Rental analysis
Mortgage Payment Calculator
Monthly principal & interest from the standard fixed-rate amortization formula, plus your taxes, insurance, and HOA — the debt-service number behind every levered deal. Every step is shown below.
The loan
Monthly extras optional — your local figures
Informational only, not professional advice. This calculator computes a standard formula from the numbers you enter — it isn't a loan quote, and it doesn't know your credit, your lender's fees, or your local tax bill.
Methodology
The monthly principal-and-interest payment on a fixed-rate loan follows the standard amortization formula (Investopedia: Amortization):
M = P · r(1+r)n / ((1+r)n − 1)
- P (loan amount) = home price − down payment
- r (monthly rate) = annual interest rate ÷ 12
- n (payments) = loan term in years × 12
- Total monthly payment = M + monthly property tax + insurance + HOA
- Total interest = M × n − loan amount
Assumptions and limitations
- Fixed-rate loans only. Adjustable-rate mortgages reprice after the intro period, so the payment here holds only until the first adjustment.
- PMI is not modeled — it varies by credit, loan type, and insurer. Add a quote to the insurance field if your down payment is under 20%.
- Property tax and insurance are your local figures, entered monthly — this site never bakes in a county tax rate, because they vary too much to hide behind a default.
- Total-interest figures assume the loan runs to full term with no extra payments, refinance, or sale.
Last reviewed: July 2026
Frequently asked questions
What is the difference between P&I and PITI?
P&I is principal and interest — the part of the payment defined by the amortization formula from your loan amount, rate, and term. PITI adds property Taxes and Insurance, which most lenders collect monthly into an escrow account and pay on your behalf. This calculator shows P&I as its own line and then adds your tax, insurance, and HOA figures to estimate the full monthly payment.
Why is so much of the early payment interest?
Each month's interest is the monthly rate times the remaining balance. Early in the loan the balance is at its largest, so interest consumes most of the fixed payment and little principal is retired. As the balance falls, the interest share shrinks and the principal share grows — that shifting split is what "amortization" means. On a 30-year loan at typical rates, the crossover where principal exceeds interest can take well over a decade.
How much does a 15-year term save versus 30 years?
A 15-year term roughly doubles the principal retired each month, so total interest falls dramatically — often by more than half — at the cost of a higher required payment. Run both terms in the calculator and compare the "total interest" lines: the trade is higher monthly commitment for a large lifetime saving. Which is better depends on what else the monthly difference could earn and how much payment risk you can carry.
Does this calculator include PMI?
No. Private mortgage insurance is typically required when the down payment is under 20%, but its cost varies with credit score, loan type, and insurer — there is no single formula to show. If your down payment is below 20%, get a PMI quote from your lender and add it to the monthly extras as part of insurance to keep the total honest.
Related tools
The full payoff table — how every payment splits between principal and interest, the balance year by year, and how extra payments cut interest and shorten the loan.
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