Mortgage Payment Calculator
Estimate your complete monthly mortgage payment - PITI, PMI & HOA included
A mortgage payment is more than just principal and interest. Most homeowners pay a combination of loan principal, interest, property taxes, homeowners insurance, and often mortgage insurance or HOA dues. Knowing your true monthly mortgage payment is essential when buying a home, refinancing, or setting a realistic housing budget.
Use our free Mortgage Calculator to estimate your complete monthly payment - including PITI, PMI, and HOA when applicable. Adjust the home price, down payment, interest rate, and loan term to see your payment breakdown, amortization schedule, and how changes affect your costs over time.
Mortgage Payment Breakdown (Monthly)
Balance and costs over time (yearly)
Amortization (first 12 months)
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $275.51 | $1,800.00 | $319,724.49 |
| 2 | $277.06 | $1,798.45 | $319,447.42 |
| 3 | $278.62 | $1,796.89 | $319,168.80 |
| 4 | $280.19 | $1,795.32 | $318,888.61 |
| 5 | $281.77 | $1,793.75 | $318,606.85 |
| 6 | $283.35 | $1,792.16 | $318,323.49 |
| 7 | $284.94 | $1,790.57 | $318,038.55 |
| 8 | $286.55 | $1,788.97 | $317,752.00 |
| 9 | $288.16 | $1,787.36 | $317,463.84 |
| 10 | $289.78 | $1,785.73 | $317,174.06 |
| 11 | $291.41 | $1,784.10 | $316,882.66 |
| 12 | $293.05 | $1,782.46 | $316,589.61 |
Mortgage Calculator
Mortgage Calculator Payment Results
Amortization (annual summary)
Mortgage Payment Calculator: The Complete Guide to Your Monthly Mortgage Payment
A mortgage payment is rarely just principal and interest. Most homeowners pay a combination of principal, interest, property taxes, homeowners insurance, and often mortgage insurance or HOA dues. Understanding how these pieces fit together is critical when buying a home, refinancing, or planning a long-term housing budget.
This guide explains exactly how a mortgage payment is calculated, what affects your monthly cost, how to use a mortgage payment calculator correctly, and how to avoid the most common mistakes that cause payment surprises. You can use the calculator above to estimate your complete monthly payment and then use this guide to understand and optimize the results.
Explore our mortgage guides
Use the calculator above for quick answers, then choose a guide below to go deeper.
Use Our Mortgage Payment Calculator
A mortgage payment calculator estimates your total monthly housing payment based on your loan details and property costs. Unlike calculators that only show principal and interest, this calculator is designed to estimate your all-in monthly payment.
Your estimated payment includes:
- Principal and interest based on your loan amount, rate, and term
- Estimated property taxes
- Estimated homeowners insurance
- HOA dues (if applicable)
- Mortgage insurance (PMI, FHA MIP, or program fees when required)
What the calculator shows
- Your estimated monthly mortgage payment
- A breakdown of each payment component
- An amortization schedule showing balance over time
- Total interest paid over the life of the loan
- Your projected payoff date
These results are estimates for planning and education. Actual payments vary by lender, location, and loan program.
What Affects Your Monthly Mortgage Payment?
Most monthly mortgage payments consist of multiple components. Lenders often refer to this total as PITI: principal, interest, taxes, and insurance. Depending on the property and loan type, additional costs may apply.
Principal and Interest
Principal is the amount you borrow after your down payment. Interest is the cost of borrowing that money. Together, principal and interest form the base mortgage payment calculated using a standard amortization formula.
Early in the loan term, most of your payment goes toward interest. Over time, a larger portion goes toward reducing the principal balance.
Property Taxes
Property taxes are assessed by local governments and vary widely by location. Most lenders collect taxes monthly through an escrow account and pay them on your behalf.
If tax rates or assessments increase, your monthly mortgage payment may increase after an annual escrow analysis.
Homeowners Insurance
Homeowners insurance protects the property against damage and loss. Lenders require coverage and typically collect premiums monthly through escrow.
Insurance costs depend on location, property value, coverage limits, and deductibles.
Mortgage Insurance and Program Fees
- Conventional PMI: Typically required when the down payment is less than 20%. PMI may be removed once certain loan-to-value thresholds are met.
- FHA MIP: Includes an upfront premium (often financed) and an annual premium paid monthly.
- VA Funding Fee: A one-time fee for eligible borrowers, often financed into the loan.
- USDA Guarantee Fee: Includes upfront and annual components.
HOA Dues
Condominiums and many planned communities charge monthly HOA dues. These fees are not part of your loan but are included when evaluating your total housing cost and affordability.
Mortgage Calculator vs Mortgage Affordability Calculator
These two tools answer different questions and are often confused.
- A mortgage payment calculator estimates your monthly payment for a specific home price and loan.
- A mortgage affordability calculator estimates how much home you can afford based on income, debts, and financial limits.
If you already know the purchase price, use a mortgage payment calculator. If you are still setting a budget, start with affordability planning first. Our Affordability & Planning guide shows how to estimate a safe price range using income, debts, and DTI before you model specific loan scenarios.
How Mortgage Payments Are Calculated
Fixed-rate mortgage payments for principal and interest are calculated using a standard amortization formula.
Monthly P&I = P × ( r × (1 + r)^n ) / ( (1 + r)^n − 1 ) P = loan amount r = monthly interest rate (annual rate ÷ 12) n = total number of payments
This formula determines the portion of each payment that goes toward interest and principal. Taxes, insurance, HOA dues, and mortgage insurance are added to calculate the total monthly payment.
If you want to see how this math plays out month-by-month (and how the interest portion changes over time), see our Amortization & Payoff guide.
Common Mortgage Payment Mistakes
- Comparing homes using principal and interest only
- Underestimating property taxes or insurance
- Assuming PMI disappears immediately
- Ignoring HOA dues
- Choosing a loan term based solely on the lowest payment
If you’re deciding between a 30-year vs 15-year payment, our Loan Term Calculators guide helps you compare terms side-by-side using real monthly payment differences.
How to Lower Your Monthly Mortgage Payment
- Increase your down payment
- Improve credit and reduce debt-to-income ratio
- Shop multiple lenders and compare loan offers
- Consider a longer loan term
- Make extra principal payments when possible
Beyond the Standard Mortgage Payment
Amortization schedules
An amortization schedule shows how each payment is applied over time. Reviewing it helps you understand how extra payments or refinancing may affect total interest.
Extra payments and early payoff
Making additional principal payments can significantly reduce total interest and shorten the loan term.
Not sure what to do next?
Choose the guide that matches your goal:
- Affordability & Planning : set a safe budget and confirm you can qualify.
- Loan Term Calculators : compare 10/15/20/30-year terms and monthly payments.
- Amortization & Payoff : understand interest over time and pay off faster.
Frequently Asked Questions
Does this mortgage payment calculator include taxes and insurance?
Yes. This mortgage payment calculator estimates your full monthly payment, including principal, interest, property taxes, and homeowners insurance (PITI). You can also include HOA dues and mortgage insurance (PMI or MIP) when applicable to see your total housing cost.
Why is my mortgage payment higher than principal and interest?
Most mortgage payments include more than principal and interest. Lenders usually collect property taxes and homeowners insurance through an escrow account, which increases the monthly payment. If your down payment is low, mortgage insurance or HOA dues may also be included.
What is included in a monthly mortgage payment?
A monthly mortgage payment typically includes principal and interest on the loan, property taxes, homeowners insurance, and sometimes mortgage insurance (PMI or MIP). Many homeowners also pay HOA dues. Together, these costs are often referred to as PITI plus any additional fees.
What is PITI in a mortgage?
PITI stands for principal, interest, taxes, and insurance. It represents the core components of most monthly mortgage payments. Lenders use PITI to evaluate affordability and debt-to-income ratios when approving a home loan.
How is escrow calculated for a mortgage payment?
Mortgage escrow is calculated by estimating annual property taxes and homeowners insurance, dividing the total by 12, and adding it to your monthly payment. Lenders may also collect a small escrow cushion to cover future increases in taxes or insurance premiums.
When does PMI get removed from a mortgage?
For conventional loans, PMI is typically removed automatically when the loan balance reaches about 78% of the home’s original value, provided payments are current. Borrowers may request removal earlier, usually at 80% loan-to-value, if lender requirements are met.
How accurate is a mortgage payment calculator?
Mortgage payment calculators provide accurate estimates based on the information you enter, such as price, rate, and taxes. However, actual payments may differ due to lender fees, insurance premiums, or tax changes. Calculators are best used for planning and comparison, not final loan quotes.
Should I use a mortgage calculator or an affordability calculator first?
Use a mortgage affordability calculator first if you are setting a home-buying budget based on income and debts. Use a mortgage payment calculator when you know the home price and want to estimate your monthly payment for a specific loan scenario.
What’s a good mortgage payment as a percentage of income?
Many lenders consider housing costs of around 25%–30% of gross monthly income to be manageable, though limits vary by loan program and borrower profile. Total debt-to-income ratios are also used when evaluating mortgage affordability.
Can my mortgage payment change over time?
Yes. Mortgage payments can change if property taxes or insurance premiums increase, escrow accounts are adjusted, or an adjustable-rate mortgage resets. Fixed-rate loans keep principal and interest stable, but total payments may still change due to escrow updates.
For more FAQs, visit our full list of mortgage-related questions .
Ready to Estimate Your Mortgage Payment?
Use the mortgage payment calculator above to explore different scenarios, compare loan terms, and plan your home budget with confidence.