Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance. See the full amortization schedule and understand how much home you can afford.
Home Details
Enter the purchase price of the home
Current average: around 6-7%
Additional Costs
Annual property tax rate for your county
Enter values and click Calculate to see results
How the Mortgage Payment Calculator Works
Your monthly mortgage payment is calculated using the standard amortization formula. Each payment consists of four components known as PITI: Principal, Interest, Taxes, and Insurance. Early in your loan, most of each payment goes toward interest. Over time, more goes toward principal as your balance decreases.
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]M= Monthly principal & interest paymentP= Loan amount (home price minus down payment)r= Monthly interest rate (annual rate ÷ 12)n= Total number of payments (years × 12)Example Scenarios
First-Time Buyer
With 10% down, you'll also pay PMI until you reach 20% equity — typically $100-200/month extra.
Move-Up Buyer
A 20% down payment eliminates PMI and reduces your loan amount by $100K compared to 10% down.
15yr vs 30yr
A 15-year mortgage costs ~$700/mo more than a 30-year, but saves over $130,000 in total interest.
Understanding Mortgage Payments (PITI)
- Principal: The portion that goes toward paying down your loan balance
- Interest: The cost of borrowing money from the lender
- Taxes: Property taxes collected by your local government
- Insurance: Homeowner insurance to protect your property
Tips for Getting a Lower Payment
- Make a larger down payment to reduce the loan amount
- Shop around for better interest rates from multiple lenders
- Consider a 15-year term if you can afford higher payments — you save significantly on interest
- Improve your credit score before applying for a mortgage
- Look into first-time homebuyer programs in your area