Mortgage Payment Calculator: Estimate Your Monthly Payment
Mortgage calculator
Estimate your full monthly mortgage payment — principal, interest, property taxes, insurance, PMI, and HOA — and see exactly where each dollar goes. Adjust any field and the results update instantly.
- Free to use
- No sign-up
- Updates instantly
Loan details
Monthly payment breakdown
How this calculator works
Your principal and interest are calculated with the standard amortizing-loan formula:
M = P × r(1+r)n ÷ ((1+r)n − 1)
Here P is your loan amount (home price minus down payment), r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years × 12). We then add monthly property tax, homeowners insurance, HOA dues, and — if your down payment is under 20% — private mortgage insurance, to give your full monthly payment, often called PITI.
Frequently asked questions
What does the monthly payment include?
This estimate covers principal, interest, property taxes, homeowners insurance, HOA dues, and PMI when it applies — the full PITI payment most lenders quote.
When do I have to pay PMI?
Private mortgage insurance is usually required when your down payment is below 20% of the home price. It typically drops off once you reach 20% equity. Set the PMI field to 0 if your loan doesn’t require it.
Does this include closing costs?
No. This is your recurring monthly payment. Closing costs are one-time upfront costs — see our down payment and true-cost-of-homeownership guides for those.
Why is my real quote different?
Lenders price your rate from your credit profile, loan type, and location, and escrow amounts vary. Treat this as a close estimate, not a quote.
Estimates only. This tool does not provide financial advice and is not a loan offer. Your actual payment depends on your lender, loan type, location, and credit profile.
Because mortgage rates change over time, they can shift your estimated monthly payment. You can follow mortgage-rate signals for plain-English updates on how rates are moving.
Disclaimer: The Housing Signal is an independent educational publisher. We are not a mortgage broker, lender, or licensed financial advisor, and nothing here is personalized financial advice. Calculator results are estimates based on the figures you enter and the assumptions published alongside each tool; they are not a quote, a pre-approval, or an offer of credit. Rates, programs, costs and market conditions change frequently, and national figures may not reflect your local market or your own circumstances. Figures cited are accurate as of the dates given and will change. Consult a licensed professional before making a decision.
Take your numbers to an open house, broker, or bank appointment. In the print dialog, choose “Save as PDF.”
How Your Monthly Mortgage Payment Is Calculated
Your true monthly payment is more than loan-plus-interest — it's PITI: Principal, Interest, Taxes, and Insurance, plus PMI if you put down less than 20%. The calculator above estimates all of it; here is exactly how each piece is computed so you can verify any lender's quote yourself.
How to calculate your monthly mortgage payment (step by step)
- Start with the loan amount. Home price minus down payment → your principal (e.g., $400,000 − $80,000 = $320,000).
- Convert your rate. Annual rate ÷ 12 → monthly rate. The average 30-year fixed rate is 6.58% (Freddie Mac PMMS, week ending July 23, 2026); 15-year averages 5.96%.
- Apply the amortization formula. M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], with n = 360 payments for 30 years → principal & interest.
- Add monthly taxes and insurance. Annual property tax ÷ 12 plus annual homeowners premium ÷ 12 (rates vary by county — check your local assessor).
- Add PMI if under 20% down. Typically 0.2%–2% of the loan annually ÷ 12 → your full PITI payment.
A worked example you can verify by hand
$320,000 loan, 30 years, at the current 6.58% average (Freddie Mac PMMS, week ending Jul 23, 2026): monthly rate = 0.0054833; (1+r)³⁶⁰ ≈ 7.161. M = 320,000 × (0.0054833 × 7.161) ÷ (7.161 − 1) ≈ $2,039 principal & interest. Add ~$400/mo taxes (illustrative 1.2% annual rate on a $400k home) and ~$125/mo insurance → ≈ $2,564 total PITI. Enter the same inputs above — the calculator should match.
What is included in a PITI mortgage payment?
A PITI mortgage payment includes principal, interest, property taxes, and homeowners insurance. Principal reduces your loan balance, interest pays the lender, taxes fund local government services, and insurance covers property damage. If your down payment is under 20%, private mortgage insurance (PMI) may also be added.
How does credit score affect mortgage interest rates?
Your credit score directly determines your mortgage interest rate tier. Lenders offer lower rates to borrowers with higher scores, reducing monthly payments and total loan interest. On a ~$378k loan, the gap between a 620–639 score and 760+ recently ran about $168 per month (myFICO via The Mortgage Reports, May 2026).
Before you run your numbers
Not sure what price range to test? Start with how much house you can afford. If your rate quote looks high, the fastest fix is usually your score — see how to improve your credit score for a mortgage. And for where rates and prices stand right now, read the latest housing market update. Still weighing whether to buy at all? Run the rent vs. buy calculator before you commit to a payment. And if you already hold a mortgage, the refinance calculator shows whether a new rate would actually pay for itself.