Mortgage Calculator
Estimate your full monthly mortgage payment — principal, interest, taxes, insurance, PMI, and HOA — and see how much interest you will pay over the life of the loan.
Estimated monthly payment
$2,514
- Principal & interest
- $2,023
- Property tax
- $367
- Home insurance
- $125
- Down payment
- $80,000
- Loan amount
- $320,000
- Total interest paid
- $408,142
How to use the mortgage calculator
Enter your target home price, down payment, interest rate, and loan term. Add your local property tax rate and insurance estimate for a realistic total. The results update instantly as you type, so you can quickly compare scenarios — a shorter term, a bigger down payment, or a lower rate — to see how your monthly payment and total interest change.
Understanding your monthly payment (PITI)
Most homeowners pay more than just principal and interest. Your lender typically collects property taxes and homeowners insurance in an escrow account, spreading those annual costs across twelve monthly payments. Together these four components — Principal, Interest, Taxes, and Insurance — are known as PITI.
Frequently asked questions
What does this mortgage calculator include?+
It estimates your full monthly payment (PITI): principal and interest, property taxes, homeowners insurance, PMI if your down payment is under 20%, and optional HOA dues. It also shows total interest paid over the life of the loan.
How is the monthly mortgage payment calculated?+
Principal and interest use the standard amortization formula based on your loan amount, interest rate, and term. Taxes and insurance are added on top, and PMI is estimated at roughly 0.6% of the loan per year when down payment is below 20%.
Does a bigger down payment lower my payment?+
Yes. A larger down payment reduces your loan amount and can eliminate PMI once you reach 20% down, lowering your monthly payment and total interest.