Your monthly mortgage payment is one of the biggest numbers in your financial life. This calculator breaks it down instantly — showing your principal and interest payment, estimated taxes, insurance, and PMI if applicable. Enter your numbers above to get your full payment picture in seconds.
How to Use This Mortgage Calculator
Enter your home price and down payment — either as a dollar amount or a percentage. Then add your loan term (most buyers choose 30 years) and today's interest rate. If you know your annual property tax and homeowner's insurance, add those too for a more accurate total monthly cost.
What's Included in a Mortgage Payment?
Most lenders collect what's called a PITI payment — four costs bundled into one monthly bill:
- Principal — The portion that reduces your loan balance
- Interest — The cost of borrowing, based on your rate and remaining balance
- Taxes — Property taxes collected monthly and held in escrow
- Insurance — Homeowner's insurance, also typically escrowed
If your down payment is less than 20%, your lender will also require PMI (private mortgage insurance), which typically adds 0.5%–1.5% of your loan amount per year to your monthly bill. PMI drops off once you reach 20% equity.
What's a Good Monthly Mortgage Payment?
Most financial advisors recommend keeping your total housing payment — including taxes and insurance — below 28% of your gross monthly income (the front-end debt-to-income ratio). For example, if you earn $7,000/month before taxes, your total PITI payment should ideally stay under $1,960.
30-Year vs 15-Year Mortgage — Which Is Better?
A 30-year mortgage gives you a lower monthly payment and more cash flow flexibility, but you'll pay significantly more interest over the life of the loan. A 15-year mortgage has a higher monthly payment but you'll build equity faster and pay far less in total interest. Use the calculator above to compare both scenarios with your numbers.
Frequently Asked Questions
What credit score do I need for a mortgage?
Most conventional loans require a minimum score of 620. FHA loans allow scores as low as 580 with a 3.5% down payment.
How much do I need for a down payment?
Conventional loans can require as little as 3%. FHA loans require 3.5%. Putting down 20% eliminates PMI.
Does this calculator include HOA fees?
HOA fees aren't included by default. Add your monthly HOA amount to the total payment shown.
How accurate is this mortgage calculator?
This calculator gives a close estimate. Actual payment may vary based on your lender's escrow requirements.
Ready to find your budget?
Now that you know your estimated mortgage payment, the next step is understanding how much home you can actually afford.
Use our Home Affordability Calculator →