Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and see a full amortization schedule. Includes property tax, insurance, and PMI.
20.0% down
Monthly Payment
$2,161.46
Principal & Interest
$1,769.79
Property Tax
$291.67
Insurance
$100.00
Loan Amount
$280,000.00
Total Interest
$357,124.57
Total Paid
$637,124.57
Payment Breakdown
P&ITaxInsurance
Frequently Asked Questions
How is the monthly mortgage payment calculated?+
The monthly payment uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n – 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
What is PMI?+
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. It typically costs 0.3%–1.5% of the loan amount per year and protects the lender if you default.
Does this include taxes and insurance?+
Yes. You can enter annual property tax and homeowners insurance amounts. The calculator adds these to your monthly principal and interest payment to show your total monthly cost.
What is an amortization schedule?+
An amortization schedule shows how each monthly payment is split between principal and interest over the life of the loan. Early payments are mostly interest; later payments are mostly principal.