Monthly Payment Calculator
Calculate your total monthly mortgage payment including principal, interest, taxes, insurance, and other costs. Get a detailed breakdown and amortization schedule.
Calculate your total monthly mortgage payment including taxes and insurance
This comprehensive monthly payment calculator helps you determine your total housing costs including principal, interest, taxes, insurance (PITI), and additional expenses like HOA fees. Our calculator provides detailed amortization schedules and payment breakdowns to help you understand exactly where your money goes each month.
Principal & Interest
Principal: The amount that goes toward paying down your loan balance.
Interest: The cost of borrowing money, paid to your lender.
Early in your loan, most payment goes to interest. Later, more goes to principal.
Taxes & Insurance
Property Taxes: Annual taxes paid to local government.
Home Insurance: Protects your home and belongings.
PMI: Required if down payment is less than 20%.
Example: $350,000 Home Purchase
Purchase Details:
- • Home Price: $350,000
- • Down Payment: $70,000 (20%)
- • Loan Amount: $280,000
- • Interest Rate: 6.5%
- • Loan Term: 30 years
Monthly Breakdown:
- • Principal & Interest: $1,769
- • Property Taxes: $300
- • Home Insurance: $100
- • Total Payment: $2,169
💡 Tip: Use our calculator to see how different down payment amounts affect your monthly payment!
Before You Buy:
- ✓Get pre-approved to know your budget
- ✓Save for down payment plus closing costs (2-5% of home price)
- ✓Research local property tax rates and insurance costs
- ✓Factor in moving expenses and immediate home needs
Money-Saving Strategies:
- 💡Compare rates from multiple lenders
- 💡Consider a 15-year loan to save on total interest
- 💡Shop around for homeowners insurance
- 💡Ask about first-time homebuyer programs