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Payments & Costs

Monthly Mortgage Calculator

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Estimated monthly payment

Total monthly (PITI)$2,514
Principal & interest$2,022.62
Property tax$366.67
Homeowners insurance$125.00
PMI (not required)$0.00
Loan amount $320,000 · 80% LTV

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About the monthly mortgage calculator

A monthly mortgage calculator answers the question most buyers care about most: what will I actually pay every month? Plug in your loan amount, rate and term, and it converts the big purchase price into a single, repeatable monthly number — the figure your budget has to absorb for the next 15 or 30 years.

Unlike a quick principal-and-interest estimate, a thorough monthly calculation folds in escrowed property taxes, homeowners insurance, and PMI when you put down less than 20%. That PMI typically costs about 0.46% to 1.50% of the loan amount per year and falls away once you reach roughly 20% equity. These add-ons routinely raise a payment by 20% or more, so seeing the all-in monthly cost helps renters compare buying to their current rent on equal footing.

Once you have your monthly figure, map it against your take-home pay rather than gross income for a gut-check on cash flow. A handy tip: if the payment feels tight, extending from a 15- to a 30-year term lowers it meaningfully, though you'll pay more interest over the life of the loan. Keep in mind that as of 2026 a one-unit loan above $832,750 (or $1,249,125 in high-cost areas) is treated as a jumbo loan, which can carry stricter terms.

Frequently asked questions

How is a monthly mortgage payment calculated?
Principal and interest come from a standard amortization formula using your loan amount, interest rate and term. A full monthly calculator then adds one-twelfth of your annual property taxes and insurance, plus PMI if applicable, to reach the total.
What's the difference between monthly principal and interest?
Interest is the lender's charge on your outstanding balance; principal is the portion that reduces what you owe. Early in the loan most of your payment is interest, and over time the balance shifts toward principal.
Does my monthly payment change over time?
On a fixed-rate loan, principal and interest stay the same, but the escrow portion can change as property taxes and insurance premiums rise. Adjustable-rate loans can see the principal and interest portion change after the fixed period ends.
Should I compare monthly cost to rent?
Yes, but compare honestly. Add taxes, insurance, PMI (typically about 0.46% to 1.50% of the loan a year below 20% down) and expected maintenance to the loan payment, then weigh that against rent. Buying builds equity, but the true monthly cost of ownership is usually higher than principal and interest alone.

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