Mortgage Calculator
Calculate your monthly mortgage payments, total interest paid, and view a payment summary based on your home price, down payment, loan term, and interest rate.
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Understanding Your Mortgage Payment
A mortgage payment is what you pay your lender each month to repay a home loan. At its core it's made up of principal (the amount you borrowed) and interest (the cost of borrowing that money). In the early years most of your payment goes toward interest; as the balance shrinks, more of each payment goes to principal — a process called amortization.
Most lenders also collect two more costs inside your monthly payment, held in an escrow account: property taxes and homeowners insurance. Together with principal and interest these make up what's known as PITI (Principal, Interest, Taxes, Insurance) — the true monthly cost of owning a home. This calculator focuses on principal and interest, so remember to budget for taxes and insurance on top.
How your mortgage payment is calculated
Your monthly principal-and-interest payment depends on three things: the loan amount (home price minus down payment), the interest rate, and the loan term. A higher rate or a larger loan raises the payment; a longer term lowers the monthly payment but increases the total interest you pay over the life of the loan. Even a small change in the rate can move your payment noticeably, which is why it pays to compare lenders.
15-year vs 30-year mortgage
A 30-year mortgage spreads payments over a longer period, so the monthly cost is lower and more affordable — but you pay far more interest overall. A 15-year mortgage has higher monthly payments, yet you build equity faster, usually get a lower interest rate, and pay dramatically less total interest. The right choice comes down to whether you value a lower monthly payment (30-year) or long-term savings and faster payoff (15-year).
Down payment and PMI
Your down payment is the cash you pay upfront. A larger down payment reduces the loan amount and your monthly payment. Putting down 20% or more also lets you avoid private mortgage insurance (PMI) — an extra monthly fee that protects the lender, not you. Conventional loans can allow as little as 3% down, FHA loans 3.5%, and VA/USDA loans 0% for eligible buyers, but a smaller down payment usually means PMI and a higher payment until you build enough equity.
How much house can you afford?
A common guideline is the 28/36 rule: keep your total housing payment at or below about 28% of your gross monthly income, and all your debts combined under about 36%. Lenders also weigh your credit score, existing debts, and down payment. The smartest approach is to shop below the maximum a bank will lend you, so the payment stays comfortable alongside taxes, insurance, maintenance, and life's surprises.
Frequently asked questions
- It estimates your principal-and-interest payment from the loan amount, interest rate, and term. Unless a field is provided for them, it does not include property taxes, homeowners insurance, HOA dues, or mortgage insurance, so your full monthly housing cost will usually be higher than the figure shown.
- A common guideline is to keep total housing costs at or below about 28% of your gross monthly income, and total debt payments below about 36%. Enter different prices and down payments here to see the monthly payment, then compare it against those limits and your own budget.
- A larger down payment reduces the amount you borrow, which lowers both the monthly payment and the total interest paid over the life of the loan. On a conventional loan, putting down 20% or more also typically removes the need for private mortgage insurance.
- Lenders factor in fees, taxes, insurance, your credit profile, and the exact rate you qualify for, none of which a generic calculator can know. Treat this result as a planning estimate and rely on a lender’s Loan Estimate for real numbers.
- It is the month-by-month breakdown of how each payment splits between interest and principal. Early payments are mostly interest; over time more of each payment goes to principal, which is why paying extra early saves the most interest.