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Understanding your monthly mortgage payment is the first step in homeownership. Our mortgage payment calculator breaks down your payment into principal, interest, property taxes, homeowner's insurance, and private mortgage insurance (PMI) so you can budget accurately.
Mortgage Payment Calculator
Applied if down payment is less than 20%
Additional principal payment per month
Results
Total Monthly Payment
$2,421.20
Principal & Interest
158 yr 0.20407047889602836 mo
Total Cost of Loan
$871,633.47
Total Interest Paid
$382,633.47
Payoff Time
30 years
Property Tax
25 years
Insurance
8 yr 4 mo
PMI
10 yr 5 mo
Interest Saved (Extra Payments)
$0.00
Visualization
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How It Works
This calculator uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments. Property taxes, insurance, and PMI are added to the base payment.
Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1] + Tax/12 + Insurance/12 + PMI/12Assumptions
- Fixed interest rate for the entire loan term
- Property taxes and insurance are estimated annually
- PMI is required if down payment is less than 20%
- Extra payments are applied directly to principal
Frequently Asked Questions
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