Estimate your monthly mortgage payment including principal, interest, property tax, insurance, and PMI. See total cost and payment breakdown.
This calculator uses the standard mortgage amortization formula. Results are estimates — actual payments may vary based on lender terms, fees, escrow, and tax rates.
A mortgage payment typically includes four components (PITI): Principal (the loan balance), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowner's insurance). This calculator focuses on principal and interest. Your actual monthly payment may be higher when taxes and insurance are included through an escrow account.
Fixed-rate mortgages maintain the same interest rate for the entire loan term (15 or 30 years), providing predictable monthly payments. Adjustable-rate mortgages (ARMs) start with a lower rate for an initial period (typically 5 or 7 years), then adjust periodically based on market conditions. Fixed rates are safer for long-term planning; ARMs may save money if you plan to sell or refinance within a few years.
A 20% down payment eliminates private mortgage insurance (PMI), saving $100–$300+ per month. Even one extra payment per year can shave years off a 30-year mortgage. Compare rates from at least 3–5 lenders — even a 0.25% difference in rate can save tens of thousands over the life of the loan. Consider a 15-year term if you can afford the higher payment: you will pay significantly less total interest.