Finance
Mortgage Calculator
Estimate your monthly mortgage payment with principal, interest, taxes, insurance, HOA, and PMI. US-style breakdown.
Loan & home details
Monthly payment
$2,638
Principal & interest: $2,138
Loan amount
$329,600
Total interest
$440,001
Total of payments
$360
Down payment
20%
Property tax
$375/mo
Insurance
$125/mo
Loan Payment Examples
Monthly payment for a $300,000 loan over 30 years
| APR | Monthly Payment | Total Repayment | Total Interest |
|---|---|---|---|
| 5% | $1,610.46 | $579,767.35 | $279,767.35 |
| 6% | $1,798.65 | $647,514.57 | $347,514.57 |
| 7% | $1,995.91 | $718,526.69 | $418,526.69 |
| 8% | $2,201.29 | $792,465.74 | $492,465.74 |
| 9% | $2,413.87 | $868,992.43 | $568,992.43 |
Frequently Asked Questions about the Mortgage Calculator
How is a monthly mortgage payment calculated?
The calculator uses the standard amortization formula: P&I = L x r x (1 + r)^n / ((1 + r)^n - 1), where L is the loan amount (home price minus down payment), r is the annual rate divided by 12, and n is the total number of monthly payments. It then adds monthly property tax, home insurance, HOA, and PMI to give you the full monthly total.
What is PMI and when do I need it?
Private mortgage insurance (PMI) protects the lender if you default on the loan. This calculator applies PMI only when your down payment is less than 20% of the home price. Annual PMI typically runs 0.3% to 1.5% of the loan amount, so on a $350,000 loan that is about $87 to $437 per month, and it is calculated here against the original loan balance, not the home price.
Should I get a 15-year or 30-year mortgage?
A 15-year mortgage usually carries a lower interest rate and far less total interest paid, but the monthly payment is often 30% to 50% higher than a 30-year on the same loan, depending on the rate gap. A 30-year lowers your monthly obligation and keeps cash free for other goals, at the cost of more interest over the life of the loan. Run both scenarios in the calculator to see the exact dollar difference for your situation.
What credit score do I need for a mortgage?
Most conventional lenders require a 620 minimum, while FHA loans accept scores down to 580 with a 3.5% down payment. Scores above 740 typically qualify for the best available rates. Because a rate difference of even 0.5% compounds over 30 years, a higher score can save tens of thousands of dollars in total interest.
How much house can I afford?
A widely used guideline is the 28/36 rule: keep your total housing payment (principal, interest, taxes, and insurance) at or below 28% of gross monthly income, and keep all monthly debt at or below 36%. Enter your target home price and realistic taxes and insurance in this calculator, then compare the total monthly payment against your income to see where you land.
What is included in the monthly payment?
The calculator breaks the total into five parts: principal and interest (P&I) from the amortization formula, monthly property tax (annual tax / 12), home insurance (annual premium / 12), HOA fees, and PMI if your down payment is below 20%. Together these are often called PITI, and lenders typically escrow taxes, insurance, and PMI so you pay them as one combined monthly amount.