Mortgage Calculator
Estimate your full monthly payment — not just principal and interest, but property tax and insurance too. Everything updates as you type, and the link always carries your numbers.
The payment behind the payment
When lenders and listings quote a mortgage payment, they usually mean principal and interest only — the amortized repayment of the loan itself. But the check that leaves your account each month is typically PITI: principal, interest, property taxes, and insurance. Most lenders collect the tax and insurance portions into an escrow account and pay those bills on your behalf, so the advertised "P&I" figure can understate your real monthly cost by hundreds of dollars. This calculator computes P&I with the standard amortization formula M = P·r / (1 − (1 + r)−n), then adds one-twelfth of your annual tax and insurance to show the whole picture.
Worked example
Buy a $400,000 home with $80,000 down (20%), financing $320,000 at 6.5% for 30 years. Principal and interest come to $2,022.62 a month. Add $4,800 a year in property tax ($400/month) and $1,600 in insurance ($133.33/month), and the real monthly total is $2,555.95 — over $530 more than the P&I quote. Over the full term, interest alone adds up to about $408,142, more than the amount borrowed.
Frequently asked questions
What does PITI stand for in a mortgage payment?
Principal, Interest, Taxes, and Insurance — the four pieces most lenders collect each month. Principal and interest repay the loan itself; property tax and homeowners insurance are usually collected alongside and held in escrow. This calculator adds all four so you see the number that actually leaves your account.
How much down payment do I need to buy a house?
Putting 20% down lets you avoid private mortgage insurance (PMI) on a conventional loan, but many programs allow far less — conventional loans can go to 3% down, FHA to 3.5%, and VA or USDA loans to 0% for eligible borrowers. Note that this calculator does not model PMI, so with under 20% down your real payment may be somewhat higher than shown.
Why does a small interest rate change matter so much on a mortgage?
Because the balance is large and the term is long. On a $320,000 loan over 30 years, moving from 6.5% to 7% adds about $106 to the monthly payment — and roughly $38,000 in extra interest over the life of the loan. Small rate differences compound across 360 payments, which is why shopping lenders is worth the effort.
Are property taxes and insurance really part of my mortgage payment?
Usually, yes. Most lenders require an escrow account: they collect one-twelfth of your annual property tax and insurance premiums with each payment, then pay those bills for you when they come due. Even if you pay them yourself, they are a real monthly housing cost — which is why quoting only principal and interest understates what a home costs to hold.