Mortgage Payment Calculator

Calculate your monthly mortgage payment including principal, interest, taxes, and insurance (PITI). Get accurate estimates to plan your home purchase budget.

Loan Details

$

Enter the total purchase price of the home

$
%

Enter as dollar amount or percentage

%

Current mortgage interest rate

Length of the mortgage loan

$

Annual property taxes

$

Annual homeowner's insurance

$

Private Mortgage Insurance (if down payment < 20%)

Monthly Payment Breakdown

Total Monthly Payment

$2,435

Principal & Interest $2,135
Property Tax $500
Home Insurance $100
PMI $0

Loan Summary

Loan Amount: $320,000
Total Interest: $448,600
Total Cost: $768,600

How the Mortgage Payment Calculator Works

Formula Used

M = P × [r(1+r)^n] / [(1+r)^n - 1]

Where:

  • M = Monthly Payment
  • P = Principal Loan Amount
  • r = Monthly Interest Rate
  • n = Total Number of Payments

What's Included

  • Principal & Interest: The core loan payment
  • Property Taxes: Annual taxes divided by 12
  • Home Insurance: Annual premium divided by 12
  • PMI: Private Mortgage Insurance (if applicable)

Understanding Your Results

This calculator provides your total monthly housing payment, often called PITI (Principal, Interest, Taxes, and Insurance). The principal and interest portion remains constant throughout your loan, while property taxes and insurance may change annually. PMI is typically required when your down payment is less than 20% of the home's value and can be removed once you reach 20% equity.

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