Mortgage Payment Calculator
Estimate your monthly mortgage payment. Adjust the home price, down payment, rate, and term to see how they affect your costs.
Monthly Payment Breakdown
Loan amount: $320,000
30-year fixed at 6.75%
How the Mortgage Calculator Works
This calculator uses the standard amortization formula to determine your monthly principal and interest payment, then adds estimated property taxes and homeowners insurance for a complete picture of your housing costs.
The results update in real time as you change any input. Experiment with different scenarios — adjust the down payment to see how it changes your monthly obligation, or compare a 15-year term versus a 30-year term to understand the trade-off between payment size and total interest paid.
Keep in mind this is an estimate. Your actual payment may differ based on your credit score, the specific loan program, and local tax rates. For a personalized quote, start your application.
Frequently Asked Questions
Your monthly payment is calculated using the loan amount, interest rate, and loan term. The formula uses an amortization schedule where each payment covers both principal and interest. Taxes and insurance are added on top.
A typical monthly mortgage payment includes four parts known as PITI: Principal (the loan balance), Interest (the cost of borrowing), Taxes (property taxes collected by your local government), and Insurance (homeowners insurance to protect the property).
While 20% down avoids private mortgage insurance (PMI), many loan programs allow much less. FHA loans require as little as 3.5% down, and VA loans offer zero-down options for eligible veterans. The right amount depends on your financial situation.
This calculator does not automatically include PMI. If your down payment is less than 20%, you may need to add PMI to your estimate. PMI typically costs 0.5% to 1% of the loan amount per year.