Mortgage Payment Calculator
Calculate your monthly mortgage payments including principal, interest, taxes, and insurance (PITI). Free, accurate, and easy to use.
How to Use This Calculator
- Enter your home price
- Add your down payment ($ or %)
- Input your interest rate (annual)
- Select your loan term (15 - 30 years)
- Add yearly property taxes and insurance
- PMI is automatically calculated if down payment < 20%
- Click Calculate to see your monthly payment
Loan Details
Additional Costs
💡 Understanding Your Mortgage Payment
Your total monthly mortgage payment typically includes: Principal (loan repayment), Interest (lending cost), Property Taxes, Insurance, and PMI (if down payment is less than 20%).
🏠 What is PMI?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It protects the lender and typically costs 0.3% to 1.5% of the loan amount annually. Good news: PMI can be removed once you reach 20% equity!
📊 The 28/36 Rule
Lenders typically follow the 28/36 rule for mortgage approval:
- 28%: Maximum of gross monthly income for housing costs (PITI)
- 36%: Maximum of gross monthly income for all debt payments
Use our calculator to ensure your mortgage payment fits within these guidelines for a sustainable financial plan.
🔗 Save & Share Your Calculation
Your mortgage details are automatically saved in the URL. You can bookmark this page to save your calculation, or use the Share button to send it to others. When you return or share the link, all values will be restored automatically.