Mortgage Calculator
Estimate your monthly mortgage payment (PITI) and total cost.
Monthly payment (PITI)
$2,514.28
Principal & interest
$2,022.62
Property tax
$366.67
Home insurance
$125.00
PMI
$0.00
Total interest
$408,142.36
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,576.72 | $20,694.69 | $316,423.28 |
| 2 | $3,816.26 | $20,455.15 | $312,607.02 |
| 3 | $4,071.84 | $20,199.57 | $308,535.17 |
| 4 | $4,344.54 | $19,926.87 | $304,190.63 |
| 5 | $4,635.50 | $19,635.91 | $299,555.13 |
| 6 | $4,945.95 | $19,325.46 | $294,609.18 |
| 7 | $5,277.19 | $18,994.22 | $289,331.98 |
| 8 | $5,630.62 | $18,640.80 | $283,701.37 |
| 9 | $6,007.71 | $18,263.70 | $277,693.66 |
| 10 | $6,410.06 | $17,861.36 | $271,283.60 |
| 11 | $6,839.35 | $17,432.06 | $264,444.26 |
| 12 | $7,297.39 | $16,974.02 | $257,146.86 |
| 13 | $7,786.11 | $16,485.30 | $249,360.75 |
| 14 | $8,307.56 | $15,963.85 | $241,053.19 |
| 15 | $8,863.94 | $15,407.48 | $232,189.25 |
| 16 | $9,457.57 | $14,813.84 | $222,731.68 |
| 17 | $10,090.96 | $14,180.45 | $212,640.72 |
| 18 | $10,766.77 | $13,504.64 | $201,873.95 |
| 19 | $11,487.84 | $12,783.57 | $190,386.11 |
| 20 | $12,257.20 | $12,014.21 | $178,128.90 |
| 21 | $13,078.09 | $11,193.32 | $165,050.81 |
| 22 | $13,953.96 | $10,317.46 | $151,096.86 |
| 23 | $14,888.48 | $9,382.93 | $136,208.38 |
| 24 | $15,885.59 | $8,385.83 | $120,322.79 |
| 25 | $16,949.47 | $7,321.94 | $103,373.32 |
| 26 | $18,084.61 | $6,186.80 | $85,288.71 |
| 27 | $19,295.77 | $4,975.64 | $65,992.94 |
| 28 | $20,588.05 | $3,683.37 | $45,404.89 |
| 29 | $21,966.86 | $2,304.55 | $23,438.03 |
| 30 | $23,438.03 | $833.39 | $0.00 |
What is the Mortgage Calculator?
A mortgage calculator estimates the monthly cost of a home loan, including principal, interest, property taxes, homeowners insurance, and PMI — together known as PITI.
How the calculation works
Principal and interest are computed with the standard amortization formula M = P·[r(1+r)^n] / [(1+r)^n − 1], where r is your monthly rate and n the number of payments. Taxes and insurance are divided into monthly amounts, and PMI is added when your down payment is below 20%.
Example
On a $400,000 home with 20% down ($320,000 loan) at 6.5% over 30 years, principal & interest is about $2,023/month. Adding ~$367 in taxes and $125 insurance brings PITI to roughly $2,515/month.
Tips
- A 20% down payment avoids PMI and lowers your monthly payment.
- A 15-year term raises the payment but can cut total interest dramatically.
- Even small extra principal payments shorten the loan and reduce interest.
Limitations
This is an estimate. It does not include HOA dues, closing costs, or rate changes on adjustable loans, and property tax/insurance vary by location.
Frequently asked questions
What is PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of a typical monthly mortgage payment.
What is PMI and when do I pay it?
Private mortgage insurance is usually required when your down payment is under 20%. It typically drops off once you reach 20% equity.
How much down payment should I make?
20% avoids PMI and lowers the payment, but many loans allow less. More down means a smaller loan and less interest.
Should I choose a 15- or 30-year mortgage?
A 15-year term has higher monthly payments but far less total interest; a 30-year term lowers the payment but costs more over time.
Does this calculator include state and local taxes?
It includes estimated property tax (which you enter), but not income or transfer taxes. Confirm local rates with your lender.
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Reviewed for the 2025 tax year
See our methodology, data sources, and editorial policy. Educational use only — not financial, tax, or investment advice (disclaimer).