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Mortgage Payment Calculator

Use this calculator to estimate your monthly mortgage payment, including principal and interest, property taxes, homeowner's insurance, and PMI. Enter your home price and loan details below to see an instant breakdown and a full amortization schedule. Every calculation generates a unique, shareable URL.

Mortgage Calculator Inputs

The purchase price of the home

Amount you're putting down — 20.0%

Loan Amount: $280,000 (home price minus down payment)

Annual interest rate (e.g. 6.5)

Length of the loan in years

Annual amount — divided by 12 for monthly escrow

Annual homeowner's insurance premium

Required when down payment is less than 20%. Enter 0 if not applicable.

Compare Purchase Rates

Results update on every submission. Bookmark the URL to save your calculation.

Your Results

Estimated Monthly Payment

Total Monthly Payment
$2,219.79/mo
Principal & Interest
$1,769.79
Property Tax
$350.00
Home Insurance
$100.00
Total Interest Paid
$357,124.40
Total Cost of Loan
$799,124.40
Interest Rate
6.500%
Loan Term
30 years
Compare Purchase Rates

Amortization Schedule

30-Year Loan · 360 Payments
Month-by-month amortization breakdown for a 30-year (360-payment) mortgage. All amounts are rounded to the nearest cent.
MonthPrincipalInterestPaymentBalance
Year 1
1$253.12$1,516.67$1,769.79$279,746.88
2$254.49$1,515.30$1,769.79$279,492.39
3$255.87$1,513.92$1,769.79$279,236.52
4$257.26$1,512.53$1,769.79$278,979.26
5$258.65$1,511.14$1,769.79$278,720.61
6$260.05$1,509.74$1,769.79$278,460.56
7$261.46$1,508.33$1,769.79$278,199.10
8$262.88$1,506.91$1,769.79$277,936.22
9$264.30$1,505.49$1,769.79$277,671.92
10$265.73$1,504.06$1,769.79$277,406.19
11$267.17$1,502.62$1,769.79$277,139.02
12$268.62$1,501.17$1,769.79$276,870.40
Year 2
13$270.08$1,499.71$1,769.79$276,600.32
14$271.54$1,498.25$1,769.79$276,328.78
15$273.01$1,496.78$1,769.79$276,055.77
16$274.49$1,495.30$1,769.79$275,781.28
17$275.97$1,493.82$1,769.79$275,505.31
18$277.47$1,492.32$1,769.79$275,227.84
19$278.97$1,490.82$1,769.79$274,948.87
20$280.48$1,489.31$1,769.79$274,668.39
21$282.00$1,487.79$1,769.79$274,386.39
22$283.53$1,486.26$1,769.79$274,102.86
23$285.07$1,484.72$1,769.79$273,817.79
24$286.61$1,483.18$1,769.79$273,531.18
Year 3
25$288.16$1,481.63$1,769.79$273,243.02
26$289.72$1,480.07$1,769.79$272,953.30
27$291.29$1,478.50$1,769.79$272,662.01
28$292.87$1,476.92$1,769.79$272,369.14
29$294.46$1,475.33$1,769.79$272,074.68
30$296.05$1,473.74$1,769.79$271,778.63
31$297.66$1,472.13$1,769.79$271,480.97
32$299.27$1,470.52$1,769.79$271,181.70
33$300.89$1,468.90$1,769.79$270,880.81
34$302.52$1,467.27$1,769.79$270,578.29
35$304.16$1,465.63$1,769.79$270,274.13
36$305.81$1,463.98$1,769.79$269,968.32
Year 4
37$307.46$1,462.33$1,769.79$269,660.86
38$309.13$1,460.66$1,769.79$269,351.73
39$310.80$1,458.99$1,769.79$269,040.93
40$312.48$1,457.31$1,769.79$268,728.45
41$314.18$1,455.61$1,769.79$268,414.27
42$315.88$1,453.91$1,769.79$268,098.39
43$317.59$1,452.20$1,769.79$267,780.80
44$319.31$1,450.48$1,769.79$267,461.49
45$321.04$1,448.75$1,769.79$267,140.45
46$322.78$1,447.01$1,769.79$266,817.67
47$324.53$1,445.26$1,769.79$266,493.14
48$326.29$1,443.50$1,769.79$266,166.85
Year 5
49$328.05$1,441.74$1,769.79$265,838.80
50$329.83$1,439.96$1,769.79$265,508.97
51$331.62$1,438.17$1,769.79$265,177.35
52$333.41$1,436.38$1,769.79$264,843.94
53$335.22$1,434.57$1,769.79$264,508.72
54$337.03$1,432.76$1,769.79$264,171.69
55$338.86$1,430.93$1,769.79$263,832.83
56$340.70$1,429.09$1,769.79$263,492.13
57$342.54$1,427.25$1,769.79$263,149.59
58$344.40$1,425.39$1,769.79$262,805.19
59$346.26$1,423.53$1,769.79$262,458.93
60$348.14$1,421.65$1,769.79$262,110.79
Year 6
61$350.02$1,419.77$1,769.79$261,760.77
62$351.92$1,417.87$1,769.79$261,408.85
63$353.83$1,415.96$1,769.79$261,055.02
64$355.74$1,414.05$1,769.79$260,699.28
65$357.67$1,412.12$1,769.79$260,341.61
66$359.61$1,410.18$1,769.79$259,982.00
67$361.55$1,408.24$1,769.79$259,620.45
68$363.51$1,406.28$1,769.79$259,256.94
69$365.48$1,404.31$1,769.79$258,891.46
70$367.46$1,402.33$1,769.79$258,524.00
71$369.45$1,400.34$1,769.79$258,154.55
72$371.45$1,398.34$1,769.79$257,783.10
Year 7
73$373.46$1,396.33$1,769.79$257,409.64
74$375.49$1,394.30$1,769.79$257,034.15
75$377.52$1,392.27$1,769.79$256,656.63
76$379.57$1,390.22$1,769.79$256,277.06
77$381.62$1,388.17$1,769.79$255,895.44
78$383.69$1,386.10$1,769.79$255,511.75
79$385.77$1,384.02$1,769.79$255,125.98
80$387.86$1,381.93$1,769.79$254,738.12
81$389.96$1,379.83$1,769.79$254,348.16
82$392.07$1,377.72$1,769.79$253,956.09
83$394.19$1,375.60$1,769.79$253,561.90
84$396.33$1,373.46$1,769.79$253,165.57
Year 8
85$398.48$1,371.31$1,769.79$252,767.09
86$400.63$1,369.16$1,769.79$252,366.46
87$402.81$1,366.98$1,769.79$251,963.65
88$404.99$1,364.80$1,769.79$251,558.66
89$407.18$1,362.61$1,769.79$251,151.48
90$409.39$1,360.40$1,769.79$250,742.09
91$411.60$1,358.19$1,769.79$250,330.49
92$413.83$1,355.96$1,769.79$249,916.66
93$416.07$1,353.72$1,769.79$249,500.59
94$418.33$1,351.46$1,769.79$249,082.26
95$420.59$1,349.20$1,769.79$248,661.67
96$422.87$1,346.92$1,769.79$248,238.80
Year 9
97$425.16$1,344.63$1,769.79$247,813.64
98$427.47$1,342.32$1,769.79$247,386.17
99$429.78$1,340.01$1,769.79$246,956.39
100$432.11$1,337.68$1,769.79$246,524.28
101$434.45$1,335.34$1,769.79$246,089.83
102$436.80$1,332.99$1,769.79$245,653.03
103$439.17$1,330.62$1,769.79$245,213.86
104$441.55$1,328.24$1,769.79$244,772.31
105$443.94$1,325.85$1,769.79$244,328.37
106$446.34$1,323.45$1,769.79$243,882.03
107$448.76$1,321.03$1,769.79$243,433.27
108$451.19$1,318.60$1,769.79$242,982.08
Year 10
109$453.64$1,316.15$1,769.79$242,528.44
110$456.09$1,313.70$1,769.79$242,072.35
111$458.56$1,311.23$1,769.79$241,613.79
112$461.05$1,308.74$1,769.79$241,152.74
113$463.55$1,306.24$1,769.79$240,689.19
114$466.06$1,303.73$1,769.79$240,223.13
115$468.58$1,301.21$1,769.79$239,754.55
116$471.12$1,298.67$1,769.79$239,283.43
117$473.67$1,296.12$1,769.79$238,809.76
118$476.24$1,293.55$1,769.79$238,333.52
119$478.82$1,290.97$1,769.79$237,854.70
120$481.41$1,288.38$1,769.79$237,373.29
Year 11
121$484.02$1,285.77$1,769.79$236,889.27
122$486.64$1,283.15$1,769.79$236,402.63
123$489.28$1,280.51$1,769.79$235,913.35
124$491.93$1,277.86$1,769.79$235,421.42
125$494.59$1,275.20$1,769.79$234,926.83
126$497.27$1,272.52$1,769.79$234,429.56
127$499.96$1,269.83$1,769.79$233,929.60
128$502.67$1,267.12$1,769.79$233,426.93
129$505.39$1,264.40$1,769.79$232,921.54
130$508.13$1,261.66$1,769.79$232,413.41
131$510.88$1,258.91$1,769.79$231,902.53
132$513.65$1,256.14$1,769.79$231,388.88
Year 12
133$516.43$1,253.36$1,769.79$230,872.45
134$519.23$1,250.56$1,769.79$230,353.22
135$522.04$1,247.75$1,769.79$229,831.18
136$524.87$1,244.92$1,769.79$229,306.31
137$527.71$1,242.08$1,769.79$228,778.60
138$530.57$1,239.22$1,769.79$228,248.03
139$533.45$1,236.34$1,769.79$227,714.58
140$536.34$1,233.45$1,769.79$227,178.24
141$539.24$1,230.55$1,769.79$226,639.00
142$542.16$1,227.63$1,769.79$226,096.84
143$545.10$1,224.69$1,769.79$225,551.74
144$548.05$1,221.74$1,769.79$225,003.69
Year 13
145$551.02$1,218.77$1,769.79$224,452.67
146$554.00$1,215.79$1,769.79$223,898.67
147$557.01$1,212.78$1,769.79$223,341.66
148$560.02$1,209.77$1,769.79$222,781.64
149$563.06$1,206.73$1,769.79$222,218.58
150$566.11$1,203.68$1,769.79$221,652.47
151$569.17$1,200.62$1,769.79$221,083.30
152$572.26$1,197.53$1,769.79$220,511.04
153$575.36$1,194.43$1,769.79$219,935.68
154$578.47$1,191.32$1,769.79$219,357.21
155$581.61$1,188.18$1,769.79$218,775.60
156$584.76$1,185.03$1,769.79$218,190.84
Year 14
157$587.92$1,181.87$1,769.79$217,602.92
158$591.11$1,178.68$1,769.79$217,011.81
159$594.31$1,175.48$1,769.79$216,417.50
160$597.53$1,172.26$1,769.79$215,819.97
161$600.77$1,169.02$1,769.79$215,219.20
162$604.02$1,165.77$1,769.79$214,615.18
163$607.29$1,162.50$1,769.79$214,007.89
164$610.58$1,159.21$1,769.79$213,397.31
165$613.89$1,155.90$1,769.79$212,783.42
166$617.21$1,152.58$1,769.79$212,166.21
167$620.56$1,149.23$1,769.79$211,545.65
168$623.92$1,145.87$1,769.79$210,921.73
Year 15
169$627.30$1,142.49$1,769.79$210,294.43
170$630.70$1,139.09$1,769.79$209,663.73
171$634.11$1,135.68$1,769.79$209,029.62
172$637.55$1,132.24$1,769.79$208,392.07
173$641.00$1,128.79$1,769.79$207,751.07
174$644.47$1,125.32$1,769.79$207,106.60
175$647.96$1,121.83$1,769.79$206,458.64
176$651.47$1,118.32$1,769.79$205,807.17
177$655.00$1,114.79$1,769.79$205,152.17
178$658.55$1,111.24$1,769.79$204,493.62
179$662.12$1,107.67$1,769.79$203,831.50
180$665.70$1,104.09$1,769.79$203,165.80
Year 16
181$669.31$1,100.48$1,769.79$202,496.49
182$672.93$1,096.86$1,769.79$201,823.56
183$676.58$1,093.21$1,769.79$201,146.98
184$680.24$1,089.55$1,769.79$200,466.74
185$683.93$1,085.86$1,769.79$199,782.81
186$687.63$1,082.16$1,769.79$199,095.18
187$691.36$1,078.43$1,769.79$198,403.82
188$695.10$1,074.69$1,769.79$197,708.72
189$698.87$1,070.92$1,769.79$197,009.85
190$702.65$1,067.14$1,769.79$196,307.20
191$706.46$1,063.33$1,769.79$195,600.74
192$710.29$1,059.50$1,769.79$194,890.45
Year 17
193$714.13$1,055.66$1,769.79$194,176.32
194$718.00$1,051.79$1,769.79$193,458.32
195$721.89$1,047.90$1,769.79$192,736.43
196$725.80$1,043.99$1,769.79$192,010.63
197$729.73$1,040.06$1,769.79$191,280.90
198$733.69$1,036.10$1,769.79$190,547.21
199$737.66$1,032.13$1,769.79$189,809.55
200$741.65$1,028.14$1,769.79$189,067.90
201$745.67$1,024.12$1,769.79$188,322.23
202$749.71$1,020.08$1,769.79$187,572.52
203$753.77$1,016.02$1,769.79$186,818.75
204$757.86$1,011.93$1,769.79$186,060.89
Year 18
205$761.96$1,007.83$1,769.79$185,298.93
206$766.09$1,003.70$1,769.79$184,532.84
207$770.24$999.55$1,769.79$183,762.60
208$774.41$995.38$1,769.79$182,988.19
209$778.60$991.19$1,769.79$182,209.59
210$782.82$986.97$1,769.79$181,426.77
211$787.06$982.73$1,769.79$180,639.71
212$791.32$978.47$1,769.79$179,848.39
213$795.61$974.18$1,769.79$179,052.78
214$799.92$969.87$1,769.79$178,252.86
215$804.25$965.54$1,769.79$177,448.61
216$808.61$961.18$1,769.79$176,640.00
Year 19
217$812.99$956.80$1,769.79$175,827.01
218$817.39$952.40$1,769.79$175,009.62
219$821.82$947.97$1,769.79$174,187.80
220$826.27$943.52$1,769.79$173,361.53
221$830.75$939.04$1,769.79$172,530.78
222$835.25$934.54$1,769.79$171,695.53
223$839.77$930.02$1,769.79$170,855.76
224$844.32$925.47$1,769.79$170,011.44
225$848.89$920.90$1,769.79$169,162.55
226$853.49$916.30$1,769.79$168,309.06
227$858.12$911.67$1,769.79$167,450.94
228$862.76$907.03$1,769.79$166,588.18
Year 20
229$867.44$902.35$1,769.79$165,720.74
230$872.14$897.65$1,769.79$164,848.60
231$876.86$892.93$1,769.79$163,971.74
232$881.61$888.18$1,769.79$163,090.13
233$886.39$883.40$1,769.79$162,203.74
234$891.19$878.60$1,769.79$161,312.55
235$896.01$873.78$1,769.79$160,416.54
236$900.87$868.92$1,769.79$159,515.67
237$905.75$864.04$1,769.79$158,609.92
238$910.65$859.14$1,769.79$157,699.27
239$915.59$854.20$1,769.79$156,783.68
240$920.55$849.24$1,769.79$155,863.13
Year 21
241$925.53$844.26$1,769.79$154,937.60
242$930.54$839.25$1,769.79$154,007.06
243$935.59$834.20$1,769.79$153,071.47
244$940.65$829.14$1,769.79$152,130.82
245$945.75$824.04$1,769.79$151,185.07
246$950.87$818.92$1,769.79$150,234.20
247$956.02$813.77$1,769.79$149,278.18
248$961.20$808.59$1,769.79$148,316.98
249$966.41$803.38$1,769.79$147,350.57
250$971.64$798.15$1,769.79$146,378.93
251$976.90$792.89$1,769.79$145,402.03
252$982.20$787.59$1,769.79$144,419.83
Year 22
253$987.52$782.27$1,769.79$143,432.31
254$992.86$776.93$1,769.79$142,439.45
255$998.24$771.55$1,769.79$141,441.21
256$1,003.65$766.14$1,769.79$140,437.56
257$1,009.09$760.70$1,769.79$139,428.47
258$1,014.55$755.24$1,769.79$138,413.92
259$1,020.05$749.74$1,769.79$137,393.87
260$1,025.57$744.22$1,769.79$136,368.30
261$1,031.13$738.66$1,769.79$135,337.17
262$1,036.71$733.08$1,769.79$134,300.46
263$1,042.33$727.46$1,769.79$133,258.13
264$1,047.98$721.81$1,769.79$132,210.15
Year 23
265$1,053.65$716.14$1,769.79$131,156.50
266$1,059.36$710.43$1,769.79$130,097.14
267$1,065.10$704.69$1,769.79$129,032.04
268$1,070.87$698.92$1,769.79$127,961.17
269$1,076.67$693.12$1,769.79$126,884.50
270$1,082.50$687.29$1,769.79$125,802.00
271$1,088.36$681.43$1,769.79$124,713.64
272$1,094.26$675.53$1,769.79$123,619.38
273$1,100.19$669.60$1,769.79$122,519.19
274$1,106.14$663.65$1,769.79$121,413.05
275$1,112.14$657.65$1,769.79$120,300.91
276$1,118.16$651.63$1,769.79$119,182.75
Year 24
277$1,124.22$645.57$1,769.79$118,058.53
278$1,130.31$639.48$1,769.79$116,928.22
279$1,136.43$633.36$1,769.79$115,791.79
280$1,142.58$627.21$1,769.79$114,649.21
281$1,148.77$621.02$1,769.79$113,500.44
282$1,155.00$614.79$1,769.79$112,345.44
283$1,161.25$608.54$1,769.79$111,184.19
284$1,167.54$602.25$1,769.79$110,016.65
285$1,173.87$595.92$1,769.79$108,842.78
286$1,180.22$589.57$1,769.79$107,662.56
287$1,186.62$583.17$1,769.79$106,475.94
288$1,193.05$576.74$1,769.79$105,282.89
Year 25
289$1,199.51$570.28$1,769.79$104,083.38
290$1,206.01$563.78$1,769.79$102,877.37
291$1,212.54$557.25$1,769.79$101,664.83
292$1,219.11$550.68$1,769.79$100,445.72
293$1,225.71$544.08$1,769.79$99,220.01
294$1,232.35$537.44$1,769.79$97,987.66
295$1,239.02$530.77$1,769.79$96,748.64
296$1,245.73$524.06$1,769.79$95,502.91
297$1,252.48$517.31$1,769.79$94,250.43
298$1,259.27$510.52$1,769.79$92,991.16
299$1,266.09$503.70$1,769.79$91,725.07
300$1,272.95$496.84$1,769.79$90,452.12
Year 26
301$1,279.84$489.95$1,769.79$89,172.28
302$1,286.77$483.02$1,769.79$87,885.51
303$1,293.74$476.05$1,769.79$86,591.77
304$1,300.75$469.04$1,769.79$85,291.02
305$1,307.80$461.99$1,769.79$83,983.22
306$1,314.88$454.91$1,769.79$82,668.34
307$1,322.00$447.79$1,769.79$81,346.34
308$1,329.16$440.63$1,769.79$80,017.18
309$1,336.36$433.43$1,769.79$78,680.82
310$1,343.60$426.19$1,769.79$77,337.22
311$1,350.88$418.91$1,769.79$75,986.34
312$1,358.20$411.59$1,769.79$74,628.14
Year 27
313$1,365.55$404.24$1,769.79$73,262.59
314$1,372.95$396.84$1,769.79$71,889.64
315$1,380.39$389.40$1,769.79$70,509.25
316$1,387.86$381.93$1,769.79$69,121.39
317$1,395.38$374.41$1,769.79$67,726.01
318$1,402.94$366.85$1,769.79$66,323.07
319$1,410.54$359.25$1,769.79$64,912.53
320$1,418.18$351.61$1,769.79$63,494.35
321$1,425.86$343.93$1,769.79$62,068.49
322$1,433.59$336.20$1,769.79$60,634.90
323$1,441.35$328.44$1,769.79$59,193.55
324$1,449.16$320.63$1,769.79$57,744.39
Year 28
325$1,457.01$312.78$1,769.79$56,287.38
326$1,464.90$304.89$1,769.79$54,822.48
327$1,472.83$296.96$1,769.79$53,349.65
328$1,480.81$288.98$1,769.79$51,868.84
329$1,488.83$280.96$1,769.79$50,380.01
330$1,496.90$272.89$1,769.79$48,883.11
331$1,505.01$264.78$1,769.79$47,378.10
332$1,513.16$256.63$1,769.79$45,864.94
333$1,521.35$248.44$1,769.79$44,343.59
334$1,529.60$240.19$1,769.79$42,813.99
335$1,537.88$231.91$1,769.79$41,276.11
336$1,546.21$223.58$1,769.79$39,729.90
Year 29
337$1,554.59$215.20$1,769.79$38,175.31
338$1,563.01$206.78$1,769.79$36,612.30
339$1,571.47$198.32$1,769.79$35,040.83
340$1,579.99$189.80$1,769.79$33,460.84
341$1,588.54$181.25$1,769.79$31,872.30
342$1,597.15$172.64$1,769.79$30,275.15
343$1,605.80$163.99$1,769.79$28,669.35
344$1,614.50$155.29$1,769.79$27,054.85
345$1,623.24$146.55$1,769.79$25,431.61
346$1,632.04$137.75$1,769.79$23,799.57
347$1,640.88$128.91$1,769.79$22,158.69
348$1,649.76$120.03$1,769.79$20,508.93
Year 30
349$1,658.70$111.09$1,769.79$18,850.23
350$1,667.68$102.11$1,769.79$17,182.55
351$1,676.72$93.07$1,769.79$15,505.83
352$1,685.80$83.99$1,769.79$13,820.03
353$1,694.93$74.86$1,769.79$12,125.10
354$1,704.11$65.68$1,769.79$10,420.99
355$1,713.34$56.45$1,769.79$8,707.65
356$1,722.62$47.17$1,769.79$6,985.03
357$1,731.95$37.84$1,769.79$5,253.08
358$1,741.34$28.45$1,769.79$3,511.74
359$1,750.77$19.02$1,769.79$1,760.97
360$1,760.97$9.54$1,769.79$0.00

Figures shown are estimates for principal and interest only. Property tax, insurance, and PMI are not included in this schedule.

How to Calculate Your Monthly Mortgage Payment

Your monthly mortgage payment has two required components and two optional ones. The required part is principal and interest (P&I) — the amount that goes toward repaying the loan itself and compensating the lender for the risk of lending. The optional escrow components are property tax and homeowner's insurance, which most lenders collect monthly and pay on your behalf. If your down payment is less than 20%, your lender will also require private mortgage insurance (PMI). Together, these four items make up your total monthly PITI payment — the number that matters most for budgeting. To calculate it, start with your loan amount (home price minus down payment), apply the standard amortization formula below, then add your monthly escrow and PMI figures.

Mortgage Payment Formula

The monthly principal and interest payment is calculated using the standard amortization formula:

M
Monthly principal & interest payment
P
Loan principal (home price minus down payment)
r
Monthly interest rate (annual rate ÷ 12)
n
Total number of monthly payments (term in years × 12)

Worked example with current inputs: P = $280,000, r = 0.005417, n = 360 payments. Monthly P&I =  $1,769.79 /mo.

Factors That Affect Your Monthly Payment

Loan Amount

The single biggest driver. Every $10,000 more in loan amount adds roughly $60–$75/month at typical rates. A larger down payment directly lowers your payment.

Interest Rate

Even a 0.5% rate difference can mean tens of thousands of dollars in extra interest over 30 years. Your credit score, loan type, and market conditions all influence the rate you're offered.

Loan Term

A 15-year loan has a higher monthly payment than a 30-year loan for the same amount, but you'll pay significantly less total interest and build equity much faster.

Down Payment

Putting down at least 20% eliminates PMI, which can save $100–$300/month on a typical loan. It also reduces the principal and can help you qualify for a better interest rate.

Property Taxes

Rates vary widely by state and county — from under 0.3% to over 2.5% of assessed value per year. Your lender collects 1/12 of the annual amount each month into escrow.

PMI

Private mortgage insurance protects the lender if you default. It typically costs 0.5%–1.5% of the loan amount annually and is removed once you reach 20% equity.

Related Calculators

Frequently Asked Questions

What is included in a monthly mortgage payment?

A full monthly mortgage payment typically has four parts, often called PITI:

  • Principal — repayment of the loan balance
  • Interest — the lender's charge for the loan
  • Taxes — property taxes collected monthly in escrow
  • Insurance — homeowner's insurance paid via escrow

If your down payment is under 20%, PMI is added on top of PITI.

Compare rates from real lenders

What is a good monthly mortgage payment?

Most lenders follow the 28% rule: your total monthly housing payment should not exceed 28% of your gross monthly income. A more comprehensive measure is the debt-to-income ratio (DTI) — all monthly debt obligations divided by gross income — which most lenders cap at 43–45%. These are guidelines, not hard rules, but they're a useful starting benchmark.

How do I lower my monthly mortgage payment?

There are five main levers:

  1. Larger down payment — reduces principal and may eliminate PMI
  2. Lower interest rate — improve your credit score or shop lenders
  3. Longer term — a 30-year spreads payments more than a 15-year
  4. Refinance — if rates have dropped since your original loan
  5. Buy a less expensive home — the most direct lever
Does my mortgage payment change over time?

On a fixed-rate mortgage, the P&I portion stays the same for the life of the loan. However, the escrow portion — property taxes and insurance — is recalculated annually based on actual costs, so your total monthly payment can change slightly from year to year. If you have an adjustable-rate mortgage (ARM), the P&I payment itself will reset at defined intervals.

How accurate is this mortgage payment calculator?

The P&I calculation uses the standard amortization formula and is accurate to the cent for fixed-rate loans. Escrow estimates (taxes and insurance) are as accurate as the figures you enter — actual amounts depend on your county's assessment and your insurer's quote. PMI rates vary by lender and loan-to-value ratio; the figure you enter is passed through directly. This calculator does not account for closing costs, HOA fees, or adjustable-rate adjustments.