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Use this free mortgage calculator to estimate your monthly house payment in seconds. Enter the home price, down payment, loan term, and interest rate, and it instantly shows your monthly principal and interest, property taxes, homeowners insurance, and PMI — plus the total interest you'll pay over the life of the loan.
How to use this mortgage calculator
Type in the home price and your down payment (in dollars). Pick a loan term — 30 years for the lowest payment, 15 years to save the most interest. Enter today's interest rate, then adjust the property-tax rate and annual insurance to match your area. The results update as you type. If your down payment is under 20%, the calculator adds an estimated PMI line automatically.
How your mortgage payment is calculated
Your payment has two parts. The principal-and-interest portion follows the amortization formula M = P × r(1+r)n ÷ [(1+r)n − 1], where P is the loan amount (price minus down payment), r is the monthly rate (annual rate ÷ 12), and n is the number of monthly payments. On top of that, lenders collect 1/12 of your annual property taxes and insurance each month (an escrow account), plus PMI if applicable. Together these four costs are known as PITI.
A quick example
Say you buy a $350,000 home with $70,000 down (20%) on a 30-year loan at 6.5%. The $280,000 loan gives a principal-and-interest payment of about $1,770/month. Add roughly $320 in property tax and $133 in insurance, and your all-in payment is about $2,223/month — with no PMI because you put down 20%.
What affects your monthly payment
- Interest rate — even 0.5% changes your payment by over $90/month on a $280k loan.
- Loan term — 15-year loans cost more per month but save huge interest.
- Down payment — more down means a smaller loan and no PMI above 20%.
- Property taxes & insurance — vary widely by state and home value.
Related calculators & guides
- How much house can you afford on your salary
- How to get pre-approved for a mortgage
- 15- vs 30-year mortgage explained
Mortgage Calculator FAQ
How much is a $300,000 mortgage per month?
On a $300,000 loan at 6.5% over 30 years, principal and interest run about $1,896/month. Add property taxes, homeowners insurance, and PMI (if you put down less than 20%) and the full payment is typically $2,300–$2,600/month. Plug your exact numbers into the calculator above for a precise figure.
What is included in a monthly mortgage payment?
Four things, often called PITI: Principal (paying down the loan), Interest (the lender's charge), property Taxes, and homeowners Insurance. If your down payment is under 20%, add private mortgage insurance (PMI). HOA dues, if any, are separate.
How much house can I afford on my salary?
A common rule is the 28/36 rule: keep your housing payment under 28% of gross monthly income, and total debt under 36%. On a $6,000/month income, that's roughly a $1,680 housing payment — which, at current rates, supports a home around $230,000–$270,000 depending on your down payment and other debts.
How much down payment do I need for a house?
You can buy with as little as 3% (conventional) or 3.5% (FHA), but putting down 20% lets you skip PMI and lowers your monthly payment. On a $350,000 home, 20% is $70,000. The calculator shows exactly how your down payment changes the monthly cost and whether PMI applies.
Is a 15-year or 30-year mortgage better?
A 30-year loan has lower monthly payments but far more total interest. A 15-year loan has higher payments but you build equity faster and save tens of thousands in interest. Try both terms in the calculator to compare the monthly payment and total interest side by side.
How is a mortgage payment calculated?
The principal-and-interest portion uses 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 number of payments. Taxes, insurance, and PMI are added on top. The calculator above does all of this instantly.
What is PMI and when do I pay it?
Private mortgage insurance protects the lender when your down payment is under 20%. It typically costs 0.3%–1.5% of the loan per year. You can usually cancel it once you reach 20% equity. The calculator automatically adds an estimated PMI line when your down payment is below 20%.
Written by Nicolas William, Lead Financial Editor at Finances News. Figures are estimates for planning only — confirm exact numbers with your lender. Last updated 2026.