Mortgage Calculator

Enter the home price, your down payment, the interest rate, and the loan term — then pick your state to auto-load its average property tax rate. You will see a full PITI breakdown: monthly principal & interest, estimated property tax, homeowners insurance, and your total monthly payment.

Your numbers

Adjust the sliders or type exact values.

Home price

$50,000$2,000,000

Down payment

$0$1,000,000

Interest rate

0%15%

State (sets property tax)

Homeowners insurance (annual)

$0$6,000

Loan term

Total monthly PITI payment

$2,207.29

Principal, interest, property tax (1.10% OTHER), and insurance combined.

Monthly principal & interest: $1,769.79
Monthly property tax (1.10%): $320.83
Monthly homeowners insurance: $116.67
Total monthly PITI: $2,207.29
Loan amount: $280,000
Down payment: $70,000 (20.0%)
Total interest paid: $357,125
Total cost of loan: $637,125
Payoff date: October 2056

Monthly payment breakdown (PITI)

Principal & interestProperty taxHomeowners insurance

Estimates are for informational purposes only and do not constitute financial advice.

The mortgage payment formula

This is the standard amortization formula used by lenders. Each payment covers the interest due that month first; the remainder reduces your principal.

M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

M: Monthly principal & interest payment
P: Loan principal (home price minus down payment)
r: Monthly interest rate (annual rate ÷ 12)
n: Total number of monthly payments (years × 12)

Example: a $350,000 home with 20% down

1
Home price is $350,000 and the down payment is $70,000, so the loan principal P = $280,000.
2
The annual rate is 6.5%, so the monthly rate r = 6.5% ÷ 12 = 0.5417% (0.005417).
3
A 30-year term means n = 30 × 12 = 360 monthly payments.
4
Plugging in: M = 280,000 × 0.005417 × (1.005417)³⁶⁰ ÷ ((1.005417)³⁶⁰ − 1) ≈ $1,769.80 per month.
5
Over 360 payments you pay about $637,128 in total — roughly $357,128 of that is interest.