payment is under 20%, which adds roughly 0.3%–1.5% of the loan per year.
Why does so much go to interest early on?
Interest is charged on the outstanding balance, which is highest at the start. As you pay down principal, the interest portion of each payment shrinks.