Mortgage Calculator
Estimate your full monthly mortgage payment — principal, interest, property tax, insurance, PMI and HOA — and see how extra payments can save you thousands.
Total monthly payment
$2,942
PITI + HOA
Loan amount
$360,000
30-year fixed at 6.5%
Total interest
$459,160
Paid off in 30 years
How the mortgage calculator works
Your monthly payment has two parts. Principal and interest is fixed for the life of a fixed-rate loan and is calculated with the standard amortization formula:
where P is the amount you borrow, r is the annual rate divided by 12, and n is the number of payments (360 for a 30-year loan). On top of that, most lenders collect property tax and homeowner's insurance through escrow, plus PMI if you put less than 20% down on a conventional loan. Together these are called PITI.
Monthly payment by loan amount (30-year fixed)
Principal and interest only — add taxes, insurance and PMI for your full payment.
| Loan amount | 6.0% | 6.5% | 7.0% |
|---|---|---|---|
| $200,000 | $1,199 | $1,264 | $1,331 |
| $300,000 | $1,799 | $1,896 | $1,996 |
| $400,000 | $2,398 | $2,528 | $2,661 |
| $500,000 | $2,998 | $3,160 | $3,327 |
How to lower your mortgage payment
- Put 20% down to avoid PMI, which typically costs 0.5–1.5% of the loan per year.
- Raise your credit score before applying — 740+ usually gets the best rates. See what credit score you need to buy a house.
- Shop at least three lenders. Rates and fees vary, and comparing Loan Estimates can save thousands.
- Appeal your property tax assessment if it's higher than comparable homes — learn how property taxes work.
- Consider a lower price. Every $10,000 less you borrow at 6.5% saves about $63 a month.
Should you make extra payments?
Extra payments go straight to principal, so they cut both your loan term and total interest. Whether it's the best use of your money depends on your rate: above roughly 6.5%, prepaying is a strong guaranteed return; below about 5%, investing has historically earned more. Read should I pay off my house or invest for the full comparison, and use the Rent vs Buy Calculator if you're still deciding whether to buy at all.
Frequently Asked Questions
Related Articles
Learn more about this topic from our financial blog
Related Financial Tools
Disclaimer: This calculator provides estimates for educational purposes only and is not financial, tax, or legal advice. Results depend on the numbers you enter and the assumptions described above. For decisions about your specific situation, consult a qualified professional.