Mortgage Payment Calculator

Estimate your full monthly mortgage payment — principal, interest, taxes, insurance, and PMI.

Home price

Down payment: % ()

Interest rate

Term

Property tax / yr

Insurance / yr

Estimated monthly payment

Principal & interest

Property tax

Insurance

PMI

Loan amount

Total interest

P&I Tax Insurance PMI

PMI applies below 20% down; drops at 20% equity.

How to Use

1. Enter the home price and your down payment.
2. Set the interest rate and loan term.
3. Optionally add property tax and homeowners insurance for a full PITI estimate.
4. Results update instantly as you type — adjust any value to compare scenarios.

Calculation Method

Monthly principal & interest uses the standard mortgage formula:

M = P × [ r(1+r)^n ] / [ (1+r)^n − 1 ]

Where P = loan amount, r = monthly interest rate (annual ÷ 12), n = number of payments (years × 12). PITI adds monthly property tax (annual ÷ 12), homeowners insurance (annual ÷ 12), and PMI when the down payment is under 20%.

Data sources: Standard amortization formula; PMI bands per industry averages; property tax rates per state Departments of Revenue.

Examples

$400,000 home, 20% down, 6.5% / 30yr

Loan of $320,000 → about $2,022/mo principal & interest, before taxes and insurance.

$400,000 home, 10% down, 6.5% / 30yr

Loan of $360,000 → about $2,275/mo P&I, plus PMI until you reach 20% equity.

Frequently Asked Questions

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment.

Private Mortgage Insurance is generally required when your down payment is less than 20% of the home price. It can usually be removed once you reach 20–22% equity.

Yes — if you enter an annual property tax amount, it is divided by 12 and added to your monthly payment.

No. They are estimates. Your actual rate and payment depend on your lender, credit, and location.

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Mortgage Information Disclaimer

The mortgage calculations on this site are estimates based on the information you provide. Actual mortgage terms, interest rates, and payments will vary based on your credit score and history, debt-to-income ratio, property type and location, loan program, lender-specific requirements, and market conditions.

SmartMortgageCalcs does not provide mortgage, financial, or legal advice. We are not a mortgage lender or broker. We strongly recommend consulting with multiple licensed mortgage lenders, working with a qualified real estate agent, reviewing all documents carefully before signing, and seeking advice from a financial advisor. Our estimates do not constitute a loan offer or commitment — final loan terms are determined by the lender. Interest rates and fees shown are illustrative only.

Last updated: May 19, 2026