Mortgage Payment Calculator
Estimate your monthly mortgage payment including principal, interest, property taxes, homeowner's insurance, and PMI. Adjust the sliders to see how different scenarios affect your payment.
Loan Details
$100,000$2,000,000
$0$200,000
3.000%12.000%
Additional costs (optional)
$0$20,000
$0$5,000
$0$1,000
Estimated Monthly Payment
$2,539
Principal & Interest
$2,023Property Tax
$400Insurance
$117Loan Amount
$320,000
Down Payment
$80,000 (20%)
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Get My QuoteUnderstanding Your Mortgage Payment
Your monthly mortgage payment typically consists of four main components, often referred to as PITI:
- Principal: The portion of your payment that reduces your loan balance. This amount increases over time as you pay down your mortgage.
- Interest: The cost of borrowing money from your lender. This amount decreases over time as your loan balance goes down.
- Taxes: Property taxes collected by your lender and held in an escrow account, then paid to your local government.
- Insurance: Homeowner's insurance protects your home from damage and liability. If your down payment is less than 20%, you may also pay Private Mortgage Insurance (PMI).
Tips for Lowering Your Payment
- Increase your down payment: A larger down payment means a smaller loan and lower monthly payments. It can also help you avoid PMI.
- Choose a longer loan term: While you'll pay more interest overall, a 30-year term has lower monthly payments than a 15-year term.
- Shop for the best rate: Even a small difference in interest rate can significantly impact your monthly payment and total cost.