Mortgage Calculator
A mortgage payment has four parts — principal, interest, taxes, and insurance (PITI). Enter your home price, down payment, and rate to see the monthly cost and what the loan adds up to over its full term.
- Accurate
- Real-time
- Easy to use
- 100% free
Monthly principal & interest
$2,022.62
Loan amount
$320,000
Details
Updates as you typePut down 20% or more to avoid PMI.
Summary
Healthy — 60% to 80%Monthly principal & interest
$2,022.62
Total monthly payment
$2,572.62
- Principal & interest$2,022.6279%
- Property tax$400.0016%
- Home insurance$150.006%
- Total monthly (PITI)
- $2,573
- Loan amount
- $320,000
- Total interest
- $408,142
- Total repaid
- $728,142
- Down payment
- 20.0%
- Loan-to-value
- 80.0%
How this is calculated
- Home price
- $400,000
- Down payment
- $80,000
- Amount borrowed
- $320,000
- Annual rate
- 6.500%
- Monthly rate
- 0.5417%
- Number of payments
- 360
- Principal & interest
- $2,022.62
- Property tax
- $400.00
- Home insurance
- $150.00
- PMI
- $0.00
- Total monthly payment
- $2,572.62
- Interest as a share of the loan
- 127.5%
Years
Compare scenarios
See how one change moves the result
- CurrentYour inputs as they stand$2,022.62Current
- Home price$ 500,000$2,654.69
- Down payment$ 100,000$1,896.20
- Annual interest rate% 8.125$2,375.99
For informational purposes only. This is not financial advice — confirm major decisions with a licensed advisor.
Frequently asked questions
What is included in a monthly mortgage payment?
Four things, abbreviated PITI: principal (paying down the balance), interest (the cost of borrowing), property taxes, and homeowners insurance. If your down payment is under 20%, private mortgage insurance (PMI) is added on top.
How much house can I afford?
A common guideline is the 28/36 rule: housing costs stay under 28% of gross monthly income, and all debt payments under 36%. Lenders also look at your credit score, down payment, and existing debts.
Is a 15-year or 30-year mortgage better?
A 15-year loan carries a higher monthly payment but typically a rate 0.5–0.75% lower, and it cuts total interest by roughly half. A 30-year loan keeps monthly cash flow flexible. Choose based on how much payment room your budget genuinely has.
When does PMI go away?
On conventional loans, PMI can usually be cancelled once you reach 20% equity, and it terminates automatically at 22% equity based on the original schedule. FHA loans often carry mortgage insurance for the life of the loan.