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Calculate your exact mortgage payments with our comprehensive tool. See a breakdown of principal, interest, taxes, and insurance in your monthly payment.
Choose from 3 specialized versions of this calculator, each optimized for specific use cases and calculation methods.
Different ways to calculate and display your results
Your total mortgage payment includes not just principal and interest, but also property taxes and homeowners insurance. Many lenders require these to be escrowed (collected monthly) and paid on your behalf. Additionally, if your down payment is less than 20%, you may be required to pay Private Mortgage Insurance (PMI), further increasing your monthly payment.
With a fixed-rate mortgage, your principal and interest payment remains constant for the life of the loan. However, the property tax and insurance portions of your payment will typically increase over time due to rising property values and insurance costs. With an adjustable-rate mortgage (ARM), your interest rate and payment can change after the initial fixed period.
Initially, only a small portion of your payment reduces principal (builds equity). For example, in a 30-year loan's first year, about 70-85% of your principal and interest payment goes to interest. This ratio gradually improves, with more going to principal each month. Additional principal payments can significantly accelerate equity building.
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