Mortgage Payment Calculator
Estimate your monthly payments, including taxes and insurance.
30 Years
20 Years
15 Years
10 Years
Principal & Interest:
$0.00
Monthly Property Tax:
$0.00
Monthly Home Insurance:
$0.00
Monthly HOA:
$0.00
Total Monthly Payment:
$0.00
Total Loan Amount: | Payoff Date:
Understanding Your Mortgage Payment
Buying a home is one of the largest financial decisions you will make. This Mortgage Payment Calculator helps you estimate your monthly financial obligation by breaking down the four main components of a mortgage payment, often referred to as PITI: Principal, Interest, Taxes, and Insurance.
Breakdown of Costs
- Principal: The portion of your payment that goes toward paying down the loan balance. In the early years of a mortgage, this amount is small, but it grows over time.
- Interest: The cost of borrowing money from your lender. This makes up the majority of your payment in the beginning of the loan term.
- Property Taxes: Taxes charged by your local government based on the value of your property. These are typically held in escrow and paid by your lender annually.
- Homeowners Insurance: Protects your home against damage. Like taxes, this is usually part of your monthly escrow payment.
How Interest Rates Affect Your Payment
Even a small difference in interest rates can significantly impact your monthly payment and the total cost of the loan. For example, on a $300,000 loan, a 1% increase in interest rate can increase your monthly payment by hundreds of dollars and your total interest paid by tens of thousands over 30 years.
Using the Calculator
To get the most accurate estimate, enter your home price and planned down payment. Don't forget to include estimates for property taxes and insurance, as these can add significantly to your monthly housing costs. If you are buying a condo or a home in a managed community, be sure to include HOA (Homeowners Association) fees, which are paid separately from your mortgage but affect your affordability.