See your true monthly payment — including taxes, insurance, PMI & HOA — the way lenders actually calculate it. No ads, no sign-up, no surprises.
See how each payment splits between principal and interest, and watch your balance shrink.
Adjust loan details above to see the amortization schedule.
See how much you can save by paying extra toward your mortgage principal.
Based on your loan amount. 15-year rate estimated at ~0.75% lower than 30-year. The difference in total interest is often life-changing.
Should you keep renting or buy a home? Enter your numbers to compare the total cost over time.
* Estimates only. Buying costs include mortgage payments, property tax (1.1%), insurance ($1,200/yr), and maintenance (1% of home value/year). Renting costs include monthly rent with annual increases. Does not include tax benefits of homeownership.
Enter your income and monthly debts to find your maximum affordable home price. Based on the 28/36 DTI rule used by most lenders.
When you get a mortgage, your monthly payment is more than just the loan. Lenders talk about PITI — Principal, Interest, Taxes, and Insurance — and for good reason. Our calculator shows you the full picture so there are no surprises when you see your first mortgage statement.
Principal is the amount you borrowed. Every payment chips away at this balance. Early in your loan, most of your payment goes to interest; over time, the balance shifts toward principal — a process called amortization.
Interest is what the lender charges for lending you the money. It's calculated monthly based on your remaining balance. Even a small difference in your interest rate — say 6.5% vs 7.0% — can change your total cost by tens of thousands of dollars over 30 years.
Taxes are annual property taxes collected by your local government. Your lender typically divides this by 12 and holds it in an escrow account, then pays the tax bill when it's due. Property tax rates vary dramatically — from under 0.3% in Hawaii to over 2.4% in New Jersey — which is why we've included all 50 state rates for quick estimates.
Insurance includes homeowners insurance (required by nearly all lenders) and possibly PMI (Private Mortgage Insurance) if your down payment is under 20%. We cover both automatically in this calculator.
The math behind your monthly principal and interest payment follows the standard amortization formula:
Where M is your monthly payment, P is the loan amount (home price minus down payment), r is your monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (loan term in years × 12).
For example, on a $320,000 loan at 6.5% over 30 years: you'd pay about $2,023/month in principal and interest. Add roughly $367/month in property taxes (at 1.1%) and $100/month in insurance — your total PITI comes to about $2,490/month. That's $467 more than the P&I-only number many calculators show.
PMI — Private Mortgage Insurance — protects the lender if you default on your loan. It's typically required when your down payment is less than 20% of the home price, and it costs between 0.25% and 1.0% of your loan amount per year. For a $320,000 loan with 10% down, that's roughly $133–$267 per month added to your payment.
The good news: PMI is not permanent. Once your loan balance drops to 78% of the original home value (or once you reach 20% equity through appreciation), you can ask your lender to cancel it. Many borrowers save thousands by making extra payments to reach that 20% equity threshold faster. Learn more about PMI cancellation in our FAQ.
Most lenders follow the 28/36 debt-to-income (DTI) rule to determine how much you can borrow:
For a household earning $100,000 per year (about $8,333/month), the rule says your maximum PITI should be $2,333/month, and your total debt payments should stay under $3,000/month. Use our built-in affordability calculator to find your number instantly, with three DTI levels to match conservative, standard, and flexible lending standards.
This is one of the biggest decisions in home financing. A 30-year mortgage gives you lower monthly payments and more financial flexibility. A 15-year mortgage comes with a lower interest rate and dramatically less total interest paid — but requires significantly higher monthly payments.
On our default example — a $320,000 loan at 6.5% — a 30-year term costs $2,023/month in P&I and roughly $408,000 in total interest. A 15-year term raises the P&I to $2,788/month but cuts total interest to about $182,000. That's a saving of over $226,000 — enough to pay for a college education. Use the 15 vs 30 Year Comparison tab to run the numbers on your specific loan.
Every extra dollar you put toward your mortgage principal saves you interest immediately and shortens your loan. Even modest additional payments add up:
Our Extra Payment Calculator shows exactly how much interest you'll save and your new payoff date. The amortization table updates automatically so you can see the year-by-year impact.
Property taxes are one of the biggest variables in your total housing cost, and they differ enormously depending on where you live. Our calculator includes average effective property tax rates for all 50 states so you can get a realistic estimate without any research. Just pick your state from the dropdown in the calculator, and we fill in the rate automatically.
Most mortgage calculators are designed to collect your contact information and sell it to lenders. We do the opposite. LoanPayCal is completely free, has no ads, and never asks for your email address or phone number. You get the same accurate calculations the big sites offer — without the spam. Already own a home? Check out our Refinance Calculator to see if lowering your rate makes financial sense. If you're also curious about your after-tax income, try our partner tool WageCalc to see exactly how much of your paycheck will go toward your new home.