Mortgage Payment Calculator

Use this RatesQ free mortgage payment calculator to estimate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI. Adjust any input and your result updates instantly — no sign-up required.

Loan Details

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Escrow & Fees

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Monthly Payment

Principal & Interest
$2,023/mo
Property Tax
$400/mo
Home Insurance
$100/mo
PMI
$0/mo
HOA
$0/mo
Total$2,523/mo
Loan amount$320,000
Interest rate6.50%
Loan term30 years
Total interest paid$408,142

Results are estimates for illustrative purposes only. Actual payments may vary based on lender, credit profile, and local tax rates.

How this calculator works

Enter your home price, down payment, loan term, and interest rate. The calculator applies the standard amortization formula — M = P[r(1+r)^n] / [(1+r)^n − 1] — to compute your monthly principal and interest payment. Property taxes and home insurance are divided by 12 and added to arrive at the full monthly cost. When your down payment is below 20%, PMI is estimated at 0.85% of the loan amount per year — a common rate for conventional loans. HOA dues, if any, are added as a flat monthly amount. All fields recalculate instantly as you type.

What's included in your payment (PITI)

Principal: The slice of each payment that actually shrinks your loan balance. In the early years it's almost insultingly small. Most of what you pay goes to interest. That gradually flips as the balance drops and there's less left to charge interest on.
Interest: What the lender charges you for borrowing the money. It's calculated on your remaining balance each month, so as you pay the loan down, the interest charge quietly decreases even though your payment stays the same.
Taxes: Your annual property tax split into 12 monthly chunks. Most lenders collect it in escrow and handle the bill when it comes due. Tax rates vary a lot by location, sometimes dramatically between neighboring towns.
Insurance: Standard homeowners insurance, collected monthly and held in escrow alongside your taxes. Lenders require it. Put down less than 20% and PMI gets added on top. That's a separate charge protecting the lender, not you, if you default.

Frequently asked questions

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