Free Online Mortgage Payment Calculator
Estimate your monthly home loan payment. Enter the home price, down payment, interest rate, and loan term to see principal, interest, and total housing costs.
This simple, free mortgage calculator estimates your monthly payment with principal, interest, property taxes, homeowners insurance, PMI, and HOA fees. Tax, insurance, and PMI values start with rough estimates and can be edited below. Compare home loan prices, down payments, rates, and terms to see how each variable changes your payment and total interest, then review the complete amortization schedule or explore mortgage payment scenarios with calculated examples. Need a starting point for a specific area? See state-level mortgage estimates with property tax and insurance defaults.
Mortgage Calculator Inputs
20% down ($80K). No PMI typically required
Estimated Monthly Costs
PMI is estimated only when your down payment is below 20%.
$2,505.95
Includes estimated taxes, insurance, PMI & HOA$408,142
Over the life of the loan$808,142
$80,000 down + $728,142 principal & interestPrincipal & interest
$2,023
Property taxes
$367
Insurance
$117
PMI
$0
HOA
$0
Amortization Schedule
Monthly payment breakdown
Mortgage Balance Over Time
Remaining Loan Balance by Month
5-Year Equity Snapshot
After 5 years of payments, your remaining balance is $299,555. You will have paid down $20,445 in principal.
Interest vs. Principal Ratio
Over the full loan term, you pay $408,142 in total interest, which equals 128% of the original loan principal. Making extra payments or securing a lower rate can reduce this significantly.
Did you know?
A 1% drop in your mortgage rate can reduce your monthly payment by hundreds of dollars and save you tens of thousands in interest over the life of the loan.
Understanding Your Mortgage Payment
Learn how mortgage payments work, what factors drive your monthly cost, and how to reduce it.
1What Is a Mortgage Payment? PITI Explained
A standard mortgage payment has two core components: principal and interest (P&I). Principal is the money you borrowed and are paying back. Interest is the fee the lender charges for lending you that money, calculated as a percentage of your remaining loan balance each month.
Most homeowners also pay property taxes and homeowners insurance through an escrow account managed by the lender. If your down payment is less than 20%, private mortgage insurance (PMI) is typically added as a separate monthly line item. Together, principal, interest, taxes, and insurance are often called PITI. HOA dues are an additional housing cost that may not be collected through escrow.
Early in your loan term, most of each payment covers interest. As your balance shrinks, the interest portion decreases and more of each payment goes toward principal. This is why a mortgage amortization chart shows a curve rather than a straight line.
How Down Payment Affects Your Payment
Your down payment directly determines your loan amount. On a $400,000 home, a 20% down payment ($80,000) means you borrow $320,000. A 10% down payment ($40,000) means you borrow $360,000. That $40,000 difference in loan amount translates to a noticeable difference in your monthly payment and total interest cost over the life of the loan.
If your down payment is below 20%, most conventional lenders require PMI. This insurance protects the lender if you default, but it adds $50 to $300 to your monthly payment depending on your loan size and credit score. Once your loan balance drops to 80% of the original home value, you can request PMI cancellation. Use our PMI removal timeline calculator to see exactly when you can eliminate that cost.
A larger down payment also gives you instant equity. If home values decline, a higher equity cushion reduces the risk of going underwater on your mortgage. A larger down payment typically qualifies you for a slightly lower interest rate and more flexible underwriting terms.
15-Year vs 30-Year Mortgages
The 30-year fixed-rate mortgage is the most popular choice because it offers the lowest monthly payment for a given loan amount. The tradeoff is that you pay more in total interest. A 15-year mortgage requires a higher monthly payment but saves you tens or even hundreds of thousands of dollars in interest over the life of the loan.
| Feature | 30-Year | 15-Year |
|---|---|---|
| Monthly payment | Lower | Higher |
| Total interest | Higher | Much lower |
| Equity buildup | Slower | Much faster |
| Typical rate | Higher | 0.5% - 1% lower |
| Cash flow flexibility | More | Less |
A 20-year mortgage falls in between. It offers lower total interest than a 30-year with a more manageable payment than a 15-year. Use the term selector in this calculator to compare payment amounts for each option side by side.
How to Use This Calculator
Enter your expected home price, down payment percentage, interest rate, and loan term. The calculator updates in real time and shows:
- Your monthly P&I payment amount
- Total interest you will pay over the full loan term
- A visual chart showing your loan balance declining month by month
- A detailed amortization schedule breaking down every payment into principal and interest
Adjust the sliders to test different scenarios. See how a 1% rate change shifts your monthly payment. Compare a 30-year loan to a 15-year. Model a larger down payment. All calculations run in your browser. No data is sent to a server.
What Makes Up Your Estimated Monthly Payment
Your estimated monthly payment combines principal and interest with editable estimates for the other common housing costs:
- Property taxes. These vary widely by county and state. The calculator starts with a rough percentage estimate that you can replace with your actual annual tax bill.
- Homeowners insurance. The starting estimate is based on home value. Your lender quote or insurance premium will be more accurate.
- Private mortgage insurance (PMI). The calculator estimates PMI when your down payment is under 20%; actual pricing depends on your loan type and borrower profile. See our PMI removal calculator.
- HOA fees. These default to $0 and can be entered when the property has a homeowners association.
How We Calculate This
Monthly principal and interest is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n - 1], where P is your loan amount, r is the monthly interest rate, and n is the total number of payments.
Your loan amount is the home price minus your down payment. Total interest is the sum of all monthly interest charges over the full term. Each month, the interest portion equals your remaining balance multiplied by the monthly rate. The principal portion is the payment minus that interest charge. All calculations run in your browser. No data leaves your device.
Estimated property tax is calculated as home price multiplied by the annual tax rate divided by 12. Homeowners insurance uses the same approach with the annual insurance rate. PMI uses the loan amount multiplied by the estimated annual PMI rate divided by 12 when the down payment is below 20%. HOA dues are added as a flat monthly amount.
Related Tools
Mortgage Payment Scenarios
Real examples with calculated numbers: payment by home price, term, down payment, and rate.
State Mortgage Estimates
State-level property tax and insurance defaults for Texas, Florida, California, and more.
Recast Calculator
Model how a lump sum payment can permanently lower your monthly mortgage payment.
HELOC vs. Cash-Out Refi
Compare keeping your rate with a second lien against a full refinance.
PMI Removal Timeline
Project when your LTV hits 80% and you can cancel mortgage insurance.
Mortgage Calculator Frequently Asked Questions
Everything you need to know about mortgage payments and amortization.
1How is my monthly mortgage payment calculated?
Your monthly P&I payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments. This formula ensures each payment covers the interest accrued that month while paying down a portion of the principal, fully retiring the loan by the end of the term.
2What is included in a P&I payment?
Principal and interest (P&I) is the core component of your mortgage payment. Principal is the portion that reduces your loan balance. Interest is the cost of borrowing money, calculated as a percentage of your remaining balance each month. This does not include property taxes, homeowners insurance, or mortgage insurance, which are typically paid through an escrow account.
3How does a 15-year mortgage compare to a 30-year?
A 15-year mortgage has higher monthly payments but much lower total interest cost. You build equity faster and own your home free and clear in half the time. A 30-year mortgage gives you a lower required monthly payment, which improves your cash flow and may help you qualify for a larger loan. The tradeoff is paying significantly more in total interest.
4How does the down payment affect my monthly payment?
A larger down payment reduces your loan amount, which directly lowers your monthly P&I payment. It also reduces the total interest you pay over the life of the loan. If you put down less than 20%, lenders typically require private mortgage insurance (PMI), which adds to your monthly cost. Use our PMI removal calculator to see when you can cancel that insurance.
5What is mortgage amortization?
Amortization is the process of gradually paying off your loan through fixed monthly payments. In the early years, most of each payment goes toward interest because your loan balance is at its highest. Over time, as the balance decreases, a larger share goes toward principal. The entire loan is paid off precisely at the end of the term.
6Can I see a full amortization schedule?
Yes. Click the View Table button in the insights panel to see a month-by-month breakdown of your payment, principal, interest, and remaining balance. You can also export the entire schedule as a CSV file. For a detailed visual breakdown of every payment over the full loan term, visit our amortization schedule page.