Calculate your monthly mortgage payment
Combines loan principal, interest rate, term, property taxes, and insurance into a single monthly PITI (principal + interest + taxes + insurance) payment. Also shows amortization: how each payment splits between interest and principal over time.
M = P × r(1+r)^n / ((1+r)^n − 1)
Mmonthly principal and interestPloan amount (home price − down payment)rmonthly interest ratennumber of monthly paymentsThe formula is M = P × [r(1+r)^n] / [(1+r)^n minus 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments.
A fixed-rate mortgage keeps the same interest rate for the entire loan term. An adjustable-rate mortgage (ARM) starts with a lower rate that can change periodically after an initial fixed period.
A typical payment includes principal, interest, property taxes, and homeowners insurance (PITI). Some loans also include private mortgage insurance (PMI) if the down payment is less than 20%.
A larger down payment reduces the loan principal, lowering monthly payments and total interest paid. Putting down 20% or more also eliminates the need for private mortgage insurance.