Mortgage Payment Calculator
Calculate your monthly mortgage payments including principal, interest, taxes, and insurance (PITI).
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.
Frequently Asked Questions
What is a good mortgage interest rate?
A good mortgage rate is typically 0.5-1% below the national average. As of 2026, rates between 6-7% are common for 30-year fixed mortgages. Your actual rate depends on credit score (740+ gets the best rates), down payment size, loan type, and market conditions.
How much house can I afford on a $100,000 salary?
Using the 28/36 rule, your mortgage payment shouldn't exceed 28% of gross income. On $100,000/year, that's about $2,333/month for housing. At 6.5% interest with 20% down, this typically supports a home price of $350,000-$420,000 depending on taxes and insurance in your area.
Should I get a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves 50-60% in total interest and builds equity faster. Choose 15-year if you can comfortably afford the higher payment. Choose 30-year for lower monthly obligations and more cash flow flexibility — you can always make extra payments.
What is PMI and how do I avoid it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It typically costs 0.5-1.5% of the loan amount annually ($50-$150/month on a $200k loan). To avoid it: put 20% down, use a VA loan (no PMI required), or ask about lender-paid PMI options.