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?
P = (L x r x (1+r)^n) / ((1+r)^n - 1), where L is the loan amount, r is the monthly interest rate, and n is the total number of payments. This calculator adds property tax, insurance, HOA, and PMI on top.
What is PMI and when do I need it?
Private mortgage insurance (PMI) protects the lender if you default. It is typically required for conventional mortgages with less than 20% down. Annual PMI usually runs 0.3% to 1.5% of the original loan amount.
Should I get a 15-year or 30-year mortgage?
15-year mortgages have lower rates and you pay much less total interest, but the monthly payment is significantly higher. 30-year offers lower monthly payments and flexibility but more interest paid over time.
What credit score do I need for a mortgage?
620+ for most conventional loans, 580+ for FHA, 700+ for the best rates. Each 20-point bump can save you tens of thousands over the life of the loan.
How much house can I afford?
A common rule: monthly housing costs (PITI) under 28% of gross monthly income, total debt under 36%. Use this calculator with realistic numbers to see what fits your budget.
What is included in the monthly payment?
PITI: Principal, Interest, Taxes, Insurance. Many lenders also escrow PMI and HOA fees, so the actual amount you send each month covers all of it.