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Mortgage Calculator (US)

Calculate monthly mortgage payment with PITI breakdown. Free US mortgage calculator with amortization.

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What This Calculator Tells You

This calculator estimates the monthly payment on a fixed-rate US mortgage. It shows principal and interest (P&I), the full PITI payment once property tax and homeowners insurance are added, and the total interest you would pay over the life of the loan.

It is a planning estimate, not a loan offer. It does not include PMI, HOA dues or closing costs — see "What to Enter" below.

What to Enter

Loan amount ($) — the amount you borrow, which is the home price minus your down payment. A $400,000 home with 20% down is a $320,000 loan.
Annual rate (%) — the interest rate on the loan, not the APR. Use a rate you have been quoted, or a current average as a starting point.
Term (years) — usually 30 or 15.
Annual property tax ($) — the yearly tax bill for the home. The listing or county assessor will usually show it.
Annual insurance ($) — your yearly homeowners insurance premium.

Not included: private mortgage insurance (PMI, usually required with less than 20% down on a conventional loan), HOA fees and flood insurance. Add them to the monthly PITI yourself if they apply.

Worked Examples

1. A $400,000 home with 20% down

Loan of $320,000 at 6.5% for 30 years, with $4,000 a year in property tax and $1,500 a year in insurance.

Enter those figures → P&I $2,022.62 a month, PITI $2,480.95 a month.
Total interest over 30 years: $408,142 — more than the amount borrowed.

2. The same loan over 15 years

Change the term to 15 → P&I $2,787.54, PITI $3,245.88.
The monthly payment rises by about $765, but total interest falls to $181,758 — a saving of roughly $226,000.

3. What one percentage point of interest costs

A $300,000, 30-year loan, comparing principal and interest only (tax and insurance left blank):

At 6% → $1,798.65 a month, total interest $347,515.
At 7% → $1,995.91 a month, total interest $418,527.
One point of rate costs about $197 a month — roughly $71,000 over the life of the loan.

How It’s Calculated

Monthly P&I = (P × r × (1+r)^n) ÷ ((1+r)^n − 1) where r = annual rate ÷ 12 and n = months.

P: Principal amount
r: Interest / discount rate (decimal per period)
n: Number of periods or sample size

How to Read Your Result

P&I is what you owe the lender each month. It stays the same for the whole term on a fixed-rate loan.
PITI is closer to what will actually leave your account. Lenders typically collect tax and insurance through an escrow account, and those amounts can change each year.
Affordability: lenders look at your debt-to-income ratio — total monthly debt payments, including PITI, divided by gross monthly income. Check yours with our DTI calculator.
Total interest assumes you keep the loan to the end without extra payments or refinancing.

Common Mistakes to Avoid

Entering the home price instead of the loan amount. Subtract your down payment first.
Using APR as the rate. APR includes fees; the payment is calculated from the note rate.
Ignoring PMI. With less than 20% down on a conventional loan, PMI can add a significant monthly amount until you reach enough equity.
Underestimating property tax. Taxes are often reassessed after a sale, so the seller's bill may be lower than yours will be.
Budgeting only for the payment. Maintenance, utilities and HOA dues are part of the real cost of owning.

Built and maintained by GenAlpha Tools Editorial. Formula tested against known answers and edge cases · last reviewed October 2026. How we calculate · Report an error

When to Use This Calculator

Set a realistic price range before you start house-hunting.
Compare 15-year and 30-year loans.
See how much a rate quote or a larger down payment changes your payment.
Check a lender's estimate before you sign.

Frequently Asked Questions

What does PITI stand for?

Principal, interest, taxes and insurance — the four parts of a typical monthly mortgage payment when taxes and insurance are paid through escrow.

Does this calculator include PMI?

No. If you put less than 20% down on a conventional loan, ask your lender for the PMI amount and add it to the monthly PITI shown here.

Should I choose a 15-year or 30-year mortgage?

A 15-year loan costs far less in total interest but has a much higher monthly payment. A 30-year loan keeps payments lower and leaves more room in your budget. Compare both here using your own numbers.

Why is my lender's payment different?

Lenders may include PMI, use a different tax or insurance estimate, or quote a rate that differs from the one you entered. The principal-and-interest figure should match if the loan amount, rate and term are the same.

Is this a mortgage offer?

No. It is an estimate for planning. Your actual terms depend on your credit, down payment, lender and the property.

Do you store the values I enter?

No. All calculations happen in your browser. Your data never leaves your device.

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