Mortgage Payment Calculator
This free US mortgage payment calculator turns a home price, down payment, rate and term into your true monthly mortgage payment (PITI) — principal, interest, property tax, insurance, HOA dues and PMI in one figure. It also shows the total interest, so you can compare 30-year and 15-year loans.
Down payment is 20.0% of the home price.
What is a mortgage payment (PITI)?
A mortgage payment is the amount you hand your lender every month, and in the United States it is usually more than principal and interest. Lenders and real-estate agents describe the full figure with the acronym PITI — principal, interest, taxes and insurance. Principal is the part that shrinks your loan balance. Interest is the lender's charge on the balance you still owe. Taxes are your local property tax, and insurance is your homeowners policy. When a Homeowners Association covers the neighborhood, HOA dues are added too, and when you put down less than 20% a lender typically adds private mortgage insurance (PMI).
That full number is what actually hits your bank account each month, which is why a mortgage payment calculator that stops at principal and interest can mislead a buyer. On a typical US home, taxes and insurance add several hundred dollars to the payment, collected through an escrow account: the servicer holds one-twelfth of the annual bills and pays the county and the insurer when they come due. This tool computes the monthly mortgage payment (PITI) plus PMI, then shows the total interest, so you can judge a 30-year against a 15-year term honestly.
How to use
- Enter the home price and down payment in dollars. The percentage readout under the fields stays in sync, and the preset button returns you to a conventional 20%.
- Enter your interest rate and pick a loan term — 30, 20, 15 or 10 years.
- Add your annual property tax rate, annual insurance premium and any monthly HOA dues. PMI is added automatically when the down payment is under 20%.
- Read the total monthly payment, the breakdown rows below it, and the final rows — total interest and the total of all loan payments. The clipboard icon copies the whole panel.
Example
Take a $400,000 home with 20% down ($80,000), so the loan is $320,000 at 6.5% for 30 years. With the default property tax rate of 1.1% and $1,800 a year of insurance, the calculator returns $2,023 principal and interest, $367 property tax, $150 insurance and $2,539 total per month. PMI is zero, because exactly 20% down leaves the loan-to-value at 80%, which is not above the 80% threshold.
Switch the same loan to 15 years and principal and interest rise to $2,788, so the monthly figure becomes $3,304 — about $765 more each month. The reward is total interest falling from $408,142 to $181,758, a saving of roughly $226,385. Now drop the down payment to 10% ($40,000) on the 30-year loan and the loan grows to $360,000 with an LTV of 90%: PMI appears at $150 a month, pushing the payment to about $2,942.
Who is this for?
- First-time US buyers: see the full monthly cost of a listing — not just the teaser principal-and-interest figure — before you tour or make an offer.
- Buyers comparing 15-year and 30-year terms: watch how the monthly payment rises against how much total interest disappears, then decide what your budget can carry.
- Buyers in high property-tax states: where the effective rate tops 2%, taxes alone can rival the interest on a smaller loan, so set the rate to your county.
- Homeowners checking PMI removal: model a 20% down payment or a lower loan so you know the payment you would have once PMI is cancelled.
Amortization at a glance
The table below uses the same formulas as the calculator for the $400,000 example: a $320,000 loan at 6.5% with the default tax and insurance inputs — the 15-year versus 30-year comparison in numbers.
| Term | Monthly P&I | First-year interest | Total interest | Total paid |
|---|---|---|---|---|
| 30 years | $2,023 | $20,695 | $408,142 | $728,142 |
| 15 years | $2,788 | $20,416 | $181,758 | $501,758 |
| 20 years | $2,386 | $20,562 | $252,600 | $572,600 |
The next table shows the balance left at each milestone year. Notice how much faster the 15-year balance falls: after ten years that borrower owes about $129,000 less.
| Year | Balance left (30 yr) | Balance left (15 yr) |
|---|---|---|
| 1 | $316,423 | $306,966 |
| 5 | $299,555 | $245,495 |
| 10 | $271,284 | $142,468 |
| 15 | $232,189 | $0 |
| 20 | $178,129 | – |
| 25 | $103,373 | – |
| 30 | $0 | – |
Common use cases
- Shopping a listing: plug in the asking price and your planned down payment for the honest monthly number before you book a showing.
- Deciding on a term: compare 30, 20, 15 and 10 years at your real rate and pick the payment your budget can carry.
- Planning a down payment: find the point where a larger down payment removes PMI, and how much that lowers the monthly bill.
- Sanity-checking a lender quote: test the loan estimate you receive against your own inputs.
Pro tips
- Remember what PITI stands for: principal, interest, taxes and insurance. If a quote leaves out taxes or insurance, add them — they are part of your payment, not a separate bill.
- PMI usually applies under 20% down: lenders commonly charge about 0.5% of the loan per year while the loan-to-value sits above 80%, which is why the PMI line only appears below that threshold.
- A 15-year term cuts total interest but raises the monthly payment: on the $320,000 example it saves about $226,000 of interest yet costs about $765 more every month.
- Taxes and insurance are often escrowed: your servicer collects one-twelfth of each annual bill every month, so an increase shows up in your payment rather than as a surprise invoice.
FAQ
What is a mortgage payment (PITI)?
A mortgage payment is the monthly amount you pay your lender. PITI stands for principal, interest, taxes and insurance — the four pieces that make up most US monthly payments, plus HOA dues and PMI when they apply.
How is a monthly mortgage payment calculated?
Principal and interest use the standard amortization formula: payment = P x c / (1 - (1 + c)^-n), where P is the loan amount, c is the monthly interest rate and n is the number of months. Property tax, insurance and HOA dues are added on top.
What is included in PITI?
PITI = principal, interest, property taxes and homeowners insurance. Principal and interest repay the loan; taxes and insurance usually sit in an escrow account your lender draws from to pay those bills.
What is PMI and when does it apply?
Private mortgage insurance is normally charged when you put less than 20% down, because the loan-to-value ratio is above 80%. This calculator models it at about 0.5% of the loan amount per year, shown as a monthly line.
When can I remove PMI?
Under the Homeowners Protection Act you can ask your servicer to cancel PMI once you reach 20% equity, and coverage should end automatically at 22% equity on a conforming loan. The lender may require an appraisal.
Is a 15-year or a 30-year mortgage better?
A 15-year term cuts total interest sharply but raises the monthly payment; a 30-year term keeps the payment lower and frees up cash flow. Enter both terms here with your own numbers before deciding.
How much should I put down on a US home?
Twenty percent avoids PMI and gives instant equity, but many buyers put down 3% to 10% and accept PMI to buy sooner. Run your figure here to see exactly what PMI adds to the monthly payment.
Does this calculator include taxes and insurance?
Yes. Enter your local property tax rate and your annual insurance premium and the tool folds both into the monthly figure, along with HOA dues and PMI when they apply.
Why do property taxes and insurance go up over time?
Property tax follows local assessments and voted rates, while insurance premiums track rebuild costs and market conditions. Both can rise at each renewal, so re-run your numbers once a year.
What interest rate should I enter?
Use the rate on your loan estimate or a current quote that matches your credit score and loan type. A quarter point of rate moves the payment more than most buyers expect.
Does this work for FHA, VA and USDA loans?
You can model all of them, because the principal and interest math is identical. FHA charges an upfront and annual mortgage insurance premium instead of PMI, so adjust the rate and monthly figure to match your quote.
Is this mortgage payment calculator free?
Yes. It is free, needs no sign-up, and runs entirely in your browser. Nothing you type is uploaded anywhere.
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