Monthly Mortgage Payment Calculator
Calculate your total monthly payment including principal, interest, taxes, insurance, and PMI.
Understanding Your Monthly Mortgage Payment
Your total monthly housing payment (PITI) consists of four components: Principal (loan repayment), Interest (cost of borrowing), Taxes (property tax escrow), and Insurance (homeowner's and possibly PMI).
Best Practice: The 28% Rule
Most financial advisors recommend keeping your total housing payment below 28% of your gross monthly income. With total debt (housing + other), stay under 36–43% depending on your lender.
Private Mortgage Insurance (PMI)
If your down payment is less than 20%, your lender will typically require PMI — ranging from 0.5% to 1.2% of the loan amount annually. PMI is automatically removed once your equity reaches 20% of the original purchase price under the Homeowners Protection Act.
Options With Less Than 20% Down
FHA loans allow as little as 3.5% down with competitive rates, though you'll pay MIP (mortgage insurance premium) for the life of the loan in most cases. VA and USDA loans may offer 0% down to eligible borrowers. Explore the Down Payment Explorer to compare all options side by side.
- What is included in a mortgage payment?
- A mortgage payment typically includes principal and interest (P&I), property taxes (escrowed monthly), homeowners insurance, and private mortgage insurance (PMI) if your down payment is under 20%.
- How do I lower my monthly mortgage payment?
- You can lower your payment by putting more money down, securing a lower interest rate, extending your loan term, or improving your credit score before applying.
- Does my mortgage payment change over time?
- Your principal and interest payment on a fixed-rate mortgage stays the same. However, your total payment can change as property taxes and insurance costs fluctuate.