Mortgage Calculator
Estimate your monthly mortgage payment — enter the home price, down payment, interest rate and term to see principal, interest, property tax, insurance and the total payment, plus total interest.
Created and reviewed by Christoph Ballmer Estimate for general information only — not financial or lending advice. Your actual mortgage payment depends on your lender, credit, exact property-tax and insurance figures, PMI terms, and loan type; this tool uses approximate property-tax rates and simplified PMI. Confirm figures with your lender before relying on them.
How the mortgage calculator works
Your monthly mortgage payment is built from four parts, often called PITI: principal, interest, taxes and insurance. The calculator takes your home price and down payment to get the loan amount, applies the interest rate and term in the standard amortization formula for principal and interest, then adds monthly property tax, home insurance, HOA dues and — if your down payment is under 20% — private mortgage insurance (PMI). The result updates instantly, with the full breakdown and the total interest you would pay over the life of the loan. The principal-and-interest portion follows one formula:
payment = P × r ÷ (1 − (1 + r)−n)
Here P is the loan amount (home price minus down payment), r is the monthly interest rate (the annual rate ÷ 12, as a decimal) and n is the number of payments (years × 12). Every payment is the same size, but early payments are mostly interest and later ones mostly principal as the balance shrinks. The calculator above does this math for you and layers the taxes, insurance and PMI on top so you see the real all-in monthly cost.
A worked example: a $400,000 home at 6.5% over 30 years
Suppose you buy a $400,000 home, put 20% down ($80,000) and finance the remaining $320,000 at a 6.5% rate for 30 years. The monthly rate is 6.5% ÷ 12 = 0.5417% (0.0054167 as a decimal) and there are 360 payments. Plugging into the formula gives a principal-and-interest payment of about $2,023. Because you put 20% down there is no PMI, but you still pay property tax and insurance every month. Using a typical 1.1% property-tax rate and average US homeowners insurance, the full PITI looks like this:
| Part of the payment | Monthly amount |
|---|---|
| Principal & interest | $2,023 |
| Property tax (1.1% of $400,000 ÷ 12) | $367 |
| Home insurance (~$2,490 ÷ 12) | $208 |
| PMI (20% down, so none) | $0 |
| Total monthly payment (PITI) | ~$2,598 |
Over the full 30 years you would pay about $728,000 in principal-and-interest payments, of which roughly $408,000 is interest. That is why the rate and term matter so much: the financing can cost more than the home itself. Property tax and insurance are real money too — here they add nearly $575 a month, almost a quarter of the total payment.
2026 figures to plug into the calculator
Mortgage figures move with the market and reset each year. These are the benchmark US numbers for 2026, with official sources — use them as a starting point, then replace each with the exact figure your lender, county and insurer give you.
| Figure (2026) | Benchmark | Source |
|---|---|---|
| 30-year fixed rate (avg.) | ~6.5% | Freddie Mac PMMS |
| Conforming loan limit (1 unit) | $832,750 | FHFA |
| FHA loan floor / ceiling | $541,287 / $1,249,125 | HUD / FHA |
| Average property tax rate | ~1.1% of value (0.3%–2%+ by state) | Tax Foundation |
| PMI (annual, low down payment) | 0.3%–1.5% of the loan | CFPB |
| Homeowners insurance (avg.) | ~$2,490 / year | industry average |
| Closing costs | 2%–5% of the price | CFPB |
Closing costs are paid once, on top of your down payment, and are separate from the monthly payment the calculator shows. On a $400,000 home, 2%–5% is roughly $8,000 to $20,000.
How much house can I afford? The 28/36 rule
Lenders size your loan against your income using the 28/36 rule: your monthly housing cost (PITI) should stay at or below 28% of your gross monthly income, and your total monthly debt payments — housing plus car loans, student loans, credit cards and so on — should stay at or below 36%. That 36% figure is your debt-to-income (DTI) ratio, the number lenders watch most closely.
For example, on a $90,000 salary your gross monthly income is $7,500. The 28% housing cap is about $2,100 a month of PITI, and the 36% total-debt cap is about $2,700 a month. If you already pay $400 a month on a car loan, that leaves roughly $2,300 for the mortgage under the 36% limit — so the 28% rule is the binding one here, around $2,100. Run the calculator above at different home prices until the PITI lands at or under your 28% figure to see a comfortable target price.
Fixed-rate vs. adjustable-rate, and 15 vs. 30 years
A fixed-rate mortgage (FRM) keeps the same rate and principal-and-interest payment for the whole term — the US standard and the safest choice in a higher-rate environment. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an intro period (a 5/6 ARM is fixed for five years, then adjusts every six months) and can rise or fall after that. ARMs can save money if you plan to sell or refinance before the adjustment, but they carry the risk of a higher payment later.
Term length is the other big lever. A 15-year loan has a higher monthly payment but far less total interest because you pay it off twice as fast. On the same $320,000 at 6.5%:
| Term | Monthly P&I | Total interest |
|---|---|---|
| 30 years | ~$2,023 | ~$408,000 |
| 15 years | ~$2,788 | ~$182,000 |
The 15-year payment is about $765 higher each month, but it saves roughly $226,000 in interest. Many buyers split the difference by taking a 30-year loan for flexibility and then adding extra principal each month — see our pay-off-mortgage-early calculator to model that.
How even a small rate change moves the payment
Because interest compounds over 360 payments, a one-point change in the rate moves the payment by a couple hundred dollars a month. On the same $320,000 30-year loan:
| Interest rate | Monthly P&I |
|---|---|
| 5.5% | ~$1,817 |
| 6.5% | ~$2,023 |
| 7.5% | ~$2,238 |
That is roughly $215 a month — about $2,580 a year and over $77,000 across the life of the loan — for each full point. It is why shopping several lenders and improving your credit score before you lock a rate pays off.
PMI and how to get rid of it
If your down payment is under 20%, you usually pay private mortgage insurance, which protects the lender, not you. It runs roughly 0.3% to 1.5% of the loan a year — on a $300,000 loan that is about $75 to $375 a month — with the rate driven mainly by your down payment and credit score. Under the federal Homeowners Protection Act, you can request PMI cancellation once your balance reaches 80% of the home's original value, and the lender must automatically remove it at 78%. Extra payments or rising home values can get you there faster.
Property tax varies a lot by state
Property tax is a yearly percentage of your home's value, collected monthly with your mortgage, and it varies widely — from under 0.3% in low-tax states to over 2% in places like New Jersey and Illinois. On a $400,000 home that gap is the difference between roughly $100 and $700 a month for the same house. Pick your state on the by-state pages below to load a typical local property-tax rate into the calculator, and compare related tools like the mortgage recast calculator and our auto loan calculator when you plan the rest of your budget. Estimate the fees due at signing with the closing cost calculator, and see the true all-in rate including those fees with the APR calculator.
For general information only, not financial, lending or tax advice. Figures are 2026 benchmarks and your actual payment depends on your lender, credit, exact property-tax and insurance rates, PMI terms and loan type. Confirm every number with your lender before relying on it. Sources: Freddie Mac, FHFA, HUD/FHA, the Tax Foundation and the Consumer Financial Protection Bureau.
Mortgage calculator by state
Pick your state to estimate a payment with a typical local property-tax rate:
Frequently asked questions
How much house can I afford on my salary?
A common lender guideline is the 28/36 rule: keep your monthly housing payment (principal, interest, taxes and insurance) at or below 28% of your gross monthly income, and all your debt payments combined at or below 36%. On a $90,000 salary ($7,500 a month), that caps housing around $2,100 a month and total debt around $2,700. If you already pay $400 a month on other loans, your comfortable mortgage payment is roughly $2,100. Run the calculator at different home prices until the monthly payment lands at or under your 28% figure to find a target price.
When can I stop paying PMI?
Private mortgage insurance is required when you put down less than 20%, but it is not permanent. Under the federal Homeowners Protection Act, you can request cancellation once your loan balance reaches 80% of the home's original value, and your lender must automatically remove it at 78% as long as you are current on payments. Paying extra principal or a rise in your home's value can get you to 80% sooner. PMI typically costs 0.3%–1.5% of the loan per year, so removing it can save hundreds of dollars a month.
Should I choose a fixed-rate or adjustable-rate mortgage?
A fixed-rate mortgage keeps the same rate and principal-and-interest payment for the entire term, which makes budgeting predictable and is the safest choice if you plan to stay in the home long term. An adjustable-rate mortgage (ARM) offers a lower rate for an intro period — for example, a 5/6 ARM is fixed for five years, then adjusts — and can save money if you expect to sell or refinance before it adjusts, but the payment can rise afterward. If you value certainty or rates are high, fixed is usually the better pick; choose an ARM only if you are confident you will move or refinance before the fixed period ends.
What credit score do I need for a good mortgage rate?
Conventional loans generally require a credit score of at least 620, while FHA loans can go lower, often to 580 with a 3.5% down payment. But the rate you are offered keeps improving as your score rises — borrowers with scores of 760 or above typically get the lowest rates and the cheapest PMI, while a score in the low 600s can cost a point or more in rate and a higher PMI premium. Since each point of rate is worth roughly $215 a month on a $320,000 loan, improving your score before you apply is one of the highest-value things you can do.
How do I calculate my monthly mortgage payment?
The principal-and-interest payment uses the loan amount (home price minus down payment), the monthly interest rate (annual rate ÷ 12) and the number of payments (years × 12), in the standard amortization formula. Then add monthly property tax, home insurance, any HOA dues and PMI. For example, a $320,000 loan at 6.5% over 30 years is about $2,023 a month in principal and interest before taxes and insurance.
What is included in a monthly mortgage payment?
Most payments have four parts, often called PITI: principal, interest, property taxes and insurance. If your down payment is under 20% you usually also pay private mortgage insurance (PMI), and some homes add HOA dues. This calculator breaks all of these out so you can see the full monthly cost, not just principal and interest.
How much down payment do I need?
20% down lets you avoid PMI, but many loans allow far less — often 3–5% for conventional loans and 3.5% for FHA. A smaller down payment means a larger loan, a higher monthly payment and added PMI until you build enough equity. Try different down-payment percentages above to see the effect.
How does the loan term affect my payment?
A shorter term (like 15 years) has higher monthly payments but much less total interest, because you pay the loan off faster. A 30-year term lowers the monthly payment but costs more interest overall. The calculator shows both the monthly payment and the total interest so you can compare.
Why do property taxes change my payment so much?
Property tax is charged as a percentage of your home’s value each year and is usually collected monthly with your mortgage. Rates vary widely by state and county — from under 0.3% to over 2% — so the same home can cost hundreds more per month in a high-tax state. Pick your state on the by-state pages to use a typical local rate.