Financial Calculator

Mortgage Calculator

See your monthly payment, the total interest you will pay, and a year-by-year payoff schedule.

Loan details
$
$450k
$ 20%
20%
The cash you pay up front. With less than 20% down, lenders usually add mortgage insurance (PMI), which is not included here.
%
7.28%
Starts at 7.28%, the Freddie Mac 30-year average for the week of Oct 1, 2026. Type in the rate your lender quotes you.
$
$
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Total monthly payment (PITI)
$0
Principal & interest
$0
Loan amount
$0
Total interest paid
$0
Loan + interest
$0
Paid off by
Where your loan payments go over the whole term
Principal
Total Interest

PITI means principal, interest, taxes and insurance: the four parts of a typical house payment. HOA dues and mortgage insurance (PMI) are extra.

How to Calculate Your Mortgage Payment

A mortgage monthly payment is determined by three factors: the loan amount (principal), the interest rate, and the loan term. Lenders use a standard amortization formula to calculate the fixed monthly payment that will pay off the loan in full by the end of the term.

The Mortgage Payment Formula

M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]

Where M is the monthly payment, P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (loan term in years × 12).

30-Year vs. 15-Year Mortgage

A 30-year mortgage offers lower monthly payments but results in significantly more total interest paid over the life of the loan. A 15-year mortgage has roughly 40–50% higher monthly payments but can save hundreds of thousands of dollars in interest, and you build equity much faster.

What Is Included in a Mortgage Payment (PITI)?

Most mortgage payments include four components, often called PITI: Principal (the portion reducing your loan balance), Interest (the cost of borrowing), Taxes (property tax held in escrow), and Insurance (homeowner's insurance and PMI if applicable).

What Is PMI?

Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home's purchase price. PMI protects the lender if you default. It typically costs between 0.5% and 1.5% of the original loan amount per year and is removed once your equity reaches 20%.