Calculate your monthly mortgage payment, total interest, and full amortization schedule. Free mortgage calculator with 2026 US rates — supports 30-year, 15-year, FHA, and jumbo loans.
How Your Monthly Mortgage Payment Breaks Down
Every fixed-rate mortgage payment is calculated using the same amortization formula — it’s just math the bank runs to figure out what fixed amount pays off the loan exactly at the end of the term.
The formula behind the number
M = P × [r(1+r)^n] / [(1+r)^n − 1]
P = loan amount, r = monthly rate (annual rate ÷ 12), n = total payments (years × 12). Plug in $320,000 at 6.75% for 360 months and you get $2,076. The calculator above does this instantly.
PITI: what your actual monthly payment includes
Principal and interest is just part of it. Most lenders escrow your property taxes and homeowners insurance into the same monthly payment — that’s the “TI” in PITI. If you put less than 20% down, PMI gets folded in too. Budget for the full PITI number, not just P&I.
Why early payments mostly go to interest
Month one on a $320,000 loan at 6.75%: $1,800 goes to interest, $276 goes to principal. By year 15, that’s roughly $1,100 interest and $976 principal. By year 29 it flips completely. This is why making even one extra principal payment per year early in the loan can shave 4–6 years off a 30-year mortgage.
2026 US mortgage market context
The 2026 conforming loan limit is $832,750 (FHFA). Average 30-year fixed rates are running 6.5%–7.0% for well-qualified borrowers. FHA loans require just 3.5% down with a 580+ credit score. VA loans offer 0% down for eligible veterans. First-time buyer programs vary by state — many offer down payment assistance grants of $5,000–$25,000.
Frequently Asked Questions
At today's average 30-year fixed rate of around 6.75%, a $400,000 mortgage with 20% down ($320,000 loan) runs about $2,076/month in principal and interest. Add in property taxes (typically $300–$700/month depending on your state) and homeowners insurance ($100–$200/month) and your total PITI lands around $2,500–$3,000/month. Use the calculator above and plug in your actual rate — even a 0.25% difference shifts the payment by $50+/month.
Using the 28% rule that most conventional lenders apply, you need gross income of roughly $120,000–$130,000/year to comfortably afford a $500,000 home with 20% down. That keeps your PITI around $2,800/month, which is 28% of $10,000/month gross. If you're putting less than 20% down, factor in PMI — that's usually another $100–$200/month on a $400,000 loan. See what home price fits your income with our [Mortgage Affordability Calculator](/calculators/mortgage-affordability-calculator/).
On a $350,000 loan the math is stark: 30-year at 6.75% = $2,270/month and $467,000 total interest. 15-year at 6.25% = $3,001/month and $190,000 total interest. You pay $731 more every month but save $277,000 over the life of the loan. If you've got the cash flow and you're not leaving 401(k) match on the table, the 15-year almost always wins mathematically. Run your own numbers above.
Lenders typically tier rates by score: 760+ gets you the best rates (the ones you see advertised), 720–759 is still solid, 680–719 you'll pay maybe 0.25–0.5% more, and below 640 you're likely looking at FHA territory. Going from a 680 to a 760 FICO can save you $100+/month on a $350,000 mortgage — worth spending 6–12 months boosting your score before applying if you're close to a tier boundary.
PMI (Private Mortgage Insurance) kicks in whenever you put less than 20% down on a conventional loan — it protects the lender, not you. It typically runs 0.5%–1.5% of your loan amount per year. On a $300,000 loan that's $125–$375/month on top of your P&I. The good news: under the Homeowners Protection Act, your lender must cancel PMI automatically when your loan balance hits 78% of the original purchase price. You can also request cancellation at 80% — just call your servicer and ask.
The 2026 conforming loan limit set by the FHFA is $832,750 for most US counties (higher in expensive markets like San Francisco and New York — up to $1,249,125). Loans at or below that limit are 'conforming' and backed by Fannie Mae/Freddie Mac, which means lower rates and easier qualification. Anything above is a jumbo loan — rates are typically 0.25–0.5% higher and lenders want 700+ FICO and 15–20% down minimum.
