15-year loan
Higher pay, less interest
Roughly a decade sooner — often before retirement for many buyers.
Monthly: +$861/mo
Interest: Save $254,683
Payoff: 15.0 yrs faster
Mortgage Payment Calculator (With Taxes, Insurance & PMI)
Buying a home is one of the biggest financial decisions you'll make. Not sure what you can borrow yet? Start with the home affordability calculator. Already planning a rate change? Pair results with the refinance calculator. Use this tool to estimate monthly payments including taxes, insurance, and PMI.
Buying a home is one of the biggest financial decisions you'll
Educational estimates — not financial advice. Calculations run in your browser; we don't store your inputs. How we make money · Disclaimer · Privacy
Your Monthly Payment
$3,075/mo
Breakdown
Principal + Interest$2,275
Taxes$500
Insurance$150
PMI$150
Total Interest
$459,160
Total Payment
$1,107,160
Loan Payoff Date
Dec 2055
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Decision Workspace
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Swipe scenarios to preview — apply when one fits.
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Tap a scenario to preview the impact
See payment changes before you apply anything to your loan.
Adjust your loan details
10.00% down payment
%
10.00% down payment
%
Your Monthly Payment
$3,075/mo
Breakdown
Principal + Interest$2,275
Taxes$500
Insurance$150
PMI$150
Total Interest
$459,160
Total Payment
$1,107,160
Loan Payoff Date
Dec 2055
Ads on this site help keep our calculators free for everyone.
Personalized Tips
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Adding $100/month saves more than $62,908. A large long-term savings win if you can afford the trade-off.
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You could remove PMI earlier by increasing payments or putting down 20%.
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Switching to 15-year could save $254,683 in interest. Roughly a decade sooner — often before retirement for many buyers.
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You can request PMI removal in year 13 when your loan-to-value ratio drops below 80%.
How Mortgage Payments Are Calculated
A mortgage payment is made up of several parts. Understanding each component helps you avoid surprises and plan your budget more accurately. Expand any section below to learn more.
Principal
This is the amount you borrow from the lender to buy your home. Each monthly payment includes a portion that goes toward reducing your principal balance.
Interest
The lender charges interest as the cost of borrowing money. Your rate depends on your credit score, loan term, and market conditions. In the early years of your mortgage, most of your payment goes toward interest.
Property Taxes
Local governments charge property taxes annually. These are often included in your monthly mortgage payment through an escrow account, which your lender manages to ensure taxes are paid on time.
Homeowners Insurance
Protects your home from damages or disasters. Lenders typically require it and may also include it in your escrow account along with property taxes.
PMI (Private Mortgage Insurance)
If your down payment is less than 20%, lenders usually require PMI to protect themselves. PMI can typically be removed once you reach 20% equity in your home.
Mortgage Payment Formula
Monthly payment is calculated using the standard amortization formula:
M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]
Where:
- M = monthly payment
- P = loan amount (principal)
- r = monthly interest rate (annual rate ÷ 12)
- n = number of payments (years × 12)
Our calculator automatically applies this formula for you, so you can focus on understanding your payment rather than doing the math.
Example Scenario
Let's break down a typical mortgage scenario:
- Home price: $400,000
- Down payment: 20% ($80,000)
- Loan: $320,000
- Rate: 6.5%
- Term: 30 years
Estimated monthly payment breakdown:
- Principal + Interest: $2,022
- Property Taxes: $350
- Home Insurance: $120
- PMI: $0 (20% down payment eliminates PMI)
- Total: $2,492/month
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