Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax and home insurance.
Monthly payment
2,161.46
principal, interest, tax and insurance
Principal & interest1,769.79
Property tax291.67
Home insurance100.00
Loan amount280,000.00
Down payment20.0%
Total interest357,124.57
About the Mortgage Calculator
A mortgage payment is more than principal and interest. This calculator adds property tax and home insurance to give the monthly figure a lender would actually quote you, often abbreviated PITI.
Formula
Principal and interest use the standard amortization formula on the financed amount (home price − down payment). Property tax and insurance are annual figures divided by twelve and added on top.
Frequently Asked Questions
Principal, Interest, Taxes and Insurance — the four components of a typical monthly mortgage payment. Lenders usually collect taxes and insurance in escrow alongside the loan payment.
Twenty percent is the conventional benchmark because it usually avoids mortgage insurance. Smaller down payments are widely available but increase both the monthly payment and the total interest paid.
A 15-year term carries a much higher monthly payment but dramatically less total interest. A 30-year term maximises affordability per month. Run both through the calculator and compare the total interest figures.
No. PMI, HOA dues and maintenance are excluded. If your down payment is under twenty percent, add a PMI estimate of roughly 0.5–1% of the loan amount per year to the result.
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