How to use this mortgage calculator
- Enter the home price and your down payment as a percentage or a dollar amount. The loan amount is the price minus the down payment.
- Choose the loan term and interest rate. The average 30-year fixed rate was 7.03% as of September 24, 2026 (Freddie Mac). Use the rate from your loan estimate for the most accurate result.
- Add property tax, insurance, PMI and HOA dues to see your full monthly housing payment, not just principal and interest.
- Try extra payments to see how much interest you save and how much sooner you own your home. Copy the link to share or save your scenario.
What’s in a mortgage payment (PITI)
Lenders describe a full house payment as PITI: principal, interest, taxes and insurance. Many borrowers also pay private mortgage insurance and HOA dues.
- Principal repays the amount you borrowed. Early on, only a small share of each payment goes to principal; the share grows every month.
- Interest is the lender’s charge for the loan, calculated monthly on the remaining balance.
- Property taxes are set by your county or city and are usually collected monthly into an escrow account.
- Homeowners insurance protects the home and is required by lenders; it is also commonly paid through escrow.
- PMI (private mortgage insurance) is usually required on conventional loans with less than 20% down.
- HOA dues are paid to a homeowners association and are not part of the loan, but they count toward what you can afford.
Mortgage payment formula
The monthly principal and interest payment on a fixed-rate mortgage is:
M = P × r(1 + r)^n / ((1 + r)^n − 1)
- M
- monthly principal and interest payment
- P
- loan amount (home price minus down payment)
- r
- monthly interest rate = annual rate ÷ 12
- n
- number of monthly payments = years × 12
Worked example
A $400,000 home with $80,000 down (20%) leaves a loan of P = $320,000. At 7.03% the monthly rate is r = 0.005858, and a 30-year term has n = 360 payments. Then (1 + r)n = 8.1894, so M = $320,000 × 0.005858 × 8.1894 ÷ (8.1894 − 1) = $2,135.42 per month. Over 30 years you would pay $768,751 in total, of which $448,751 is interest.
Monthly mortgage payments by loan amount and rate
Principal and interest on a 30-year fixed-rate loan (taxes, insurance and PMI not included):
| Loan amount | 5.5% | 6% | 6.5% | 7% | 7.5% |
|---|---|---|---|---|---|
| $150,000 | $852 | $899 | $948 | $998 | $1,049 |
| $200,000 | $1,136 | $1,199 | $1,264 | $1,331 | $1,398 |
| $250,000 | $1,419 | $1,499 | $1,580 | $1,663 | $1,748 |
| $300,000 | $1,703 | $1,799 | $1,896 | $1,996 | $2,098 |
| $350,000 | $1,987 | $2,098 | $2,212 | $2,329 | $2,447 |
| $400,000 | $2,271 | $2,398 | $2,528 | $2,661 | $2,797 |
| $500,000 | $2,839 | $2,998 | $3,160 | $3,327 | $3,496 |
| $600,000 | $3,407 | $3,597 | $3,792 | $3,992 | $4,195 |
| $750,000 | $4,258 | $4,497 | $4,741 | $4,990 | $5,244 |
15-year vs. 30-year mortgage
Shorter terms cost more per month but save a lot of interest. Here is the $320,000 loan from the example on different terms (15-year rate: 6.42%, Freddie Mac average as of September 24, 2026; 20-year rate interpolated):
| Term | Rate | Monthly payment | Total interest |
|---|---|---|---|
| 30-year fixed | 7.03% | $2,135.42 | $448,751 |
| 20-year fixed | 6.73% | $2,428.41 | $262,819 |
| 15-year fixed | 6.42% | $2,773.49 | $179,228 |
How to lower your mortgage payment
- Put more money down to borrow less and avoid PMI.
- Improve your credit score before applying; borrowers with higher scores are offered lower rates and cheaper PMI.
- Compare at least three lenders. Even a quarter-point lower rate saves thousands over the life of a loan.
- Consider buying points if you plan to keep the loan long enough to recoup the upfront cost.
- Shop for homeowners insurance and appeal your property tax assessment if it looks too high.
- Refinance when rates fall enough to cover closing costs — see our refinance calculator.
How much house can you afford?
A common guideline is the 28/36 rule: keep your housing payment under 28% of gross monthly income and all debt payments under 36%. Use our house affordability calculator to find a price range, and our debt-to-income calculator to see how lenders will view your application.
Mortgage calculator by state
Property taxes and insurance differ a lot from state to state. On a $400,000 home, a year of property tax at the statewide effective rate ranges from $1,080 in Hawaii to $7,680 in Illinois. Choose your state to open this calculator preset with its rate, median home value and average insurance premium, plus payment tables for that state and a comparison with neighboring states.
| State | Effective property tax rate | Median home value | Avg. insurance / yr |
|---|---|---|---|
| Alabama | 0.38% | $233,300 | $3,716 |
| Alaska | 1.06% | $376,500 | $1,492 |
| Arizona | 0.43% | $426,000 | $2,397 |
| Arkansas | 0.52% | $215,600 | $3,195 |
| California | 0.71% | $759,500 | $1,653 |
| Colorado | 0.49% | $574,600 | $5,511 |
| Connecticut | 1.66% | $396,900 | $2,132 |
| Delaware | 0.47% | $371,600 | $1,461 |
| District of Columbia | 0.63% | $733,400 | $1,558 |
| Florida | 0.75% | $396,900 | $8,471 |
| Georgia | 0.74% | $343,300 | $2,301 |
| Hawaii | 0.27% | $875,900 | $738 |
| Idaho | 0.43% | $446,400 | $2,412 |
| Illinois | 1.92% | $280,700 | $2,802 |
| Indiana | 0.74% | $243,500 | $2,869 |
| Iowa | 1.29% | $227,300 | $3,148 |
| Kansas | 1.25% | $238,700 | $5,289 |
| Kentucky | 0.71% | $226,000 | $4,471 |
| Louisiana | 0.53% | $223,200 | $5,185 |
| Maine | 0.91% | $341,900 | $1,299 |
| Maryland | 0.95% | $436,300 | $2,242 |
| Massachusetts | 1.00% | $607,400 | $2,112 |
| Michigan | 1.18% | $254,200 | $3,071 |
| Minnesota | 1.02% | $344,600 | $3,333 |
| Mississippi | 0.65% | $186,500 | $2,602 |
| Missouri | 0.79% | $254,400 | $3,783 |
| Montana | 0.69% | $425,400 | $3,221 |
| Nebraska | 1.42% | $263,100 | $5,513 |
| Nevada | 0.47% | $455,500 | $1,876 |
| New Hampshire | 1.46% | $458,800 | $1,324 |
| New Jersey | 1.89% | $496,000 | $1,449 |
| New Mexico | 0.63% | $279,900 | $3,497 |
| New York | 1.45% | $449,800 | $1,844 |
| North Carolina | 0.61% | $333,000 | $3,799 |
| North Dakota | 0.96% | $266,100 | $2,846 |
| Ohio | 1.22% | $239,800 | $2,109 |
| Oklahoma | 0.75% | $222,100 | $5,378 |
| Oregon | 0.78% | $497,500 | $1,647 |
| Pennsylvania | 1.16% | $277,600 | $1,434 |
| Rhode Island | 1.07% | $455,700 | $2,379 |
| South Carolina | 0.45% | $299,500 | $2,870 |
| South Dakota | 1.02% | $289,600 | $3,740 |
| Tennessee | 0.45% | $332,600 | $3,198 |
| Texas | 1.31% | $313,200 | $4,582 |
| Utah | 0.49% | $545,200 | $1,771 |
| Vermont | 1.42% | $352,800 | $1,017 |
| Virginia | 0.71% | $403,500 | $1,939 |
| Washington | 0.79% | $602,200 | $1,766 |
| West Virginia | 0.52% | $170,800 | $1,961 |
| Wisconsin | 1.25% | $294,700 | $1,836 |
| Wyoming | 0.57% | $339,500 | $2,075 |
Tax rates are median real estate taxes paid ÷ median home value and home values are medians for owner-occupied homes (U.S. Census Bureau, 2024 ACS 1-year). Insurance is the average 2026 quoted premium for $300,000 of dwelling coverage (Insurance.com). All are statewide estimates; your local rate and your quotes will differ.
Frequently asked questions
How is a monthly mortgage payment calculated?
The principal-and-interest part uses the standard amortization formula M = P × r(1 + r)n ÷ [(1 + r)n − 1], where P is the loan amount, r is the annual rate divided by 12 and n is the number of monthly payments. Property tax, homeowners insurance, PMI and HOA dues are then added to get the full monthly payment (often called PITI).
What is the monthly payment on a $400,000 mortgage?
At 7.03% for 30 years, a $400,000 loan costs $2,669.27 a month in principal and interest. On a 15-year term at the same rate it is $3,602.03. Taxes and insurance come on top.
How much should I put down on a house?
Putting 20% down avoids private mortgage insurance (PMI) on a conventional loan and lowers your payment, but many buyers put down less: conventional loans allow as little as 3%, FHA loans 3.5%, and VA and USDA loans can require no down payment. A smaller down payment means a bigger loan, more interest and usually PMI or a mortgage insurance premium.
When does PMI go away?
Under the federal Homeowners Protection Act, lenders must automatically cancel PMI on conventional loans when your balance is scheduled to reach 78% of the home’s original value, and you can ask to cancel it once you reach 80% if you have a good payment history. FHA mortgage insurance follows different rules and often lasts for the life of the loan.
Is it better to get a 15-year or a 30-year mortgage?
A 15-year loan has a higher monthly payment but a lower rate and far less total interest. For a $320,000 loan in our example, the 15-year option costs $179,228 in interest versus $448,751 over 30 years. A 30-year loan keeps the payment affordable and leaves room in your budget; you can still pay extra to finish early.
How much do extra payments save?
Extra principal payments reduce the balance that interest is charged on. In the default example, paying $100 more each month saves about $70,715 in interest. Use the “Extra payments” section of the calculator to test your own amounts, and confirm with your servicer that extra money is applied to principal.
Does this calculator include closing costs?
No. Closing costs (typically 2% to 5% of the purchase price, according to the CFPB) are paid upfront and are not part of the monthly payment. Some lenders offer lender credits that cover closing costs in exchange for a higher interest rate; to see that trade-off, rerun the calculator with the higher rate.