Buying a home is the biggest financial commitment most people ever make, and the monthly mortgage payment is the number that decides whether the house fits your budget. This mortgage calculator turns the three inputs that matter — loan amount, interest rate and loan term — into an exact monthly payment, a total interest figure, and a full amortization schedule that shows how each payment splits between interest and principal over the life of the loan. You can also add property tax, homeowner's insurance and HOA dues to see your true monthly housing cost (often called PITI), which is the number lenders actually use when they check whether you can afford the loan.
How the monthly payment is figured
The standard fixed-rate mortgage formula spreads the loan evenly over the term, so the payment never changes even though the interest/principal split shifts every month. Early payments are mostly interest; later ones are mostly principal.
Example
$350,000 loan at 6.5% for 30 years. The monthly principal-and-interest payment is about $2,212. Total interest over 30 years is roughly $446,000 — more than the loan itself. That is why even a small rate difference matters: the same loan at 6.0% costs about $2,098 a month and roughly $405,000 in total interest, saving over $40,000.
Down payment and PMI
Put down less than 20% and most lenders add private mortgage insurance (PMI), typically 0.5%–1.5% of the loan per year, until your equity reaches 20%. A bigger down payment shrinks both the loan and the monthly bill: on that $350,000 example, 20% down ($70,000) instead of 10% cuts the payment by about $225 a month.
Frequently asked questions
How much house can I afford?
A common rule is the 28/36 rule: spend no more than 28% of gross monthly income on housing (PITI) and no more than 36% on all debts. Lenders also check your credit score, employment history and down payment.
What is included in a mortgage payment?
Principal and interest always. Most lenders also collect property tax and homeowner's insurance monthly into escrow (PITI), plus PMI if your down payment is under 20%, plus HOA dues where applicable.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has much higher monthly payments but far less total interest — often half. A 30-year loan costs less per month, leaving room for investing or emergencies. Compare both above before deciding.
How does an extra payment affect my mortgage?
Extra payments go straight to principal and cut total interest. One extra monthly payment per year on a 30-year loan typically shortens it by about 4 years.
What is an amortization schedule?
It is a month-by-month table showing every payment split into interest and principal, plus the remaining balance. Early years are interest-heavy; the principal share grows over time.