Mortgage calculator
United States · 2026 rates
Also for Canada
Also for United KingdomSee your full monthly house payment, not just the loan: principal and interest plus property tax, homeowners insurance, PMI and HOA fees.
What makes up a mortgage payment
Most US lenders collect four things each month, often called PITI:
- Principal: the part that pays down the loan.
- Interest: the cost of borrowing. Early on, most of each payment is interest.
- Taxes: property tax, usually 0.3% to 2% of the home's value a year depending on where you live.
- Insurance: homeowners insurance, and private mortgage insurance (PMI) if you put down less than 20% on a conventional loan.
How to calculate a mortgage payment
The monthly principal and interest is: M = P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments. A $360,000 loan at 6.25% over 30 years costs $2,216.58 a month in principal and interest.
Frequently asked questions
When does PMI stop?
On a conventional loan, you can ask your lender to cancel PMI once you owe 80% of the home's original value, and it ends automatically at 78%. FHA loans have their own mortgage insurance rules.
Is a 15-year or 30-year mortgage better?
A 15-year loan has higher monthly payments but a lower rate and far less interest overall. A 30-year loan keeps payments lower, which leaves more room in your budget. You can also pay extra on a 30-year loan to finish sooner.
This calculator gives an estimate for guidance only. Property tax, insurance and PMI vary by location, lender and credit score.
Last checked and updated: October 2026