Mortgage Calculator US
Estimate your monthly mortgage payment from price, deposit, rate and term.
How it works
Your monthly mortgage payment is the loan amount (price minus deposit) repaid with interest over the term. A larger deposit or shorter term lowers the total interest you pay.
Payment = P × r × (1+r)^n / ((1+r)^n − 1)- P = price − deposit
- r = monthly rate
- n = months
- This estimate covers principal and interest only — taxes, insurance and fees are extra.
Frequently asked questions
What does PITI mean?
PITI stands for Principal, Interest, Taxes and Insurance — the four parts of a typical monthly mortgage payment. This calculator shows principal and interest; taxes and insurance are added on top.
What is PMI and when do I pay it?
Private mortgage insurance is usually required when your down payment is under 20%. It is an extra monthly charge that can typically be cancelled once you reach about 20% equity.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has higher monthly payments but far lower total interest and faster equity building. A 30-year loan has lower payments but costs much more in interest overall.
Does the calculator include property taxes and insurance?
No, it estimates principal and interest only. Property taxes and homeowners insurance vary by location and should be budgeted separately.
How much does the down payment affect my payment?
A larger down payment reduces the amount financed, lowers the monthly payment and total interest, and may let you avoid PMI by reaching 20% equity at closing.
How do mortgage points work?
Discount points are an upfront fee — typically 1% of the loan for roughly a 0.25% rate reduction — that lowers your interest rate. They can pay off if you keep the loan long enough to recoup the cost.
How the mortgage calculator works
This tool estimates the principal-and-interest portion of a home loan using the same amortization formula as any fixed loan. Enter the home price, your down payment, the interest rate, and the term (commonly 30 or 15 years) to see the monthly payment and how much interest you pay across the life of the loan.
Worked example
On a $400,000 home with 20% down ($80,000), you finance $320,000. At a 6.5% rate over 30 years, principal and interest come to about $2,023 per month, and you would pay roughly $408,000 in interest over the full term. Choosing a 15-year term instead raises the payment to about $2,788 but cuts total interest to around $182,000.
PITI: the full monthly cost
Your real payment is usually larger than principal and interest alone. Lenders bundle four costs into "PITI": Principal, Interest, property Taxes, and homeowners Insurance, often collected together through an escrow account. Property taxes and insurance vary widely by state and county, so budget for them on top of the figure this calculator shows.
Down payment and PMI
Putting down less than 20% typically triggers private mortgage insurance (PMI), an extra monthly cost that protects the lender, usually ranging from about 0.3% to 1.5% of the loan amount per year. PMI can normally be removed once you build enough equity, so a larger down payment both lowers your loan and can eliminate this added cost.
Results are estimates for general guidance in United States and may not reflect the latest local rates, fees or rules. Check official sources before making decisions.