Mortgage Calculator
This free online mortgage calculator estimates your monthly mortgage payment from home price, down payment, interest rate, and loan term. Add property tax and insurance to see a full PITI payment — the same style of mortgage payment calculator used for quick home-buying estimates.
How the mortgage payment is calculated
Your monthly principal and interest payment uses the standard fixed-rate amortization formula:
Where M is the monthly principal & interest payment, P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (loan term in years × 12).
What's included in your payment (PITI)
Lenders often bundle four costs into one monthly payment, called PITI: Principal, Interest, property Taxes, and home Insurance. HOA dues are usually paid separately. This online mortgage payment calculator lets you include tax and insurance so your estimate matches a typical escrowed payment.
Tips for lowering your payment
A larger down payment reduces the loan amount and can help you avoid PMI at 20% equity. A lower rate or longer term lowers the monthly payment (longer terms cost more interest overall). Use our Amortization Calculator for the full payoff schedule, or the Loan Calculator for other loan types.
Frequently Asked Questions
How do I calculate a mortgage payment?
Enter the home price, down payment, interest rate, and term. The mortgage calculator uses the standard amortization formula to find principal and interest, then can add taxes and insurance for a full monthly payment.
What is PITI in a mortgage payment?
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts often bundled into a monthly mortgage payment.
Does a larger down payment lower my mortgage payment?
Yes. A larger down payment reduces the loan amount (P), which lowers principal and interest. Reaching 20% down can also help you avoid PMI.
Is this like a Bankrate mortgage calculator?
It uses the same standard fixed-rate payment math as popular online mortgage calculators. Results are estimates — confirm with your lender for exact quotes.