Your real monthly housing cost
Lenders quote principal and interest, but your actual payment is usually PITI: principal, interest, property taxes and homeowners insurance — plus PMI if you put down less than 20% and HOA dues if the home has them. Enter the home price, down payment, rate and term and the calculator adds all of it up, with a bar showing where each dollar goes.
Below the result you'll find the loan amount, total interest over the life of the loan and a year-by-year amortization schedule, so you can see how slowly equity builds in the early years and how much a shorter term or a lower rate saves.
How to calculate a mortgage payment
- 1
Enter the home price
The price you expect to pay.
- 2
Set your down payment
As a percentage; the loan amount appears underneath.
- 3
Add the rate and term
30 and 15 years are the most common terms.
- 4
Fill in taxes, insurance, PMI and HOA
For your full monthly payment.
Key features
Full PITI payment
Principal, interest, taxes and insurance together.
Automatic PMI
Added only when your down payment is under 20%.
HOA and fees
Include condo or neighborhood dues.
Amortization schedule
Yearly and monthly breakdowns.
Common uses
- First-time buyers: Find a price range that fits your budget before house hunting.
- Comparing loan offers: See how rate, term and points change the payment.
- Deciding on a down payment: Weigh 10% down with PMI against waiting to save 20%.
Monthly principal and interest on a $320,000 loan (30 years)
| Interest rate | Monthly payment | Total interest |
|---|---|---|
| 5.5% | $1,817 | $334,093 |
| 6.0% | $1,919 | $370,682 |
| 6.5% | $2,023 | $408,142 |
| 7.0% | $2,129 | $446,428 |
| 7.5% | $2,237 | $485,495 |
Every half point adds roughly $100 a month and $37,000–$39,000 in interest over 30 years on this loan — which is why shopping around for a rate pays off.
15-year vs. 30-year mortgage ($320,000 at 6.5%)
| Term | Monthly payment | Total interest |
|---|---|---|
| 30 years | $2,023 | $408,142 |
| 15 years | $2,788 | $181,758 |
The 15-year loan costs about $765 more a month but saves over $226,000 in interest — and 15-year rates are usually lower still.
Tips and good to know
- A common guideline is the 28/36 rule: keep housing costs under 28% of gross monthly income and all debt payments under 36%.
- Closing costs of about 2–5% of the price aren't included; budget for them separately.
- PMI on conventional loans can be removed once you reach 20% equity, and lenders must drop it automatically at 22%.
- Compare the monthly payment with what you'd earn by investing the difference using the Investment Calculator.