Your mortgage payment is made up of four components: principal, interest, property taxes, and insurance — collectively known as PITI. On a $350,000 home with 20% down and a 7% rate, your monthly payment is about $1,863 for principal and interest alone. Add property taxes ($300-$800/month depending on location) and insurance ($100-$200/month), and the true monthly cost is $2,263-$2,863. This calculator breaks down every component so you see the full picture before committing to the largest financial obligation most people will ever take on.
Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and amortization.
Mortgage Calculator Comparison
Monthly payments at various rates
| Rate | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5% | $1,879 | $326,395 | $676,395 |
| 5.5% | $1,987 | $365,414 | $715,414 |
| 6% | $2,098 | $405,434 | $755,434 |
| 6.5% | $2,212 | $446,406 | $796,406 |
| 7% | $2,329 | $488,281 | $838,281 |
| 7.5% | $2,447 | $531,010 | $881,010 |
How to Use This Calculator
- Enter the home price and your down payment amount or percentage
- Set the interest rate — use today's rate from your lender or a rate comparison site
- Choose 15 or 30 year term — 15-year saves massive interest but has higher payments
- Add estimated property tax rate and annual insurance cost for your area
- Include PMI if your down payment is under 20% — typically 0.5-1% of loan amount annually
How It Works
This calculator uses the standard amortization formula to compute your mortgage calculator payment.
The basic rule:
- Monthly Payment = P × [r(1+r)^n] / [(1+r)^n – 1]
- r = annual interest rate ÷ 12
- n = loan term × 12 (total monthly payments)
- Total Interest = (Monthly Payment × n) – Principal
Results are estimates. Actual payments may vary based on fees, insurance, and other factors.
Tips & Considerations
- A 30-year mortgage at 7% means you pay more in interest than the original loan amount. On $280K borrowed, you pay $390K in total interest over 30 years.
- 15-year mortgages typically get rates 0.5-0.75% lower than 30-year terms, plus you pay less than half the total interest. Monthly payments are about 40% higher.
- PMI costs $100-$300/month on a typical loan and provides zero benefit to you — it protects the lender. Get to 20% equity as fast as possible to eliminate it.
- Points (prepaid interest) can be worth buying if you plan to stay 5+ years. One point costs 1% of the loan and typically reduces your rate by 0.25%.
Frequently Asked Questions
What is included in a mortgage payment?
Your total payment typically includes principal, interest, property taxes, and homeowners insurance (PITI). If your down payment is under 20%, you also pay private mortgage insurance (PMI).
How much should I put down on a house?
20% down avoids PMI and gets the best rates. FHA loans allow 3.5% down, and some conventional loans allow 3%. Less down means higher monthly payments and more total interest.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but saves tens of thousands in interest and builds equity faster. A 30-year offers lower payments and more flexibility. Choose based on your budget stability.