Mortgage Payment Calculator
Calculate your monthly mortgage payment with principal, interest, taxes, and insurance. View the full amortization schedule and see how different rates and terms affect your total cost.
Loan Details
Monthly Payment
Total Monthly Payment
$2,161.46
Principal & Interest
$1,769.79
Property Tax
$291.67
Home Insurance
$100.00
Loan Amount
$280,000
Total Interest Paid
$357,125
Monthly Payment Breakdown
Total Cost Over 30 Years
Principal vs Interest Over Time
Amortization Schedule
View the full 360-month amortization schedule showing how each payment is split between principal and interest.
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How to Use the Mortgage Payment Calculator
This mortgage payment calculator helps you understand the true cost of buying a home. Enter the home price, your down payment, the interest rate, and your loan term to instantly see your monthly payment broken down into principal, interest, property tax, and homeowner's insurance. All results update in real-time as you adjust any input.
Understanding your monthly payment: Your mortgage payment consists of four components, often called PITI: Principal (paying down your loan balance), Interest (the cost of borrowing), Taxes (property tax assessed by your local government), and Insurance (homeowner's insurance protecting your property). The principal and interest portion is fixed for a fixed-rate mortgage, while taxes and insurance may change over time.
Using the amortization schedule: The amortization schedule shows exactly how each payment is divided between principal and interest over the life of your loan. In the early years, the majority of your payment goes toward interest. As you pay down the principal, the interest portion shrinks and more of each payment goes toward building equity. You can toggle between yearly summaries and a detailed month-by-month view.
Comparing loan scenarios: Try adjusting the interest rate by 0.25% increments to see how rate changes affect your payment and total interest. Compare 15-year and 30-year terms to understand the tradeoff between lower monthly payments and lower total interest. Use the share button to save and compare different scenarios, or send your calculations to a partner or financial advisor.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly principal and interest payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. Property tax and homeowner's insurance are then added to get your total monthly payment.
What is an amortization schedule?
An amortization schedule is a table showing every monthly payment over the life of your loan, broken down into principal and interest. Early in the loan, most of your payment goes toward interest. Over time, the proportion shifts so that more goes toward paying down the principal. This calculator generates both monthly and yearly amortization views.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly lower total interest — often less than half the interest of a 30-year loan. A 30-year mortgage offers lower monthly payments and more flexibility. Use this calculator to compare both options and see the exact difference in monthly payments and total interest paid.
How much house can I afford?
A common guideline is that your total monthly housing costs (mortgage payment, taxes, insurance) should not exceed 28% of your gross monthly income. Lenders also look at your total debt-to-income ratio, which should typically be below 36%. Use this calculator to find a home price where the monthly payment fits within your budget.
How does the down payment affect my mortgage?
A larger down payment reduces your loan amount, which lowers both your monthly payment and total interest paid. Putting down 20% or more also eliminates the need for private mortgage insurance (PMI), which can add $50-$200+ per month. Even a small increase in your down payment can save thousands over the life of the loan.
How does interest rate affect total cost?
Even small interest rate changes have a massive impact over 30 years. For example, on a $280,000 loan, the difference between 6.0% and 6.5% is about $100/month and over $33,000 in total interest. This is why shopping for the best rate and considering buying points can be worthwhile. Use the rate input to see how different rates affect your payments.