MoneyCalcHub

Mortgage Payment Calculator

Estimate your monthly mortgage payment before you start house hunting. It combines principal and interest with property tax and home insurance, the payment lenders often call PITI.

Estimates only. Not financial advice. Fees and taxes are not included.

How this calculator works

The loan amount is the home price minus your down payment. Principal and interest use the standard amortization formula, where P is the loan amount, r is the monthly rate and n is the number of monthly payments. Property tax is the home price times the tax rate, divided by 12, and insurance is the yearly premium divided by 12.

principal and interest = P × r × (1 + r)n ÷ ((1 + r)n − 1)

The three parts (principal and interest, tax, insurance) are added together to give your monthly payment.

Worked example

Using sample inputs for a $350,000 home with $70,000 down at 6.5% over 30 years:

Estimated monthly payment$2,215.62
Principal and interest$1,769.79
Total interest over the loan$357,124.57

Common questions

How much should I put down on a house?

Many buyers aim for 20% to avoid private mortgage insurance (PMI), but lower down payments are common. A bigger down payment means a smaller loan and less interest, though you also need to keep cash for emergencies.

Is a 15-year or 30-year mortgage better?

A 15-year loan has a higher monthly payment but far less total interest. A 30-year loan is easier on the monthly budget. Try both terms above to compare.

What does this estimate leave out?

It leaves out PMI, HOA fees, closing costs and maintenance. Treat the result as a planning estimate and ask a lender for an official quote.

A mortgage calculator helps you estimate your monthly home loan payments before buying a house. Enter your home loan amount, annual interest rate, and repayment term to understand how much you may need to pay each month.

Use this free mortgage calculator to compare different loan amounts, interest rates, and repayment periods. It can help you plan your home-buying budget and make more informed financial decisions.

Your actual mortgage payment may also include property taxes, homeowners insurance, mortgage insurance, and other costs not included in the basic principal and interest calculation.

How to Use Our Mortgage Calculator

To estimate your monthly home loan payment, enter the amount you plan to borrow, the annual interest rate, and your repayment term.

A larger down payment can reduce the amount you need to borrow. A longer repayment period generally lowers your monthly principal and interest payment but increases the total interest paid over the life of the loan.

For example, a $250,000 fixed-rate home loan at 6.5% annual interest over 30 years has an estimated monthly principal and interest payment of $1,580.17. This does not include property taxes, homeowners insurance, mortgage insurance, or other fees.

If you’re comparing different borrowing options, you can also use our Loan Calculator to estimate monthly payments for other types of loans.

Want to learn more about mortgages and home-buying costs? Visit the Consumer Financial Protection Bureau’s home-buying resources for helpful information about mortgage options, interest rates, and closing costs.