Mortgage Calculator
Full PITI estimate plus a month-by-month amortization schedule (downloadable as CSV).
Result
- Principal & interest$2,075.51
- Property tax$366.67
- Home insurance$125.00
- Loan amount$320,000.00
- Down payment %20.0%
- Total interest (life of loan)$427,185.01
Amortization schedule
Principal & interest only — taxes and insurance are excluded.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,075.51 | $275.51 | $1,800.00 | $319,724.49 |
| 2 | $2,075.51 | $277.06 | $1,798.45 | $319,447.42 |
| 3 | $2,075.51 | $278.62 | $1,796.89 | $319,168.80 |
| 4 | $2,075.51 | $280.19 | $1,795.32 | $318,888.61 |
| 5 | $2,075.51 | $281.77 | $1,793.75 | $318,606.85 |
| 6 | $2,075.51 | $283.35 | $1,792.16 | $318,323.49 |
| 7 | $2,075.51 | $284.94 | $1,790.57 | $318,038.55 |
| 8 | $2,075.51 | $286.55 | $1,788.97 | $317,752.00 |
| 9 | $2,075.51 | $288.16 | $1,787.36 | $317,463.84 |
| 10 | $2,075.51 | $289.78 | $1,785.73 | $317,174.06 |
| 11 | $2,075.51 | $291.41 | $1,784.10 | $316,882.66 |
| 12 | $2,075.51 | $293.05 | $1,782.46 | $316,589.61 |
How to use this calculator
- Enter the home's purchase price and your down payment.
- Add the lender's quoted rate and the loan term (typically 30 years).
- Set your area's property-tax rate as a percent of home value.
- Estimate annual home insurance (typically $1,000–$3,000).
About this tool
A mortgage payment is more than just principal and interest. This calculator gives you the full PITI estimate — Principal, Interest, Tax, and Insurance — so the monthly figure matches what actually leaves your bank account. Enter the home price, your down payment, the rate you've been quoted, and the loan term. Add an estimated property tax rate (often around 1% of home value in the US, but check your county) and an annual home-insurance figure. The result splits clearly so you can see which lever to pull — bigger down payment cuts P&I, but tax and insurance keep going.
What this calculator does
This calculator returns the full monthly mortgage payment — Principal, Interest, property Taxes, and home Insurance (PITI) — so the figure on screen matches what actually leaves your bank account each month. It computes the standard fully-amortizing fixed-rate payment, plus a 15-year cross-comparison and a 20%-down PMI advisory. Adjustable-rate mortgages, mortgage points, and origination fees are not modelled; APR (which folds those in) will exceed the rate you enter here.
How it works — the formula
M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1)P is the loan principal, r is the periodic interest rate (annual rate ÷ 12 for monthly payments), and n is the total number of payments. This is the standard fully-amortizing fixed-rate mortgage formula required to be used in TILA disclosures (Regulation Z, 12 CFR §1026.32). PMI of 0.3–1.5% of the loan balance applies until the borrower reaches 20% equity per the Homeowners Protection Act.
Worked examples
- Inputs:
- P = $400,000, rate = 6.5%, term = 360 months
- Output:
- Monthly P+I ≈ $2,528.27; total interest over loan ≈ $510,178
Total interest exceeds the original principal — typical for 30-year loans above 6%. Borrower pays roughly $2.27 in interest for every $1 of principal repaid.
- Inputs:
- P = $400,000, rate = 5.75%, term = 180 months
- Output:
- Monthly P+I ≈ $3,321.64; total interest ≈ $197,895 (~61% less interest than 30-year)
Payment is ~31% higher than the 30-year, but lifetime interest falls by ~$312k. Net savings depend on whether the extra cash flow could earn more invested.
- Inputs:
- P = $400,000, rate = 6.5%, PMI = 0.6%/yr
- Output:
- P+I ≈ $2,528 + PMI ≈ $200/mo; PMI drops off at 20% equity (~year 8 of standard amortization)
PMI is required by the Homeowners Protection Act below 20% equity but auto-cancels at 22% equity per the original payment schedule.
When to use this vs other tools
A mortgage payment is one piece of the home-buying puzzle. For the adjacent decisions, reach for a more specific tool.
- Home Affordability Calculator
Use first to find the maximum house price your income supports under the 28/36 rule. Mortgage Calculator works backwards from a known price; affordability works forwards from a known income.
- Refinance Calculator
Use when you already have a mortgage and rates have moved. Refinance returns the break-even months on closing costs vs the new monthly savings — Mortgage Calculator does not weigh refi costs.
- Loan Calculator
Use for any non-mortgage installment loan (personal, student, business). The amortization math is identical; this tool just strips PITI extras you do not need for unsecured debt.
- Debt Payoff Calculator
Use after closing to model extra principal payments. Even small additional monthly principal dramatically compresses lifetime interest on a 30-year mortgage.
Authority note
Regulation Z prescribes the amortization formula and the Loan Estimate disclosure format that every US lender must use. The Homeowners Protection Act (HPA) governs PMI cancellation thresholds. Together they make the figures returned here directly comparable to a lender's Loan Estimate.
Limitations
- Quoted "monthly payment" rarely matches a real escrow payment, which adds property tax and homeowner's insurance.
- Adjustable-rate mortgages (ARMs) re-amortize each adjustment period — this calculator assumes a fixed rate.
- Mortgage points and origination fees are not included; APR (which folds them in) will exceed the displayed interest rate.
- Actual approval depends on debt-to-income ratio, credit score, and reserves — see the Home Affordability calculator for an income-based ceiling.
Mortgage figures are estimates for planning. This calculator does not provide financial advice — request a Loan Estimate from a licensed lender for the figures that will appear in closing documents.