Mortgage Payment Calculator
Monthly payment with P&I, taxes, and insurance
Calculator
Calculate Your Monthly Payment
Enter your loan details to see your monthly payment broken down by principal, interest, taxes, and insurance.
Frequently Asked Questions
How is the monthly payment calculated?
The principal and interest payment uses 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, and n is the total number of payments. Property tax and insurance are added on top.
Should I get a 15 or 30 year mortgage?
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year gives you lower payments and more flexibility. This calculator lets you compare both side by side.
What is PMI?
Private Mortgage Insurance is required when your down payment is less than 20%%. It typically costs 0.5-1%% of the loan amount per year and is added to your monthly payment until you reach 20%% equity.
Mortgage Payment Calculator
Calculate your monthly mortgage payment with a full breakdown of principal, interest, property tax, and insurance. See total interest paid over the life of the loan and compare different terms.