Mortgage Calculator
This mortgage calculator estimates your monthly home payment in seconds. Enter the price, your down payment, the loan term, and the interest rate, and you'll see the full payment with principal, interest, taxes, and insurance, plus the total interest over the loan and a year-by-year amortization schedule. Adjust any number and you'll see everything update as you type.
- Principal & interest
- Taxes, insurance, PMI
- Amortization schedule
- Total interest
- Payment breakdown
Last updated June 16, 2026 Estimate only, not a loan offer Reviewed by the Calcowa finance team
Enter a price, rate, and term above 0.
M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)
What's included in a monthly mortgage payment?
A typical mortgage payment covers four parts, known together as PITI: principal, interest, taxes, and insurance. The principal pays down what you borrowed, the interest is what you're charged to borrow, and property tax plus homeowners insurance are usually bundled in and held in escrow. If your down payment is below 20%, private mortgage insurance (PMI) is often added until you build enough equity. This calculator shows each piece, so the headline number isn't a mystery, and that's what the breakdown chart is for.
How is a mortgage payment calculated?
Here's the method, the same one the calculator runs, for a $400,000 home with 20% down at 6.5% over 30 years:
- 1
Find the loan amountSubtract the down payment from the price: $400,000 minus $80,000 leaves a $320,000 loan.
- 2
Set the monthly rate and termDivide the yearly rate by 12 for the monthly rate, and multiply the years by 12 for the number of payments: 360.
- 3
Apply the payment formulaM = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1) gives the monthly principal and interest, about $2,023 here.
- 4
Add taxes and insuranceAdd monthly property tax, insurance, and any PMI to reach the full payment you'll actually make.
Amortization schedule
This schedule shows how each year of payments splits between interest and principal, and how the balance falls. Early on it's mostly interest; over time the balance drops and more goes to principal. It'll update with your numbers above.
| Year | Interest | Principal | Balance |
|---|
How your down payment changes the payment
The down payment does two jobs: it shrinks the loan and it decides whether you'll pay PMI. Putting 20% down on a $400,000 home means a $320,000 loan and usually no PMI. Drop to 10% and the loan climbs to $360,000, the monthly payment rises, and you'll often pick up PMI until you reach 20% equity. There's a tradeoff, since a bigger down payment ties up cash you might want for moving costs or repairs. Try the 5%, 10%, and 20% buttons above to see how each one moves the monthly number. To work a percentage on its own, the percentage calculator helps.
Frequently asked questions
Is this mortgage calculator free?
Yes, it's free and runs in your browser with no sign-up. The numbers are estimates to help you plan, not a loan offer, so your lender's exact figures will vary a little with fees and your credit.
The principal and interest part uses the loan amount, the monthly interest rate, and the number of payments. The formula is M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan, r is the yearly rate divided by 12, and n is the term in months. This mortgage calculator runs that for you, then adds taxes, insurance, and any PMI to give the full monthly payment.
Most payments cover four things, often called PITI: principal, interest, taxes, and insurance. Principal pays down the loan, interest is the cost of borrowing, property tax and homeowners insurance are usually collected monthly into an escrow account, and if your down payment is under 20% there's often PMI on top. The calculator breaks all of these out so you can see where the money goes.
A 20% down payment is the common target, because it usually lets you skip private mortgage insurance and lowers the loan. You can put down less, often as little as 3% to 5% on many loans, but a smaller down payment means a bigger loan, a higher monthly payment, and frequently PMI until you build enough equity. Try a few amounts above to see the effect.
It's a table that shows how each payment splits between interest and principal over the life of the loan. Early on, most of the payment goes to interest; later, more goes to principal. The yearly schedule above lists the interest paid, principal paid, and remaining balance for each year, so you can watch the balance fall.
Quite a lot, since interest is charged on the whole balance every month. On a 30-year loan, even a one-point rate change can move the payment by a few hundred dollars and add tens of thousands over the full term. That's why it pays to shop rates. Change the rate above and you'll see both the monthly payment and the total interest move.
A 15-year loan has higher monthly payments but a lower rate and far less total interest, so you'll own the home sooner and cheaper. A 30-year loan keeps the monthly payment low and frees up cash, but you pay much more interest overall. Set the term above to compare; the total interest line tells the real story.
Related calculators
More tools for borrowing and planning.
See how savings grow.
Percentage calculatorDown payments and rates.
All finance calculatorsLoans, interest, and pay.
Planning a home?
Run your numbers above, or browse the full finance hub.