Mortgage Payment Calculator
Calculate your monthly mortgage payment including property tax, insurance, and PMI.
Important Notice
These calculators are for educational and informational purposes only. Results are estimates based on the information you provide and should not be considered financial, tax, or investment advice. Your actual results may vary. For personalized guidance, please consult a qualified financial advisor, tax professional, or other appropriate expert.
People Also Ask
How is my mortgage payment calculated?
Your mortgage payment combines principal and interest based on loan amount, rate, and term. The calculator also adds property tax, homeowner's insurance, and PMI if applicable.
What is included in my monthly mortgage payment?
PITI: Principal (paying down the loan), Interest (cost of borrowing), Taxes (property tax), and Insurance (homeowner's insurance). PMI is added if down payment is under 20%.
What is PMI and when do I need it?
PMI (Private Mortgage Insurance) protects lenders if you default. It is required when your down payment is less than 20%. PMI typically costs 0.5-1% of the loan annually.
How much does property tax add to my payment?
Property taxes vary by location, typically 0.5-2.5% of home value annually. A $300,000 home at 1.5% tax rate adds $375/month to your payment.
Should I make extra mortgage payments?
Extra payments reduce principal faster, saving interest over the life of the loan. Even one extra payment per year can shorten a 30-year mortgage by several years.
What is the difference between 15 and 30-year mortgages?
15-year mortgages have higher monthly payments but lower interest rates and pay off faster, saving significant interest. 30-year mortgages are more affordable monthly but cost more total.
How much of my payment goes to principal vs interest?
Early payments are mostly interest. On a 30-year mortgage, it takes about 13 years before half goes to principal. This ratio gradually shifts over time through amortization.