Mortgage Calculator

Calculate monthly payments, total interest, and full amortization schedule

PITI calculator | Amortization table

Loan Details

$
$
%
$
%

Monthly Cost Extras

$

≈

$

≈

%

≈ · removed at 20% equity

$

Monthly Payment Breakdown

Total Monthly Payment

Principal & Interest:

Principal & Interest
Property Tax
Home Insurance
PMI
HOA Fees

Monthly

Total Loan Cost

Total Interest Paid

Effective Interest Rate

Amortization Schedule

Month Payment Principal Interest Balance

What Does a Mortgage Payment Include?

Understanding all the components of your monthly housing payment

A mortgage payment is often summarized by the acronym PITI — Principal, Interest, Taxes, and Insurance. When you take out a home loan, your lender may require you to pay all four components as part of a single monthly payment, sometimes held in escrow for taxes and insurance. Our calculator goes beyond PITI to include PMI and HOA fees, giving you a complete picture of your true monthly housing cost.

Understanding each component helps you make informed decisions about how much home you can truly afford — not just what a lender will approve.

Principal

The portion of your payment that reduces the outstanding loan balance. Early in your loan, this is a small fraction of your payment — it grows steadily as the balance decreases.

Interest

The cost of borrowing money, calculated on the remaining loan balance. Interest dominates early payments. On a 30-year loan, you may pay more in interest than the original loan amount.

Taxes & Insurance

Property taxes are assessed by local government; homeowners insurance protects against damage. Both are often collected monthly by the lender and held in an escrow account.

How to Use This Mortgage Calculator

Get an accurate payment estimate in seconds — no sign-up required

1

Enter the Home Price and Down Payment

Start with the purchase price of the home. Enter your down payment as a dollar amount — the percentage will update automatically, or enter the percentage first. The loan amount is calculated instantly.

2

Set Your Rate and Term

Enter your lender's quoted interest rate. Select a loan term using the preset buttons — 10, 15, 20, 25, or 30 years. The calculator shows the impact of each choice on your monthly payment instantly.

3

Add Optional Costs for a Complete Picture

Enter your estimated annual property tax and homeowners insurance. PMI is automatically shown if your down payment is less than 20%. Add HOA fees if applicable. The total monthly payment updates in real time.

4

Review the Amortization Schedule

Scroll down to see the first 12 months of your payment schedule, broken down into principal, interest, and remaining balance. Click "View all" to expand the full schedule for the entire loan term.

15-Year vs. 30-Year Mortgage: Which Is Right for You?

The loan term is one of the most impactful decisions in your mortgage — here's what you need to know

30-Year Mortgage

  • Lower monthly payments — more cash flow flexibility
  • Easier to qualify — lower debt-to-income ratio
  • Frees up money for investments or emergencies
  • Significantly more interest paid over the life of the loan
  • Slower equity build-up in early years
  • Higher interest rate than shorter terms

15-Year Mortgage

  • Much less total interest — potentially six figures saved
  • Build equity faster — own your home outright sooner
  • Lower interest rate than 30-year loans
  • Higher monthly payments — less budget flexibility
  • Harder to qualify if income is variable
  • Less flexibility if finances tighten

Pro tip: Use this calculator to compare the two side by side. Set your home price, down payment, and rate — then toggle between 15 and 30 years to see the exact difference in monthly payment and total interest for your specific loan.

Frequently Asked Questions

Common questions about mortgage payments and using this calculator

A full mortgage payment (PITI) includes Principal (the portion reducing your loan balance), Interest (the cost of borrowing), Taxes (property tax, often held in escrow), and Insurance (homeowners insurance). Our calculator also includes PMI (Private Mortgage Insurance) if your down payment is less than 20%, and HOA fees if applicable — giving you a truly complete monthly payment estimate.
Private Mortgage Insurance (PMI) is required by lenders when your down payment is less than 20% of the home's purchase price. It protects the lender — not you — in case of default. PMI typically costs 0.5%–1% of the loan amount annually. Under the Homeowners Protection Act, you can request PMI cancellation once you've reached 20% equity based on the original home value, and it must automatically be removed at 22% equity based on scheduled amortization.
The loan term dramatically affects both your monthly payment and total interest. A 15-year mortgage has higher monthly payments but you pay far less total interest — often saving $100,000 or more compared to a 30-year loan. A 30-year mortgage has lower monthly payments, offering more cash flow flexibility, but you'll pay significantly more in interest over time. Use the preset term buttons in our calculator to see the impact instantly.
Use your lender's quoted annual percentage rate (APR) or the interest rate on your loan offer. If you're just exploring, use current average mortgage rates as a baseline. Rates vary based on your credit score, loan type (conventional, FHA, VA), down payment size, and market conditions. Even a small difference matters — a 0.5% rate difference on a $400,000 loan can mean over $50,000 in additional interest over 30 years.
An amortization schedule is a complete table of every payment over the life of your loan, showing how each payment is split between principal and interest. Early payments are heavily weighted toward interest because the balance is high. As the balance decreases, each payment covers more principal and less interest. Our calculator shows the first 12 months by default — click "View all" to see every payment for the entire loan term.