Mortgage Calculator
A mortgage payment is principal + interest + property tax + homeowners insurance (PITI), plus PMI if you put down under 20% and any HOA dues. Enter your home price, down payment, rate and term below to see your true monthly payment, a full amortization schedule, and how much an extra payment saves.
$2,562 /mo
P&I: $2,016 · Tax: $333 · Insurance: $212
Loan amount: $320,000 · Total interest: $405,871
Yearly amortization schedule
| Year | Interest | Principal | PMI | Balance |
|---|---|---|---|---|
| 1 | $20,599 | $3,597 | — | $316,403 |
| 2 | $20,359 | $3,837 | — | $312,566 |
| 3 | $20,103 | $4,093 | — | $308,473 |
| 4 | $19,830 | $4,365 | — | $304,108 |
| 5 | $19,539 | $4,656 | — | $299,452 |
| 6 | $19,229 | $4,967 | — | $294,485 |
| 7 | $18,898 | $5,298 | — | $289,187 |
| 8 | $18,545 | $5,651 | — | $283,536 |
| 9 | $18,168 | $6,028 | — | $277,508 |
| 10 | $17,766 | $6,429 | — | $271,079 |
| 11 | $17,338 | $6,858 | — | $264,221 |
| 12 | $16,881 | $7,315 | — | $256,906 |
| 13 | $16,393 | $7,803 | — | $249,104 |
| 14 | $15,873 | $8,323 | — | $240,781 |
| 15 | $15,318 | $8,877 | — | $231,904 |
| 16 | $14,727 | $9,469 | — | $222,435 |
| 17 | $14,096 | $10,100 | — | $212,335 |
| 18 | $13,422 | $10,773 | — | $201,561 |
| 19 | $12,704 | $11,491 | — | $190,070 |
| 20 | $11,938 | $12,257 | — | $177,812 |
| 21 | $11,121 | $13,074 | — | $164,738 |
| 22 | $10,250 | $13,946 | — | $150,792 |
| 23 | $9,320 | $14,875 | — | $135,916 |
| 24 | $8,329 | $15,867 | — | $120,049 |
| 25 | $7,271 | $16,925 | — | $103,125 |
| 26 | $6,143 | $18,053 | — | $85,072 |
| 27 | $4,940 | $19,256 | — | $65,816 |
| 28 | $3,656 | $20,539 | — | $45,277 |
| 29 | $2,287 | $21,908 | — | $23,369 |
| 30 | $827 | $23,369 | — | $0 |
Rates: Freddie Mac PMMS (wk 2026-06-18). Property tax: Tax Foundation. Insurance: Insurance.com. PMI applies when your down payment is under 20% (LTV > 80%). You can request cancellation at 80% LTV; the servicer must auto-terminate it at 78% (Homeowners Protection Act). How we calculate →
How this mortgage calculator works
Your monthly mortgage payment has up to four parts, often shortened to PITI: Principal, Interest, property Taxes and homeowners Insurance. This calculator works out the principal-and-interest portion from your loan amount, interest rate and term, then adds your tax, insurance and any HOA dues to show the real number that leaves your account each month.
Principal and interest are fixed for a standard fixed-rate loan and follow the amortization formula M = P · r · (1 + r)n / ((1 + r)n − 1), where P is the loan amount, r the monthly interest rate (annual rate ÷ 12) and n the number of monthly payments. Taxes and insurance are estimates you control — change them to match your county and provider.
Down payment, LTV and PMI
Your down payment sets your loan-to-value (LTV) ratio — the loan divided by the home price. Put 20% down and your LTV is 80%. Below 20% down on a conventional loan, lenders usually require private mortgage insurance (PMI), an extra monthly cost that protects the lender, not you. PMI typically falls away once you reach 20% equity, so a larger down payment both lowers your loan and can remove PMI entirely.
Use the down-payment field to test scenarios: a higher percentage cuts the loan amount, the monthly payment and the total interest you pay over the life of the loan.
See your amortization, not just a number
Early in a fixed loan most of each payment is interest; only later does the balance fall quickly. The balance-over-time chart and the yearly amortization schedule above show exactly how your loan unwinds — and you can download the full month-by-month schedule as a CSV. That is the difference between knowing your payment and understanding your loan.
The power of extra payments
Adding even a small amount to principal each month shortens the loan and cuts total interest, because every extra dollar skips all the future interest it would have accrued. Enter a figure in Extra payment / mo and the calculator shows the interest you save and how many years and months sooner you finish — drawn as a second dashed line on the chart so the gap is visible at a glance.
How much house can I afford? The 28/36 rule
Lenders weigh affordability with the 28/36 rule: keep total housing costs (PITI plus HOA) at or below 28% of your gross monthly income, and all debt payments — housing, car, student and credit-card minimums — below 36%. The second figure is your debt-to-income (DTI) ratio, and it is what most often decides your loan size.
Work backwards: at today's rates with 20% down, a payment that fits 28% of income tells you the home price you can target. Raise your down payment or lower the price to bring the payment inside that band.
Loan types: Conventional vs FHA, VA and USDA
Conventional loans need stronger credit and charge PMI under 20% down. FHA loans allow as little as 3.5% down but carry a mortgage insurance premium (MIP) for most of the term. VA loans (eligible veterans/service members) require no down payment and no monthly mortgage insurance but charge a one-time funding fee. USDA loans support no-down-payment purchases in eligible rural areas with their own guarantee fee.
The headline payment changes with loan type because each adds a different insurance or fee on top of principal and interest — not just a different label.
Fixed-rate vs adjustable-rate (ARM)
A fixed-rate loan keeps the same rate and principal-and-interest payment for the whole term — predictable, and the default choice for most buyers. An ARM starts lower for an intro period (e.g. 5 years) then adjusts with the market, which can rise. ARMs can suit buyers who plan to sell or refinance before the fixed period ends; fixed loans suit those who value certainty.
Common mistakes when estimating a mortgage
Quoting only principal and interest and forgetting taxes, insurance and PMI — the true monthly cost is often 15–25% higher. Using an aspirational interest rate instead of a real quote. Ignoring closing costs (typically 2–5% of the loan). And assuming the listed home price is the loan amount — it is the price minus your down payment that you actually borrow.
Mortgage glossary
PITI — principal, interest, taxes, insurance. LTV — loan-to-value, the loan divided by the home price. PMI/MIP — mortgage insurance required below 20% equity. APR — the rate including most fees, for comparing offers. Escrow — the account a servicer uses to collect and pay your taxes and insurance. Points — upfront fees paid to lower your rate. Amortization — the schedule by which principal and interest are split over time. DTI — debt-to-income ratio. Equity — the share of the home you own outright.
Frequently asked questions
How much is a $300,000 mortgage per month?
On a 30-year loan at a 6.5% rate, principal and interest on $300,000 are about $1,896/month. Add property tax, homeowners insurance and (under 20% down) PMI and the full PITI payment is typically $2,300–$2,600 depending on your location. Enter $300,000 above to see your exact figure.
How much income do I need for a $400k house?
Using the 28% rule with 20% down at current rates, a $400,000 home implies a PITI payment near $2,500/month, which fits a gross income of roughly $107,000/year. A larger down payment or lower rate reduces the income needed. Test it with the affordability inputs above.
What is PITI, and what's included in my mortgage payment?
PITI = Principal, Interest, Taxes and Insurance. Principal and interest repay the loan; taxes and insurance are usually collected through escrow; PMI is added when your down payment is under 20%, and HOA dues are separate. This calculator sums them into one monthly figure.
When is PMI required and when can I cancel it?
Conventional lenders require PMI when your down payment is under 20% (LTV above 80%). It typically costs 0.5–1.5% of the loan per year. You can request cancellation at 80% LTV, and it cancels automatically at 78%. A larger down payment avoids it entirely.
How do I calculate a mortgage payment by hand?
Use the amortization formula M = P · r · (1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly rate (annual ÷ 12) and n the number of months. For $300,000 at 6.5% over 30 years: r = 0.0054167, n = 360, giving about $1,896 in principal and interest.
Do extra or biweekly payments really save money?
Yes. Every extra dollar of principal skips all the future interest it would have accrued. Paying biweekly adds one extra monthly payment per year. Enter an extra monthly amount above and the calculator shows the interest saved and how many years sooner you finish.
Should I put more money down or buy discount points?
A bigger down payment lowers the loan and can remove PMI; buying points lowers your rate for an upfront fee. Points pay off only if you keep the loan long enough to recoup the cost, so they suit buyers staying put, while extra down payment helps almost everyone.
Is a 15-year or 30-year mortgage better?
A 15-year loan usually has a lower rate and far less total interest, but a higher monthly payment. A 30-year loan has a lower, more flexible payment but costs more interest overall. Switch the term above to compare both for your numbers.
Researched & verified by the Calcuris Data & Research Team. How we build and check our tools →