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%
This calculator provides estimates for informational purposes only. Actual mortgage payments may vary based on lender terms, credit score, and other factors. Consult a licensed mortgage professional before making financial decisions.
Example Calculation
A homebuyer purchases a $350,000 home with 20% down ($70,000), loan amount $280,000, at 6.5% interest over 30 years:
- 💰 Monthly Payment: $1,770
- 📊 Total Amount Paid: $637,200
- 💸 Total Interest Paid: $357,200
- 🏠 Principal: $280,000
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.