Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI. Free mortgage calculator with full amortization schedule. No signup required.
Reviewed for accuracy by Marcus Webb and the Blueprint Dynamics editorial team (last updated July 2026). Our calculators use primary-source formulas and are cross-checked against IRS publications, Fannie Mae guidelines, and Federal Reserve data. Learn more about our methodology.
Source: Federal Reserve, Freddie Mac, Bankrate national averages. Rates are approximate ranges for borrowers with good credit (700+). Actual rates depend on your credit score, loan-to-value ratio, and lender.
Mortgage Payment Calculator
Estimate your monthly payment and see exactly where your money goes.
Estimated Monthly Payment
$2,636
Total Interest
$431,018
Total Cost
$831,018
Payoff Date
Jul 2056
Amortization Schedule
See how every payment splits between principal and interest over the life of your loan.
Auto-filled from the mortgage calculator above. Edit any field to override.
Year-by-year breakdown
How to use this mortgage calculator
Enter your home price, down payment amount, annual interest rate, and loan term. The calculator instantly shows your monthly principal and interest payment. For a complete cost picture, also fill in annual property taxes, homeowner's insurance, and HOA dues — these often add $400–$800/month on top of P&I and catch many first-time buyers off guard.
The PMI field activates automatically when your down payment is less than 20% of the home price. PMI is expressed as an annual percentage of the loan balance, typically 0.5–1.5%. Your lender will give you the exact rate, which depends on your credit score and loan-to-value ratio.
What affects your monthly payment?
Four variables control your P&I payment: loan amount, interest rate, loan term, and loan type. Of these, interest rate has the most dramatic impact. On a $400,000 mortgage, the difference between a 6.5% and 7.5% rate is roughly $240/month — and over $86,000 in total interest over 30 years. This is why getting quotes from multiple lenders matters so much. Research consistently shows that buyers who get at least three quotes save an average of $1,500 over the life of the loan just from rate competition.
Loan term is the second big lever. A 30-year term minimizes monthly payments but maximizes total interest paid. A 15-year term costs more each month but typically carries a lower rate (0.5–0.75% less) and cuts total interest roughly in half.
30-year vs. 15-year mortgage — which is right for you?
On a $350,000 loan, a 30-year at 7% costs $2,329/month (P&I) with $488,000 in total interest. A 15-year at 6.25% costs $3,002/month with $190,000 in total interest — a difference of $298,000 in interest saved. The right answer depends on your cash flow, job stability, and other financial priorities.
If you have high-interest debt, maxing out a 15-year mortgage payment may not be optimal. The 30-year with voluntary extra payments is often a good middle path — you get flexibility on tough months and can still pay off early when cash flow allows. One extra payment per year on a 30-year loan can cut 4–5 years off the term.
Understanding PMI and how to eliminate it
Private Mortgage Insurance (PMI) protects your lender — not you — if you default. It costs 0.5–1.5% of the loan balance annually, typically $100–$300/month. It's required on conventional loans with less than 20% down. Under the federal Homeowners Protection Act, your lender must automatically cancel PMI when your loan balance drops to 78% of the original purchase price. You can request cancellation once you reach 80% — which can happen faster if your home has appreciated and you get a new appraisal.
Worked example
Home price: $450,000. Down payment: $45,000 (10%). Loan amount: $405,000. Rate: 7.0%. Term: 30 years. P&I payment: $2,695/month. Add $500/month in taxes, $150/month in insurance, and $250/month in PMI — total monthly housing cost is approximately $3,595. That's the number that should be compared against your pre-approval and budget, not just the P&I figure.
Common mistakes to avoid
Focusing only on the monthly payment without calculating total interest cost is the most common error. A payment that feels affordable can come with $400,000 in total interest over 30 years. Also, do not forget to budget for closing costs (2–5% of the loan) paid at settlement — this is cash out of pocket that doesn't reduce your loan balance. And always verify your property tax estimate: county assessors may reassess your home after purchase, which can significantly increase your escrow payment in year two.