Mortgage Payment Calculator
Calculate your estimated monthly mortgage payment including principal, interest, taxes, and insurance.
Total Monthly Payment
$2,612
P&I
$2,212
Total Interest
$446,406
Total Cost
$796,406
Payment Breakdown
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What it does: Calculates your estimated monthly mortgage payment including principal, interest, property taxes, and homeowners insurance (PITI).
When to use: Use this calculator when you want to know the true monthly cost of owning a home — not just the loan payment, but the full PITI amount that lenders and budgets care about.
How to use: Enter your home price (or loan amount), interest rate, loan term, annual property tax, and annual insurance cost. The calculator shows your total monthly payment broken down by component.
Key Inputs Explained
Worked Example
On a $400,000 home with a $320,000 loan at 6.5% for 30 years, with $4,800/year taxes and $1,200/year insurance: Monthly P&I = $2,022, Monthly tax = $400, Monthly insurance = $100, Total PITI = $2,522.
Assumptions & limitations: This calculator assumes a fixed-rate mortgage and does not include PMI, HOA fees, or closing costs. For PMI, use the PMI Calculator. For the full cost picture, see the Total Monthly Cost guide.
Calculator FAQs
Does this calculator include PMI?
No. PMI is separate on conventional loans with less than 20% down. Use the PMI Calculator to estimate that cost, then add it to your result.
What is the difference between the interest rate and APR?
The interest rate determines your monthly payment. The APR includes fees (like origination and points) and reflects the true cost of borrowing. Use the interest rate for payment calculations.
How do I find my property tax rate?
Search your county assessor or tax collector website. Property tax rates are public record. You can also ask your real estate agent or check recent tax bills for the property.
Why is my actual payment higher than the calculator shows?
Your lender may include additional escrow items (HOA, flood insurance, mortgage insurance) that this calculator does not include. Ask your lender for a full payment breakdown.