Mortgage Payment Calculator
Estimate your monthly mortgage payment, including principal, interest, taxes, and insurance.
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Get in TouchYour mortgage payment is made up of principal and interest (P&I), calculated with the standard loan amortization formula, plus property taxes and homeowners insurance if you choose to include them. A $300,000 loan at a 6% rate over 30 years comes out to about $1,798.65/month in principal and interest alone.
How It Works
This calculator estimates your monthly mortgage payment using the same fixed-rate amortization math as any standard installment loan, applied to your home loan amount, interest rate, and term. Unlike a generic loan payment calculator, it also lets you factor in property taxes and homeowners insurance so you can see a fuller estimate of your total monthly housing cost — often referred to as PITI (Principal, Interest, Taxes, and Insurance).
Formula
Principal and interest are calculated using the standard amortization formula:
- M — your monthly principal and interest payment
- P — the loan amount (home price minus down payment)
- r — your monthly interest rate (annual rate ÷ 12)
- n — the total number of monthly payments (loan term in months)
Add 1/12th of your annual property tax and annual homeowners insurance premium to estimate your full monthly payment.
Example
Say you take out a $300,000 mortgage at a 6% annual interest rate over 30 years (360 months):
- Monthly interest rate: 6% ÷ 12 = 0.5%
- Number of payments: 360
- Estimated principal & interest: ≈ $1,798.65/month
- Estimated property taxes: ≈ $300/month
- Estimated homeowners insurance: ≈ $100/month
- Estimated total monthly payment (PITI): ≈ $2,198.65
Assumptions & Limitations
This calculator assumes a fixed interest rate and equal monthly payments over the full loan term. Property tax and insurance figures are estimates you provide and will vary by location and insurer. It doesn't account for PMI, HOA dues, or closing costs unless you factor them in separately. Results are estimates for educational purposes only and shouldn't be treated as a formal loan offer.
Frequently Asked Questions
License This Calculator for Your Business
Want the Mortgage Payment Calculator on your own website? CalcX calculators are available to license — fully branded to match your site, embeddable in minutes, and built to turn visitors into qualified leads.
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