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Mortgage Calculator

Estimate your monthly house payment, including property tax, insurance and PMI. See how much interest you’ll pay, when the loan ends and how extra payments shorten it.

The average 30-year fixed rate was about 7.4% in mid-October 2026. Your rate depends on your credit score and lender.

Taxes, insurance and costs

% of home price per year. Varies by state, about 0.3% to 2.2%.

Per year.

% of loan per year. Only with less than 20% down.

Per month, if any.

% of home price, usually 2% to 5%. Paid once, not monthly.

Monthly payment

–

    Loan amount

    –

    Total interest

    –

    Total of payments

    –

    Paid off

    –

    Cash needed at closing

    Balance over time

    Balance owedInterest paid so farPrincipal paid so far

    Amortization schedule

    YearPrincipalInterestTaxes & costsBalance

    How to use the mortgage calculator

    Enter the home price, your down payment (as an amount or a percentage) and the interest rate you’ve been quoted, then pick the loan term. The calculator shows the full monthly payment, often called PITI: principal, interest, property tax and home insurance, plus PMI and HOA fees when they apply.

    What the results include

    PMI is added automatically when you put down less than 20%, and removed once your balance falls to 78% of the price, as the Homeowners Protection Act requires. Cash needed at closing adds your down payment and closing costs, so you can see how much you need to save. The amortization schedule shows how each year’s payments split between principal and interest, and you can download every month as a CSV file for Excel or Google Sheets.

    Assumptions

    The rate is fixed for the whole term, taxes and insurance stay at today’s amounts, and payments are monthly. Adjustable-rate (ARM), FHA and VA loans have different rules and fees. Results are estimates to help you plan, not a loan offer or financial advice: your lender’s Loan Estimate shows the exact figures.

    Frequently asked questions

    How is a monthly mortgage payment calculated?

    Principal and interest use the standard formula M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of payments. A $320,000 loan at 7% over 30 years is $2,128.97 a month. Property tax, insurance, PMI and HOA fees are then added on top.

    What is PITI?

    PITI stands for principal, interest, taxes and insurance: the four parts of a typical monthly mortgage payment. Lenders usually collect property tax and home insurance through an escrow account and pay the bills for you.

    When does PMI go away?

    Private mortgage insurance is usually required on conventional loans with less than 20% down. You can ask your lender to cancel it once your balance reaches 80% of the home’s original value, and it must end automatically at 78% if your payments are up to date. This calculator removes it at 78%.

    Is a 15-year or a 30-year mortgage better?

    A 15-year loan has higher payments but costs far less in interest. At 7%, a $320,000 loan costs $2,876 a month over 15 years with about $198,000 of interest, against $2,129 a month and about $446,000 of interest over 30 years. A 30-year loan keeps payments lower and more flexible.

    How much house can I afford?

    A common guideline is to keep housing costs (the full monthly payment shown here) under 28% of your gross monthly income, and all debt payments under 36%. Lenders also look at your credit score, savings and the size of your down payment.

    Does this include closing costs?

    Closing costs aren’t part of the monthly payment, so they are shown separately in the cash you need at closing, together with your down payment. They are usually 2% to 5% of the price.

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