Use our comprehensive mortgage calculator to determine your monthly home loan payment, total interest costs, and complete amortization schedule. Calculate payments for any loan amount, interest rate, and term while including property taxes, homeowner's insurance, and private mortgage insurance (PMI).
Industry-standard mortgage formulas for precise monthly payment calculations
Includes PITI (Principal, Interest, Taxes, Insurance) and PMI calculations
Detailed breakdown showing how much goes to principal vs interest each month
Usually required if down payment is less than 20%
Average rates as of November 2025:
*Rates vary by lender and credit score
Our mortgage calculator uses industry-standard formulas to provide highly accurate estimates. The calculations include principal, interest, taxes, insurance, and PMI. However, actual payments may vary slightly based on lender-specific terms and local tax rates.
Your total monthly mortgage payment typically includes four components (PITI): Principal (loan amount), Interest (cost of borrowing), Taxes (property taxes), and Insurance (homeowner's insurance). If your down payment is less than 20%, you'll also pay PMI (Private Mortgage Insurance).
Most lenders recommend that your total monthly housing costs (PITI) should not exceed 28% of your gross monthly income. Your total debt-to-income ratio, including all debts, should stay below 36-43%. Use our calculator to test different scenarios and find a comfortable payment.
A 30-year mortgage offers lower monthly payments but higher total interest costs. A 15-year mortgage has higher monthly payments but significantly lower total interest. Compare both options using our calculator to see which fits your budget and financial goals.
Private Mortgage Insurance (PMI) protects the lender if you default on your loan. It's required when your down payment is less than 20%. You can typically remove PMI when you reach 20% equity in your home, either through payments or property value appreciation.
Making extra principal payments can save thousands in interest and years off your loan term. Even an extra $50-100 per month can make a significant difference. Use our calculator to see how extra payments impact your specific situation.