Mortgage Payment Calculator
How do I calculate my monthly mortgage payment?
Enter your home price, down payment, interest rate, and loan term into the calculator above. It uses the standard amortization formula to compute your principal and interest, then adds property taxes, insurance, PMI (if applicable), and HOA dues for your complete monthly payment. Adjust any input to instantly see how it affects your total.
How This Calculator Works
Our payment calculator uses the standard amortization formula to compute your monthly principal and interest (P&I) payment, then adds estimated property taxes, homeowners insurance, PMI (if applicable), and HOA dues for a complete PITI breakdown.
What's included:
- Principal & Interest — Your base loan payment
- Property Taxes — Based on your local tax rate (default 1.1% for Florida)
- Homeowners Insurance — Annual premium divided by 12
- PMI — Private Mortgage Insurance when down payment is less than 20%
- HOA Dues — Optional monthly association fees
Mortgage Payment FAQ
A typical mortgage payment includes principal (paying down your loan balance), interest (the cost of borrowing), property taxes, homeowners insurance, and possibly PMI (private mortgage insurance) if your down payment is less than 20%. This is often called PITI.
Even a small change in interest rate can significantly impact your payment. For example, on a $400,000 loan, a 0.5% rate increase adds roughly $120/month to your principal and interest payment — that's over $43,000 more in interest over 30 years.
A 15-year mortgage has higher monthly payments but saves significantly on total interest. A 30-year mortgage offers lower monthly payments and more flexibility. The right choice depends on your budget, financial goals, and how long you plan to stay in the home.
While 20% down eliminates PMI, many loan programs allow much less — FHA requires just 3.5%, conventional as low as 3%, and VA/USDA offer 0% down for eligible borrowers. A larger down payment means lower monthly payments and less interest over time.