Mortgage Calculator
Optional: taxes & insurance
Monthly Payment (P&I)
$0.00
Total Monthly
$0.00
Loan Amount
$0
Total Interest
$0
What Does a Mortgage Calculator Show?
A mortgage calculator breaks down your monthly payment into principal (the loan balance you're paying off) and interest (the cost of borrowing). Enter your home price, down payment, rate, and term to see exactly what you'll owe each month — plus total interest paid over the life of the loan.
How Monthly Payments Are Calculated
The standard amortization formula:
Example
A $400,000 home with 20% down ($80,000) at 6.8% for 30 years:
- Loan amount: $320,000
- Monthly P&I payment: $2,093
- Total paid over 30 years: $753,480
- Total interest: $433,480
Understanding PMI
If your down payment is less than 20% of the home price, lenders typically require Private Mortgage Insurance (PMI). PMI protects the lender if you default. It typically costs 0.5%–1.5% of the loan amount per year, added to your monthly payment. Once you reach 20% equity, you can request PMI removal.
15-Year vs. 30-Year Mortgage
A 15-year mortgage has higher monthly payments but you pay dramatically less interest overall and build equity faster. A 30-year mortgage has lower monthly payments, giving you more cash flow flexibility, but you pay far more in interest. The right choice depends on your budget and how long you plan to stay in the home.
Monthly Payment Reference (30-year, 20% down)
| Home Price | 5% | 6% | 7% | 8% |
|---|---|---|---|---|
| $200,000 | $859 | $960 | $1,064 | $1,174 |
| $300,000 | $1,288 | $1,439 | $1,597 | $1,761 |
| $400,000 | $1,718 | $1,919 | $2,129 | $2,348 |
| $500,000 | $2,147 | $2,399 | $2,661 | $2,935 |
| $600,000 | $2,577 | $2,878 | $3,194 | $3,522 |
P&I only — excludes taxes, insurance, and PMI.
Frequently Asked Questions
What is not included in this calculator?
The P&I payment shown is just principal and interest. Your actual payment will include property tax, homeowner's insurance, and possibly PMI and HOA fees. Use the optional fields to include taxes and insurance in the total monthly estimate.
How much house can I afford?
A common guideline is that your total monthly housing costs (PITI) should not exceed 28% of your gross monthly income. Lenders also look at your total debt-to-income ratio, which should typically stay below 43%.
Does the interest rate include points?
Enter the actual interest rate (not APR) for the most accurate monthly payment. If you pay discount points upfront to lower your rate, factor that into the total cost separately.
What is an amortization schedule?
An amortization schedule shows how each payment splits between principal and interest over the life of the loan. Early payments are mostly interest; later payments mostly principal. See the full amortization calculator to generate a year-by-year table.