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This mortgage calculator estimates your complete monthly payment on a home loan. Enter the home price, your down payment, the interest rate and the term, then add property tax and home insurance to see the full figure — principal, interest, taxes and insurance (PITI).
The loan amount is the home price minus your down payment. Principal and interest are spread evenly across the term using the standard amortization formula, while property tax and home insurance are divided by twelve and added on top. Early payments are mostly interest; later ones mostly principal.
A larger down payment lowers the loan amount, the monthly payment and the total interest. Putting down 20% typically also avoids private mortgage insurance (PMI) on conventional loans. Even a couple of extra percent shaves money off every month for decades.
This is an estimate for the core payment. It does not include PMI, HOA fees or closing costs, and your lender's exact figure may differ slightly. A small change in the interest rate moves the total by a large amount over 25–30 years, so compare the APR and shop around before you commit.
Principal and interest use the same amortization formula as a loan — M = P · r · (1+r)ⁿ ÷ ((1+r)ⁿ − 1) on the amount left after your down payment — while property tax and insurance are divided by twelve and added on top (PITI). It excludes PMI, HOA and closing costs, so treat it as an estimate and confirm the APR with your lender.
A common guideline is the 28/36 rule: aim to keep housing costs under about 28% of your gross monthly income, and all debt payments under about 36%. It is only a rule of thumb, but running the payment here against your income is a quick reality check before you fall in love with a listing.
Principal and interest, plus property tax and home insurance divided by twelve — together known as PITI.
A larger down payment lowers the loan, the monthly payment and the total interest; 20% down often avoids mortgage insurance.
No — it estimates the core payment. Add any PMI, HOA dues or closing costs separately.