Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property tax, and insurance. See a full amortization breakdown and discover how extra payments can save you thousands.
Part of our Finance Calculators collection.
Mortgage Calculator
Free online calculator
Enter dollar amount or calculate 20% below
Approx. 1.1% of home value is a common estimate
Private Mortgage Insurance — typically 0.5–1.5% annually. Set to 0 if putting 20%+ down.
How to Use This Calculator
- 1
Enter the home price and your planned down payment.
- 2
Select your loan term — 30 years is most common; 15 years saves significantly on interest.
- 3
Enter the current interest rate (check Bankrate or Freddie Mac for current averages).
- 4
Add estimated annual property tax (roughly 1% of home value) and home insurance.
- 5
If your down payment is under 20%, enter a PMI rate (typically 0.5–1%).
- 6
Your full monthly payment and total loan cost appear instantly.
How Your Mortgage Payment is Calculated
Principal & Interest = P × [r(1+r)^n] / [(1+r)^n − 1] P = loan amount (home price − down payment) r = monthly interest rate (annual rate / 12) n = total payments (years × 12) Total Monthly Payment = P&I + (Annual Tax / 12) + (Annual Insurance / 12) + Monthly PMI
Example Calculation
Example: $400,000 home, 20% down, 6.8% rate, 30 years
Inputs
Result
$2,488/month | $415,680 total interest
On a $320,000 loan at 6.8% for 30 years, P&I is $2,088/month. Adding $367 tax and $125 insurance = $2,580 total monthly payment. Total interest paid over 30 years: $431,680.