LoanbieMortgage Payment Calculator
Use this free mortgage calculator to estimate your monthly payment on a fixed-rate mortgage. Enter the loan amount, interest rate, and term — plus your annual property taxes and home insurance — to see your full PITI payment (principal, interest, taxes, and insurance), the first-month payment breakdown, and how much interest you will pay over the life of the loan.
Results are estimates for fixed-rate loans and update instantly. They run entirely in your browser — nothing is sent to a server.
How the Mortgage Payment Calculator works
The monthly payment for a fixed-rate mortgage is calculated with the standard loan amortization formula:
M = P × r × (1 + r)n / ((1 + r)n − 1)
Where:
- M — the monthly principal and interest payment
- P — the loan principal (home price minus down payment)
- r — the monthly interest rate (annual APR divided by 12)
- n — the total number of monthly payments (term in years × 12)
Property taxes and homeowners insurance are added on top: divide your annual tax and insurance totals by 12 and add them to M. Together that is your PITI payment.
Worked example
Worked example: a $300,000 mortgage at a 6.5% APR for 30 years, with $3,600/year in property taxes and $1,200/year in insurance.
- Monthly principal and interest: $1,896.20
- Monthly escrow (taxes + insurance): $400.00
- Total monthly payment (PITI): $2,296.20
- First-month interest: $1,625.00; first-month principal: $271.20
- Total interest over 30 years: $382,633
Frequently asked questions
How do I calculate my monthly mortgage payment?
Use the formula M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (APR ÷ 12), and n is the number of monthly payments. Then add your monthly share of property taxes and homeowners insurance. This calculator does all of that for you.
How much mortgage can I afford?
A common rule of thumb is the 28/36 rule: keep your housing payment (PITI) at or below 28% of your gross monthly income, and total debt payments at or below 36%. Adjust the loan amount in this calculator until the monthly payment fits your budget.
What does PITI mean?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a typical monthly mortgage payment. Principal and interest repay the loan; taxes and insurance are typically collected into escrow and paid by your lender.
Does this calculator include PMI?
No. Private mortgage insurance (PMI) is not included. If your down payment is less than 20%, lenders typically require PMI, which adds roughly 0.5% to 1% of the loan amount per year.
Should I choose a 15-year or 30-year mortgage?
A 30-year loan has a lower monthly payment but you pay far more interest over the life of the loan. A 15-year loan costs more each month but builds equity much faster and can save tens of thousands in interest. Try both terms in this calculator to compare.