Mortgage Payment Calculator
A clean monthly payment for any loan amount, rate, and term. Principal and interest are computed from the standard amortization (how each monthly payment splits between interest and principal over time) formula; property tax, insurance, and PMI (private mortgage insurance) are optional add-ons so you can model a full PITI (principal, interest, taxes, insurance) payment or just the financed portion. State-specific rates vary too widely for us to default them.
The mortgage balance you're financing, in dollars.
Annual rate, e.g. 6.5 for 6.5%.
Standard fixed-rate terms. Most U.S. mortgages are 30-year fixed.
Annual tax ÷ 12. Leave 0 to exclude.
Hazard + wind + flood, ÷ 12.
PMI (private mortgage insurance) or FHA MIP (FHA mortgage insurance). Skip if you don't have mortgage insurance.
30-year fixed at 6.50%
$2,023 / month
- Principal & Interest
- $2,023
- Loan Amount
- $320,000
- Total Interest
- $408,141
- Total Cost of Loan
- $728,141
Free during pilot
How your monthly payment is built
Your monthly principal-and-interest payment comes out of the standard amortization formula:
M = P · [r(1 + r)^n] / [(1 + r)^n − 1]
where P is the loan amount, r is the monthly rate (annual rate ÷ 12), and n is the number of monthly payments (term × 12). Total interest is the sum of every month's interest portion; total paid is principal plus total interest.
Tax, insurance, and PMI are added on top of the monthly P&I (principal and interest) to give you a PITI payment when you supply them. We don't estimate generic state defaults — county millage rates (your county's tax rate, in dollars per $1,000 of assessed value) alone range widely, wind/flood coverage skews the national insurance average, and PMI rates vary by LTV (loan-to-value) and credit score.
When to use this vs. linking your mortgage
Use this calculator for what-if scenarios on a hypothetical loan or to sanity-check a Loan Estimate. To monitor an actual mortgage — catching servicer escrow overcharges, tracking PMI eligibility, or flagging refinance windows — link it through TrueOwn instead.
Frequently asked questions
How is a monthly mortgage payment calculated?
Your principal-and-interest payment comes from the standard amortization formula: M = P · r(1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12), and n is the number of payments (term in years × 12). Property tax, insurance, and PMI are added on top to reach the full monthly payment.
What is the difference between principal & interest and PITI?
Principal and interest (P&I) is the portion that pays down your loan balance plus the lender's interest charge. PITI adds the two items most lenders collect into escrow each month — property Taxes and homeowners Insurance. When your down payment is under 20%, PMI (private mortgage insurance) is typically a fifth component on top of PITI.
Does this calculator include property taxes and insurance?
Only the amounts you enter. We don't auto-fill state defaults because county millage rates, wind and flood coverage, and PMI rates by loan-to-value vary too widely to estimate generically. Enter your own figures for a full PITI payment, or leave them blank to see principal and interest only.
Why does so much of an early payment go to interest?
On a fixed-rate loan the monthly payment is constant, but interest accrues on the remaining balance each month. The balance is largest at the start, so the interest share is highest early and shrinks as the balance falls — which is why extra principal paid early in the loan saves the most interest.
What does this estimate leave out?
HOA dues, one-time closing costs, and servicer-specific escrow adjustments are not modeled. Your actual payment is set by the terms in your loan documents and the amounts your servicer collects into escrow. This is an estimate, not a lending decision.
Estimates only — not a lending decision or a personalized refinance recommendation. Property tax, insurance, and PMI are inputs you supply; we don't estimate state-specific values because county millage, wind/flood coverage, and PMI rates by LTV vary too much to plug into a generic calculator. HOA dues are not modeled. Your actual monthly payment depends on the terms in your loan documents and any amounts your servicer collects into escrow. Methodology last reviewed: May 26, 2026.