Home Purchase
Mortgage Payment Calculator
Updated May 4, 2026 · See your exact monthly PITI — principal, interest, taxes, insurance & PMI.
Total Monthly Payment
PITI + PMI
For a $400,000 home with 20% down at 7% interest over 30 years, the monthly principal & interest payment is $2,129/month. With property taxes and insurance, total PITI: $2,629/month.
Typical scenario — enter your details above for your personalized payment estimate.
Not a Loan Offer or Commitment: This calculator provides estimates based on the information you enter. Actual loan terms, rates, and payments will vary based on your creditworthiness, lender requirements, and current market conditions. This is not a commitment to lend, pre-qualification, or pre-approval. Rate information shown is for illustration only and may not reflect rates currently available to you. Contact a lender directly for personalized rate quotes and official loan disclosures.
PMI usually ends once your loan reaches ~80% loan-to-value (22% equity).
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Understanding Your Mortgage Payment
What's in Your Payment?
Your true monthly mortgage payment includes more than just principal and interest. Property taxes, insurance, HOA fees, and PMI (if applicable) all contribute to what you'll actually pay each month.
Why Total Cost Matters
A lower monthly payment often means paying more interest over time. A 30-year mortgage at 7% interest can result in paying nearly as much in interest as the original loan amount.
Extra Payments Help
Early extra payments reduce your principal balance, which means less interest accrues over the life of the loan. Even small additional payments can save thousands in interest.
PMI Explained
PMI is typically required when your down payment is less than 20%. It protects the lender if you default, and typically costs 0.5–1% of the loan amount annually. Once you reach 20% equity, you can request removal.
Frequently Asked Questions
Your total monthly payment typically includes Principal & Interest (P&I), Property Taxes, Home Insurance, and potentially PMI and HOA fees. This is often abbreviated as PITI or PITIA.
Longer loan terms (like 30 years) have lower monthly payments but result in significantly more interest paid over time. Shorter terms (15 or 20 years) have higher monthly payments but save tens of thousands in interest.
You can request PMI removal once you reach 20% equity in your home. This can happen through regular payments, extra payments, or home value appreciation. Your lender is required to automatically cancel PMI at 22% equity.
Extra payments applied to principal reduce your loan balance faster, which decreases the total interest you'll pay. Even $100–200 extra per month can save tens of thousands in interest and shorten your loan by years.
This calculator focuses on understanding your exact monthly payment and total loan cost with all fees included. The regular mortgage calculator is better for exploring different home price scenarios and affordability analysis.
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Related Guides
Official Sources
- HUD: Buying a Home (opens in new tab) — U.S. Department of Housing and Urban Development guidance on the home buying process, FHA loans, and homeowner assistance programs.
- CFPB: Owning a Home (opens in new tab) — Consumer Financial Protection Bureau resources for understanding mortgage payments, loan terms, and homeowner protections.
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