Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance and PMI. Free PDF report, no signup required.
Applies only when down payment is less than 20%
How to Use the Mortgage Payment Calculator
Step 1
Enter your home price and down payment amount. The calculator automatically computes your loan amount by subtracting the down payment from the home price.
Step 2
Enter your annual interest rate and select your loan term — 15 or 30 years are the most common options. Your monthly principal and interest payment will be calculated instantly.
Step 3
Optionally add your monthly property tax, homeowners insurance, and HOA fee to see your true all-in monthly housing cost including PITI (Principal, Interest, Taxes, Insurance).
Step 4
Click Calculate to see your complete payment breakdown including total interest paid over the life of the loan and an amortization summary. Download the free PDF report to save your results.
Example Calculation
Scenario: A homebuyer purchases a $350,000 home with 20% down ($70,000). Loan amount: $280,000 at 6.5% interest over 30 years.
- Monthly P&I Payment: $1,770.03
- Total Amount Paid: $637,210.80
- Total Interest Paid: $357,210.80
- Principal Paid: $280,000.00
- Effective Monthly Rate: 0.542%
Frequently Asked Questions
What is a mortgage payment calculator?
A mortgage payment calculator estimates your monthly principal and interest payment based on your loan amount, interest rate, and loan term.
What is a good mortgage interest rate?
As of March 2026, the national average 30-year fixed mortgage rate is 6.27% and the 15-year fixed rate is 5.62%. Rates below 6% are considered excellent for well-qualified borrowers.
How much down payment do I need?
Most conventional loans require 5-20% down. FHA loans allow as little as 3.5%. A 20% down payment helps avoid Private Mortgage Insurance (PMI).
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest. A 30-year mortgage has lower payments but costs more overall.
Does this calculator include taxes and insurance?
This calculator estimates principal and interest only. Your actual payment may be higher when including property taxes, homeowner's insurance, and PMI.
Related Calculators
This mortgage payment calculator provides estimates for informational purposes only. Results are based on the inputs provided and assume a fixed interest rate for the full loan term. Actual mortgage payments will vary based on your credit score, lender terms, points paid, closing costs, and other factors. Property tax and insurance estimates are for reference only and may differ significantly by location. Private Mortgage Insurance (PMI) costs are not included. This calculator does not constitute financial or lending advice. Always consult a licensed mortgage professional or lender before making any home purchase or refinancing decisions.