Free Financial Tools · MoneyConverter.ai
Mortgage Payment
Calculator
Calculate your monthly payment instantly. See your full amortization schedule and understand exactly where every dollar goes.
🏠 Monthly Payment
📊 Amortization Schedule
💰 Total Cost Breakdown
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Enter Loan Details
Instant Results
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20% — $80,000
6.5%
Monthly Extras (Optional)
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$
$
$
Your Mortgage Breakdown
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Enter your home price and loan details, then click Calculate to see your full breakdown.
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Mortgage Calculator FAQs
How is my monthly mortgage payment calculated?
Your base mortgage payment (principal + interest) is calculated using the standard amortization formula based on your loan amount, interest rate, and term. The total monthly payment also includes property taxes, homeowners insurance, HOA fees, and PMI if applicable. This calculator shows all of these components clearly so you know exactly where your money goes.
What is PMI and when do I need it?
PMI stands for Private Mortgage Insurance. Lenders typically require PMI when your down payment is less than 20% of the home's purchase price. It protects the lender if you default on the loan. PMI typically costs between 0.5% and 1.5% of the loan amount annually. Once you reach 20% equity in your home, you can usually request to have PMI removed.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but you pay significantly less interest overall and build equity faster. A 30-year mortgage has lower monthly payments, giving you more flexibility, but you'll pay much more in total interest over the life of the loan. Generally, if you can comfortably afford the 15-year payment, it's the better financial decision long-term.
What credit score do I need to get a mortgage?
Most conventional loans require a minimum credit score of 620. FHA loans can go as low as 580 (or even 500 with a larger down payment). The higher your credit score, the better the interest rate you'll be offered — which can save tens of thousands of dollars over the life of your loan. A score of 740 or above typically qualifies you for the best rates available.
How much house can I afford?
A common guideline is the 28/36 rule: your monthly mortgage payment shouldn't exceed 28% of your gross monthly income, and your total monthly debt payments shouldn't exceed 36%. So if you earn $6,000 per month, your mortgage payment should ideally stay under $1,680. Use this calculator to test different home prices until you find a monthly payment that fits comfortably within your budget.
What is an amortization schedule?
An amortization schedule shows every payment you'll make over the life of your loan, broken down into how much goes to principal and how much goes to interest. In the early years of a mortgage, the majority of each payment goes to interest. Over time, more goes to principal. This calculator generates a full year-by-year amortization schedule so you can see this progression clearly.