Mortgage Payment Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, and insurance.
Updated April 2026 · CalcFlow Editorial
What is a Mortgage Payment? A mortgage payment calculator computes the monthly payment on a home loan using the standard amortization formula, factoring in the loan principal, annual interest rate, and loan term in months, with optional property tax and insurance (PITI).
Rule of Thumb
The 28/36 rule: your monthly mortgage payment (PITI) should not exceed 28% of your gross monthly income, and total monthly debt payments should not exceed 36% of gross monthly income.
Example Calculation
A $350,000 home with 20% down ($70,000), 7% interest rate, 30-year term: loan amount = $280,000. Monthly principal and interest = $1,863. Add $321/mo property tax (1.1%) and $100/mo insurance = $2,284 total monthly payment.
Key Facts
- •The average 30-year fixed mortgage rate in the US was approximately 6.8-7.2% in 2024-2025.
- •A 1% rate difference on a $300,000 loan saves or costs approximately $170/month over 30 years.
- •On a 30-year mortgage, you pay roughly 2x the purchase price in total (principal + interest) at a 7% rate.
- •The US median home price was approximately $412,000 in early 2025, per the National Association of Realtors.
How to Use
- Enter the home purchase price.
- Enter your down payment percentage.
- Enter the current mortgage interest rate.
- Select 15-year or 30-year term.
- Add estimated property tax rate and annual insurance.
- Click Calculate to see total monthly payment.
Formula
M = P x [r(1+r)^n] / [(1+r)^n - 1] + monthly taxes + monthly insurance