Calculate your monthly mortgage payment including principal, interest, property taxes, home insurance, and PMI. View a complete amortization schedule to see how your loan balance decreases over time. Perfect for home buyers and homeowners looking to refinance.
A typical mortgage payment (often called PITI) includes four components:
Example: $350,000 home, 20% down ($70,000), 6.5% interest, 30-year loan
Loan Amount = $280,000
Monthly Principal & Interest = $1,770
+ Property Tax ($3,500/12 = $292)
+ Home Insurance ($1,200/12 = $100)
Total Monthly Payment = $2,162
Our amortization table shows how each payment is split between principal and interest over time. Early payments go mostly toward interest; later payments focus on principal. You can make extra payments to save thousands in interest.
What is PMI and when is it required?
Private Mortgage Insurance (PMI) protects the lender if you default. It's typically required when your down payment is less than 20% of the home price. PMI usually costs 0.3% to 1.5% of the loan amount annually. Once you reach 20% equity, you can request PMI cancellation.
How much house can I afford?
The 28/36 rule is a common guideline: your monthly housing payment shouldn't exceed 28% of your gross monthly income, and total debt payments shouldn't exceed 36% of your gross income. Use our calculator to see what payment fits your budget.
Should I choose a 15-year or 30-year mortgage?
30-year loans have lower monthly payments but higher total interest. 15-year loans have higher monthly payments but save tens of thousands in interest. Example on $280,000 at 6.5%: 30-year = $1,770/month ($637,000 total), 15-year = $2,439/month ($439,000 total) — save $198,000 in interest!
How does my credit score affect my rate?
Higher credit scores qualify for lower interest rates. At 760+ FICO, you'll get the best rates. At 620-639, rates may be 1-2% higher. Improving your credit before applying can save thousands over the loan term.
What are closing costs?
Closing costs typically range from 2-5% of the home price and include loan origination fees, appraisal, title insurance, attorney fees, and prepaid items. Our calculator focuses on monthly payments; use a separate closing cost calculator for purchase estimates.
Should I make extra payments?
Yes! Even $100 extra per month can shorten your loan term by years and save thousands in interest. Example: $280,000 at 6.5% with $100 extra monthly saves $64,000 in interest and pays off 5 years early.
💡 Pro Tip: Compare offers from at least 3-5 lenders. Even a 0.25% rate difference on a $300,000 loan saves $15,000+ over 30 years. Use our calculator to test different scenarios before committing.