Mortgage Calculator
Full monthly payment with taxes, insurance & PMI
See your real monthly house payment — not just principal and interest, but property taxes, insurance and PMI too. Enter the details below.
What PITI means
Your monthly mortgage payment on a home loan calculator is rarely just principal and interest.
Your payment is more than the loan. It is Principal, Interest, property Taxes and Insurance, and on a typical loan the last two add several hundred dollars a month that a bare payment calculator never shows.
| Component | Monthly |
|---|---|
| Principal & interest | $1,769.79 |
| Property tax and insurance | $445.83 |
| Total monthly payment | $2,215.62 |
| Loan amount | $280,000 |
| Total interest over 30 years | $357,125 |
Look at that last line. Over thirty years the interest on a $280,000 loan is $357,125 — more than the loan itself, and more than five times the down payment. That figure was missing from this calculator entirely until recently, and it is the number that should drive every decision below.
The rate is worth more than almost anything else
| Rate | Monthly P&I | Total interest | Versus 6.5% |
|---|---|---|---|
| 4% | $1,336.76 | $201,235 | −$155,890 |
| 5% | $1,503.10 | $261,116 | −$96,009 |
| 6% | $1,678.74 | $324,347 | −$32,778 |
| 6.5% | $1,769.79 | $357,125 | — |
| 7% | $1,862.85 | $390,625 | +$33,500 |
| 8% | $2,054.54 | $459,635 | +$102,510 |
Half a percentage point is worth about $33,000 on this loan. That is why shopping three or four lenders is the highest-value hour in the whole home-buying process — far more valuable than negotiating a few thousand off the price. Credit score is the main lever you control here.
15-year against 30-year
| Term | Monthly P&I | Total interest | Interest saved |
|---|---|---|---|
| 15 years | $2,439.10 | $159,038 | $198,087 |
| 20 years | $2,087.60 | $221,025 | $136,100 |
| 30 years | $1,769.79 | $357,125 | — |
A 15-year loan costs 38% more per month and saves $198,087. That is a genuine trade rather than an obvious win: the higher payment is a fixed commitment, and there is a real argument for taking the 30-year and paying extra voluntarily, which gives you the same interest saving with the option to stop in a hard year.
Down payment and PMI
Below 20% down, lenders add private mortgage insurance — typically 0.3% to 1.5% of the loan per year, estimated here at 0.5%. It protects the lender, not you, and it is pure cost.
| 20% down | 10% down | |
|---|---|---|
| Down payment | $70,000 | $35,000 |
| Loan amount | $280,000 | $315,000 |
| Total monthly | $2,215.62 | $2,568.10 |
| Total interest | $357,125 | $401,765 |
PMI is not permanent. You can request removal at 80% loan-to-value and the lender must cancel it automatically at 78%, so on this home the target balance is $280,000. Rising home values count too: a fresh appraisal showing 20% equity can end PMI years earlier than the amortisation schedule would.
That said, do not drain your savings to reach 20%. Lenders want to see cash reserves after closing, and a house with no emergency fund behind it is a fragile position.
What this calculator leaves out
Enter an HOA or condo fee above if you have one; it is a real monthly cost that is easy to forget when comparing homes. Beyond that, budget separately for:
- Closing costs, typically 2 to 5% of the price, due in cash at closing.
- Maintenance, commonly estimated at 1% of the home's value a year.
- Utilities, which are usually higher than in a rental of the same size.
- Tax and insurance increases. Both rise over time, so a payment that fits today will be larger in five years even on a fixed-rate loan.
On affordability, the common guideline is the 28/36 rule: housing under 28% of gross monthly income and total debt under 36%. The home affordability calculator works backwards from income, and the take-home pay calculator gives you the net figure those percentages should really be measured against.
Estimate only — not financial advice. Your lender's exact figures, taxes, insurance and PMI rate will differ.
How this mortgage calculator works out its numbers
Principal and interest use the standard amortisation formula. Property tax is price × tax rate ÷ 12, insurance is the annual premium ÷ 12, and total interest is (monthly P&I × term × 12) − loan amount.
- PMI is estimated at 0.5% of the loan per year when the down payment is under 20%. Real PMI runs 0.3% to 1.5% depending on credit score and loan-to-value, so treat it as a mid-range placeholder.
- PMI is charged for the whole term in this calculation, which overstates it. In reality you can request cancellation at 80% LTV and the lender must remove it at 78%, so the monthly figure is right for the early years and conservative later.
- Property tax is charged on the purchase price and held flat. Real assessments change and most jurisdictions reassess periodically, so the figure drifts upward over time.
- Not included: closing costs, points, escrow shortfalls, maintenance, utilities, and the tax deductibility of mortgage interest.
- Fixed-rate only. Adjustable-rate mortgages, interest-only periods and balloon payments are not modelled.
Reviewed September 2026.
Figures reviewed . Every worked example on this page is checked against the calculator above.
Mortgage Calculator: frequently asked questions
How much is the monthly payment on a $300,000 mortgage?
About $1,896 a month in principal and interest at 6.5% over 30 years, before taxes, insurance and any PMI. Add roughly $400 to $500 a month for taxes and insurance on a typical home.
How much interest do you pay on a 30 year mortgage?
More than the loan itself at current rates. A $280,000 loan at 6.5% over 30 years costs $357,125 in interest, on top of repaying the $280,000 principal.
Is a 15-year mortgage worth it?
It saves a great deal: $198,087 of interest on a $280,000 loan at 6.5%, against a payment 38% higher. Taking the 30-year and paying extra voluntarily gives a similar saving while keeping the option to stop in a difficult year.
How much does the interest rate matter on a mortgage?
Enormously. On a $280,000 loan over 30 years, half a percentage point is worth about $33,000 in total interest, and the gap between 4% and 8% is over $258,000. Shopping several lenders is the highest-value hour in the process.
What is PMI and when do I pay it?
Private mortgage insurance, required when you put down less than 20%, typically 0.3% to 1.5% of the loan a year. You can request removal at 80% loan-to-value and the lender must cancel it at 78%.
How can I get rid of PMI faster?
Pay down to 80% loan-to-value, or get a fresh appraisal if home values have risen — reaching 20% equity through appreciation counts and can end PMI years before the amortisation schedule would.
What does PITI stand for?
Principal, Interest, Taxes and Insurance, the four parts of a typical mortgage payment. On a $350,000 home, taxes and insurance add about $446 a month on top of the $1,770 principal and interest.
How much income do I need for a $300,000 mortgage?
Under the 28% rule, a payment of roughly $1,900 to $2,400 including taxes and insurance suggests gross income around $80,000 to $100,000, depending on your other debts, rate and down payment.