Mortgage Payment Calculator
How much will your monthly mortgage payment be? This calculator shows principal and interest, property taxes, insurance, and total PITI — with an amortization schedule breakdown.
Mortgage Payment Calculator
Calculate your monthly payment and total interest
Amortization Schedule (First 10 Years)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,251 | $22,297 | $316,749 |
| 2 | $3,486 | $22,062 | $313,264 |
| 3 | $3,738 | $21,810 | $309,526 |
| 4 | $4,008 | $21,540 | $305,519 |
| 5 | $4,297 | $21,250 | $301,221 |
| 6 | $4,608 | $20,939 | $296,613 |
| 7 | $4,941 | $20,606 | $291,672 |
| 8 | $5,298 | $20,249 | $286,373 |
| 9 | $5,681 | $19,866 | $280,692 |
| 10 | $6,092 | $19,455 | $274,600 |
This calculator uses the standard amortization formula. It does not include PMI (typically required if down payment is less than 20%), HOA fees, or potential tax deductions. Consult a mortgage professional for exact figures.
Frequently Asked Questions
How is my mortgage payment calculated?+
Your monthly payment (PITI) = Principal + Interest + Property Taxes + Insurance. Principal and interest are calculated using: M = P[r(1+r)^n] / [(1+r)^n - 1], where P = loan amount, r = monthly interest rate, n = total months. Add monthly property taxes and insurance for the full payment.
How much house can I afford on my income?+
A common guideline: your total housing payment (PITI) should be under 28% of gross monthly income, and total debt payments under 36%. On a $100k salary, that's roughly a $350-420k home with 20% down. But this varies by market, credit score, and other debts.
Should I put 20% down on my mortgage?+
Putting 20% down avoids Private Mortgage Insurance (PMI), which costs $100-300/month on a typical loan. But if you can't afford 20%, many conventional loans allow 3-10% down with PMI. Compare: the opportunity cost of a larger down payment vs. PMI cost. Sometimes the money earns more invested.
How is my mortgage payment calculated?
Your monthly payment (PITI) = Principal + Interest + Property Taxes + Insurance. Principal and interest are calculated using: M = P[r(1+r)^n] / [(1+r)^n - 1], where P = loan amount, r = monthly interest rate, n = total months. Add monthly property taxes and insurance for the full payment.