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Mortgage Calculator

Updated January 2026

A mortgage calculator helps you estimate your monthly home loan payment including principal, interest, property taxes, and insurance. Whether you're a first-time homebuyer or refinancing, know your costs before you apply.

How to Use This Calculator

Enter the home price, your down payment, the interest rate, and the loan term in years. Add your annual property tax and homeowners insurance for a complete picture. Click Calculate to see your total monthly payment (PITI: Principal, Interest, Taxes, Insurance), a breakdown of each component, and a full loan summary including total interest paid over the life of the loan.

How It's Calculated

The monthly payment uses the standard amortization formula:

M = P × [ i(1+i)^N ] / [ (1+i)^N − 1 ]

Where P is the loan amount (home price minus down payment), i is the monthly interest rate (annual rate / 12), and N is the total number of monthly payments (years × 12). The total monthly payment shown includes principal, interest, property tax (annual / 12), and homeowners insurance (annual / 12).

Frequently Asked Questions

Your monthly mortgage payment typically includes four components, often called PITI: Principal (the loan amount you're paying down), Interest (the cost of borrowing), Taxes (property taxes, usually held in escrow), and Insurance (homeowners insurance, plus PMI if your down payment is under 20%). Most lenders combine these into a single monthly payment and hold the tax and insurance portions in an escrow account to pay them on your behalf. This calculator also accounts for HOA fees if applicable.
Most lenders use the 28/36 rule: your monthly housing payment should not exceed 28% of your gross monthly income, and your total debt payments (including housing) should not exceed 36%. On a $100,000 annual salary ($8,333/month), that means a max housing payment of about $2,333/month. After accounting for taxes, insurance, and PMI (roughly $400–$800/month), the remaining amount for principal and interest determines your maximum loan amount and home price.
A 30-year mortgage offers lower monthly payments because the loan is stretched over twice as many years, but you pay significantly more total interest. A 15-year mortgage has higher monthly payments but you build equity much faster and pay far less interest over the life of the loan. For example, on a $300,000 loan at 6%, the 30-year payment is about $1,799/month while the 15-year payment is about $2,531/month — but the 30-year costs $347,514 in total interest versus $155,682 for the 15-year.
Yes, this mortgage calculator includes fields for annual property taxes and homeowners insurance, which are added to your monthly payment. Many homebuyers underestimate these costs — property taxes typically range from 0.5% to 2.5% of home value annually depending on location, and homeowners insurance averages $1,000–$2,000 per year. Including these gives you a much more accurate picture of your true monthly housing cost than a principal-and-interest-only calculator.

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