Calculate your monthly mortgage payment including principal, interest, property tax, and insurance. Adjust loan terms to find a payment that fits your budget.
Total Monthly Payment
$2,296
Principal & Interest
$1,896
Monthly Tax & Insurance
$400
Total Interest Paid
$382,633
You will pay 2.76x the loan amount when including all costs
What gross monthly income is needed for your $2,296/mo payment to be within the 28% housing guideline
The 28% rule: housing costs should not exceed 28% of gross monthly income
Your mortgage payment is determined by the loan amount, interest rate, and loan term. Longer terms mean lower monthly payments but more total interest paid. Property taxes and homeowners insurance are usually collected monthly as part of your payment and held in escrow by your lender. Understanding the full breakdown helps you budget accurately and compare loan offers.
The principal and interest portion 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. Property tax and insurance are then added on top.
Your total monthly mortgage payment typically includes principal, interest, property taxes, and homeowners insurance (often called PITI). Some loans also include private mortgage insurance (PMI) if your down payment is less than 20%.
A 15-year mortgage has higher monthly payments but saves you a significant amount in total interest. A 30-year mortgage has lower payments, giving you more monthly flexibility. The best choice depends on your budget and financial goals.
Even small rate differences have a large impact. On a $300,000 loan, a 1% rate increase adds roughly $175 to your monthly payment and over $60,000 in total interest over 30 years.
Loan Payoff Calculator
Find out how long it will take to pay off your loan and how much you can save by making extra payments. See your debt-free date and total interest savings.
Amortization Schedule Calculator
Generate a complete amortization schedule for any loan. See how each payment is split between principal and interest, and track your remaining balance over time.