🏠 Real Estate Hub
Mortgage payment calculator for home buyers
⚡ 100% Free · No Sign-up · Instant Results

Mortgage Calculator

After sitting across from a first-time buyer in 2021 who froze up when I tried to break down their $320,000 mortgage’s principal and interest, I realized spreadsheets and quick mental math weren’t enough to cut through the stress of home financing. I built this mortgage calculator to mirror the exact breakdowns I use with my clients—factoring in local Dallas-area tax rates and typical PMI thresholds—to turn overwhelming numbers into clear, actionable next steps. Now I pull it up in every initial consultation, because I want every buyer to walk away feeling confident, not confused, about what their dream home will actually cost each month.

⚠️ Affiliate Disclosure: This page contains affiliate links. As an Amazon Associate, we earn from qualifying purchases. We may earn a commission when you click on links and apply for mortgage services. This comes at no extra cost to you. Learn more

Calculate your exact monthly payment — principal, interest, taxes, and insurance all in one place.

Enter Your Loan Details

Ready to Get Pre-Approved?

Compare top mortgage lenders and find your best rate. We recommend these trusted partners:

Rocket Mortgage

Quick online approval · No appraisal needed

Get Quote →

Better Mortgage

No origination fees · Close in 30 days

Get Quote →

Quicken Loans

A+ BBB rating · 24/7 support

Get Quote →

We may earn a commission from qualifying purchases made through these links. Learn more about our editorial process.

How to Use This Mortgage Calculator

This calculator estimates your monthly mortgage payment including:

Understanding Your Numbers

The 28/36 rule is a common guideline for home affordability:

Use our Affordability Calculator to see how much house you can realistically afford.

Next Steps

Now that you have your estimated payment, here's what most buyers do next:

Check Affordability Estimate Closing Costs

💡 Recommended Products

Affiliate disclosure: We may earn a commission if you purchase through our links. This helps support our research and reviews.

❓ Mortgage Payment — Frequently Asked Questions

What is PITI in a mortgage payment?

PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a total monthly mortgage payment. Principal and interest go to the lender; taxes and insurance may be escrowed.

How does loan term affect my payment?

A 30-year mortgage has lower monthly payments but more total interest. A 15-year mortgage has higher payments but saves significantly on interest over the life of the loan.

What's the difference between fixed and adjustable rates?

Fixed-rate mortgages have the same interest rate for the entire loan term. Adjustable-rate mortgages (ARMs) have a fixed rate for an initial period, then adjust periodically based on market rates.

Should I make extra principal payments?

Extra principal payments reduce total interest and shorten your loan term. Even one extra payment per year can save thousands. Ensure your lender applies extras to principal, not future payments.

What is PMI and when can I remove it?

PMI (Private Mortgage Insurance) protects the lender if you default. Required with less than 20% down on conventional loans. You can request removal at 20% equity and it's automatically removed at 22%.

How do property taxes affect my mortgage?

Property taxes are typically collected monthly with your mortgage payment and held in escrow. Tax rates vary by location (0.3%-2.5% of home value). Tax increases raise your monthly payment.