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Mortgage
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Mortgage Calculator
Calculate your monthly mortgage payment with taxes and insurance (PITI). Free, instant results.
Quick Answer
Calculate your complete monthly mortgage payment including principal, interest, taxes, and insurance (PITI). Most lenders recommend keeping housing costs below 28% of gross income. Enter your loan details to see your estimated payment.
Results update automatically as you type
Loan Details
$
$
20.0% of home price
%
yr
$
$
$
Monthly Payment
$2,456
P&I
$2,023
Principal & Interest
Loan Amount
$320,000
Total Interest
$408,142
Over 30 years
Total Cost
$884,142
Monthly Payment
$2,456
Principal & Interest
$2,023
$320,000 loan
Total Interest
$408,142
Total Cost
$884,142
Over 30 years
Key Terms Explained
- Principal & Interest (P&I)
- The core of your monthly payment that goes toward paying off the loan amount (principal) and the cost of borrowing (interest).
- PITI
- Principal, Interest, Taxes, and Insurance - the four components of a complete mortgage payment.
- Down Payment
- The upfront cash you pay at closing. More down = smaller loan = lower monthly payments and potentially better rates.
Example: $300,000 Home Purchase
A typical first-time homebuyer scenario with 20% down payment
Given:
Home Price: $300,000Down Payment: $60,000Loan Amount: $240,000Interest Rate: 6.5Loan Term: 30
Calculation:
- 1
Convert annual rate to monthly
r = 6.5% / 12 = 0.00541667= 0.00541667
- 2
Calculate number of payments
n = 30 × 12 = 360 months= 360 payments
- 3
Apply amortization formula
M = P[r(1+r)^n]/[(1+r)^n-1]= $1,517.26
Result:
$1,517.26/month (P&I only)
Pro Tips
- •Run multiple scenarios with different values to understand your options
- •Bookmark or share your results to reference later
- •Check the FAQ section below for answers to common questions
Common Mistakes
- •Not accounting for inflation over long time periods
- •Forgetting to include all relevant fees and costs
- •Using estimates when actual numbers are available
What's Next?
Assumptions
- •Fixed interest rate for entire loan term
- •Monthly interest compounding
- •No prepayments or extra payments
- •Taxes and insurance are additional
Limitations
- •Does not include adjustable-rate mortgages
- •Closing costs not included
- •Tax estimates vary by location
- •PMI not included for <20% down
Sources & Accuracy
Last updated: January 15, 2025
Reviewed by: CalcGrid Editorial Team
Data Sources:
Learn more about how we calculate and our editorial standards.
Sarah ChenCFA, MBA Finance
Lead Financial Analyst
Mortgage AnalysisLoan ProductsReal Estate Finance
Last reviewed: January 15, 2025
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