Finance CalculatorsRuns in your browser
Mortgage Calculator
Estimate your monthly mortgage payment — principal, interest, taxes and insurance — and see the total cost over the life of the loan.
$
$
20.0% down
yr
%
Optional — yearly costs
$
$
$
Estimated monthly payment
$2,448
Principal & interest$2,022.62
Property tax$300.00
Home insurance$125.00
Loan amount$320,000
Total interest paid$408,142
Total of payments$728,142
What this does
Enter a home price, down payment, interest rate and term to estimate your monthly mortgage payment. The breakdown separates principal and interest from optional property tax, home insurance and HOA fees, and shows how much interest you'll pay over the full loan.
How to use it
- 1Enter the home price and your down payment.
- 2Set the loan term and interest rate.
- 3Optionally add property tax, insurance and HOA to see your full monthly payment.
Examples
- $400,000 home, 20% down, 30 years at 6.5% ≈ $2,022/mo principal & interest
- See how much total interest a 15-year vs 30-year term costs
Frequently asked questions
- What does PITI mean?
- PITI stands for Principal, Interest, Taxes and Insurance — the four parts of a typical monthly mortgage payment. This calculator shows each part so you see your true monthly cost, not just principal and interest.
- How is the monthly mortgage payment calculated?
- Principal and interest use the standard amortization formula: M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of payments. Taxes and insurance are added on top.
- Does a bigger down payment lower my payment?
- Yes. A larger down payment reduces the loan amount, which lowers both the monthly payment and the total interest paid. Putting at least 20% down also typically avoids private mortgage insurance (PMI).