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Mortgage Calculator
Estimate your monthly mortgage payment, including taxes and insurance, and see how the balance falls over time. Enter your numbers and press Calculate.
Written by TopicDrill Editorial Team·Updated June 2026
Remaining balance over time
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How the mortgage calculator works
Your monthly payment has two core parts: paying down the loan (principal) and the interest the lender charges. Early on, most of each payment goes to interest. As the balance falls, more goes to principal, which is why the payoff chart above curves down slowly at first and faster later.
On top of principal and interest, most homeowners also pay property tax, home insurance and sometimes HOA fees. Together these make up your full monthly housing cost, often called PITI. Add them in the optional section to see a realistic number.
A quick example
Buy a $350,000 home with $70,000 down at 6.5% over 30 years. The $280,000 loan costs about $1,770 a month in principal and interest. Add roughly $290 in tax and $125 in insurance and your real payment is closer to $2,185 a month.
Things to keep in mind
This is an estimate. Your actual rate depends on credit, down payment and lender. For official guidance on shopping for a mortgage, see the Consumer Financial Protection Bureau. You can also compare scenarios with our other free calculators.
Frequently asked questions
How is a monthly mortgage payment calculated?
The principal and interest portion uses M = P·r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly rate and n is the number of monthly payments. Property tax, home insurance and HOA fees are added on top to get your full monthly payment.
What is included in PITI?
PITI stands for Principal, Interest, Taxes and Insurance. Lenders look at this full figure, not just principal and interest, when deciding what you can afford. This calculator lets you add taxes, insurance and HOA to see your true monthly cost.
How much should my down payment be?
A 20% down payment lets you avoid private mortgage insurance (PMI) on most conventional loans, but many buyers put down less. A larger down payment lowers your loan amount, monthly payment and total interest.
Does paying extra each month help?
Yes. Extra payments go straight to principal, which shrinks the balance faster and can save years of interest. Even small consistent extra amounts make a noticeable difference over a 30-year loan.
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