Estimate your monthly mortgage payment including principal, interest, property taxes, homeowner's insurance, and PMI. View detailed amortization schedules showing how your payments are applied over time.
Calculate your monthly mortgage payment including taxes, insurance, and PMI.
Down Payment Amount
$85,000
Additional Monthly Costs
2 In-Depth Guides
Navigate the 2026 housing market with confidence. Understand mortgage rates, PMI, down payments, and how to calculate your true monthly cost.
Read Full GuideEverything first-time home buyers need to know in 2026. From pre-approval to closing day, learn how to buy a house confidently while saving thousands on your mortgage.
Read Full GuideBuying a home is the largest financial decision most people make. Understanding your mortgage payment and total cost of homeownership is critical to making a smart purchase. Our mortgage calculator gives you a complete picture of your monthly costs and long-term financial commitment.
Your total monthly housing payment consists of four main components, often called PITI: Principal (paying down your loan balance), Interest (the cost of borrowing), Taxes (property tax), and Insurance (homeowner's insurance). If your down payment is less than 20%, PMI (Private Mortgage Insurance) adds a fifth component. Our calculator breaks down each component so you know exactly where your money goes.
With a standard fixed-rate mortgage, your monthly principal and interest payment stays the same for the life of the loan. However, the split between principal and interest changes dramatically. In the first year of a 30-year mortgage at 6.75%, approximately 75% of each payment goes toward interest. By year 20, it flips — most of the payment goes toward principal. This is why making extra payments early in the loan has the biggest impact on total interest savings.
Your monthly mortgage payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is the monthly payment, P is the loan amount, r is the monthly interest rate, and n is the total number of payments. For a $320,000 loan at 6.75% over 30 years, the monthly principal and interest payment would be approximately $2,075. Property taxes, insurance, and PMI (if applicable) are added on top of this.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender if you default on the loan. PMI typically costs between 0.5% and 1.5% of the loan amount per year. On a $320,000 loan, this could add $133-$400/month to your payment. PMI is usually automatically removed once you reach 20% equity in your home, either through payments or home value appreciation.
A 15-year mortgage has higher monthly payments but significantly less total interest. For a $320,000 loan at 6.75%: a 30-year mortgage costs $2,075/month with $426,966 total interest, while a 15-year mortgage costs $2,835/month with only $190,234 total interest — saving you $236,732. Choose 15 years if you can comfortably afford the higher payments; choose 30 years for lower monthly obligations and more financial flexibility.
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs (mortgage, taxes, insurance) and no more than 36% on total debt payments. For a household income of $100,000/year ($8,333/month), this means your total housing payment should not exceed approximately $2,333/month. Our calculator helps you work backward from your budget to find the right home price.
As of early 2026, average mortgage rates for a 30-year fixed mortgage are approximately 6.5-7.0%, while 15-year fixed rates are around 5.75-6.25%. Rates vary based on your credit score, down payment, loan amount, and lender. A credit score above 740 typically qualifies you for the best available rates. Our calculator defaults to 6.75% as a representative current rate.
An amortization schedule shows how each mortgage payment is split between principal (paying down your loan) and interest over the life of the loan. In the early years, most of your payment goes toward interest. Over time, the split gradually shifts until most of each payment goes toward principal. Understanding your amortization schedule helps you see how extra payments can save you thousands in interest and years off your mortgage.
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