Free Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance. Get instant results to help you plan your home purchase.
Free Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and view your complete amortization schedule. No signup required - get instant results.
Loan Details
20.0% down payment
How to Calculate Your Monthly Mortgage Payment
Our mortgage payment calculator helps you determine your monthly payment by considering several key factors:
- Loan amount (principal)
- Interest rate
- Loan term (years)
- Property taxes
- Homeowners insurance
- Private mortgage insurance (PMI)
What's Included in Your Monthly Payment
Your monthly mortgage payment typically includes four main components:
- Principal: The amount you borrowed
- Interest: The cost of borrowing money
- Taxes: Property taxes (usually escrowed)
- Insurance: Homeowners insurance and PMI if applicable
Factors That Affect Your Monthly Payment
Loan Amount & Down Payment
A larger down payment reduces your loan amount and monthly payment.
Interest Rate & Loan Type
Fixed-rate vs adjustable-rate mortgages affect your payment stability.
Loan Term
15-year vs 30-year terms significantly impact your monthly payment.
Property Location & Taxes
Property taxes vary by location and affect your total payment.
Credit Score & PMI
Your credit score affects your rate and PMI requirements.
Insurance Costs
Homeowners insurance costs vary by property value and location.
Frequently Asked Questions
How accurate is this mortgage payment calculator?
Our calculator provides estimates based on current market rates and standard calculations. For exact payments, consult with a mortgage lender who can provide personalized rates and terms.
What's the difference between principal and interest?
Principal is the amount you borrowed, while interest is the cost of borrowing that money. Early in your loan, most of your payment goes toward interest. As you pay down the principal, more of your payment goes toward the principal balance.
Should I include PMI in my calculation?
Yes, if your down payment is less than 20%, you'll likely need to pay Private Mortgage Insurance (PMI), which should be included in your monthly payment calculation. PMI typically costs 0.5% to 1% of your loan amount annually.
How do property taxes affect my monthly payment?
Property taxes are typically included in your monthly mortgage payment through an escrow account. Your lender collects 1/12 of your annual property tax bill each month and pays it when due.
What's the difference between a 15-year and 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower total interest costs and builds equity faster. A 30-year mortgage has lower monthly payments but higher total interest costs over the life of the loan.