Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI. Plan your home purchase with confidence.
Estimated Monthly Payment
$2,489.28
Principal & Interest
$2,022.62
Property Tax
$366.67
Insurance
$100.00
PMI
N/A
Loan Amount
$320,000
Total Interest
$408,142
Total Cost of Loan
$728,142
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Mortgage Tips for Home Buyers
Shop Rates
Compare at least 3 lenders — even 0.25% difference saves thousands over 30 years.
20% Down
Put 20% down to avoid PMI and get the best rates. It saves hundreds per month.
Consider 15-Year
If you can afford it, a 15-year term saves 50-60% on total interest paid.
Boost Value
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Understanding Your Mortgage
What's in Your Monthly Payment?
Principal
The portion that reduces your loan balance
Interest
The cost of borrowing money from the lender
Property Taxes
Annual taxes divided into monthly escrow payments
Insurance & PMI
Homeowner's insurance plus PMI if applicable
Frequently Asked Questions
How is a monthly mortgage payment calculated?
A monthly mortgage payment consists of principal, interest, property taxes, and insurance (PITI). The principal and interest portion is calculated using the loan amount, interest rate, and loan term. Our calculator includes all four components plus PMI if your down payment is below 20%.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI typically costs 0.5-1% of the loan amount annually. Once you reach 20% equity, you can request PMI removal from your lender.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but significantly lower total interest (often 50-60% less). A 30-year mortgage offers lower monthly payments and more flexibility. Choose based on your budget, financial goals, and how long you plan to stay.
What mortgage rate can I expect in 2026?
Mortgage rates fluctuate based on economic conditions. In 2026, rates for a 30-year fixed mortgage typically range from 5.5% to 7.5%. Your actual rate depends on your credit score, down payment, loan type, and lender. Shop multiple lenders for the best rate.
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of gross monthly income on housing costs and no more than 36% on total debt. For a household earning $100,000/year, that means a maximum housing payment of about $2,333/month.