Mortgage Payment Calculator
Calculate your full monthly payment — principal, interest, taxes, insurance, and PMI — with a complete amortization schedule. Results update instantly as you type.
Your Mortgage Details
Results update automatically as you adjust any field.
Additional Monthly Costs (Optional)
💡 The 28% Rule
Most lenders prefer your total monthly housing payment (PITI) to be no more than 28% of your gross monthly income. Your full debt payments should stay under 43%. Check your DTI →
Payment Breakdown
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Amortization Schedule
See how each payment is split between principal and interest over time.
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| Year | Annual Payment | Principal | Interest | Remaining Balance |
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How to use this calculator
This mortgage payment calculator gives you a complete picture of your monthly housing costs — not just principal and interest, but also property taxes, homeowner's insurance, HOA dues, and private mortgage insurance (PMI).
Step 1: Enter your home price and down payment
The down payment percentage determines your loan-to-value ratio (LTV), which affects the rates lenders offer and whether PMI is required. A 20% down payment eliminates PMI and typically unlocks better rates.
Step 2: Set your interest rate and loan term
Use a rate you've been quoted, or check our current rates page as a starting point. A 30-year term lowers your monthly payment but costs significantly more in total interest — use our loan term comparison tool to see the tradeoff.
Step 3: Add taxes, insurance, and HOA
These "hidden" costs are part of your true housing payment. Property taxes vary by location (1–2% annually is a rough estimate). Homeowner's insurance runs $800–$2,000/year for most homes. Check your HOA documents for monthly dues.
💡 Quick Rule of Thumb
Keep your total monthly housing payment (PITI) below 28% of your gross monthly income, and all debt payments below 43%. These are the standard DTI thresholds most lenders use to qualify borrowers.
What is PMI and when can you remove it?
Private Mortgage Insurance is required when your down payment is less than 20% of the home's purchase price. It typically costs 0.5%–1.5% of the loan amount annually. By law, lenders must automatically cancel PMI when your loan balance drops to 78% of the original purchase price. You can also request cancellation at 80% LTV. Use our PMI calculator to estimate your costs and removal timeline.
Fixed-rate vs. adjustable-rate mortgages
This calculator uses a fixed interest rate throughout the loan term, which is the most common mortgage structure. With an adjustable-rate mortgage (ARM), your rate can change after an initial fixed period. ARMs often start lower but carry rate risk if you plan to stay long-term. Read our Fixed vs. ARM guide for a detailed comparison.
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