Mortgage Payment Calculator interactive tool
Calculator
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Monthly payment (PITI)
Principal & interest$1,896
Property tax$250
Insurance$100
Total (PITI)$2,246
What Is Mortgage Payment?
A mortgage payment calculator estimates your monthly home loan payment based on the loan amount, interest rate, and term. While it might seem straightforward, your total monthly payment is usually made up of four main components, commonly referred to as PITI.
How is a Mortgage Payment Calculated?
- Principal: The portion of your payment that goes toward paying down the actual loan balance.
- Interest: The cost charged by the lender for borrowing the money.
- Taxes: Property taxes assessed by your local government, usually divided into 12 monthly installments.
- Insurance: Homeowners insurance and, if applicable, Private Mortgage Insurance (PMI) if your down payment is less than 20%.
Why Use a Browser-Based Calculator?
When planning to buy a house, running different scenarios is critical. Using a free online tool allows you to instantly see how a larger down payment or a lower interest rate affects your monthly budget without handing over your email address or personal financial data to a bank or lead-generation website.
How To Use the Mortgage Payment Calculator
- Enter the loan amount (principal) you plan to borrow.
- Enter the annual interest rate and loan term in years.
- Optionally add annual property tax and insurance for a full PITI estimate.
- Review the monthly principal and interest (P&I) and total PITI payment.
- Use the Example button to load sample numbers, or Reset to clear.