Mortgage Calculator: Monthly Payment with Taxes & Insurance
Use our free mortgage calculator to estimate your monthly payment including principal, interest, property taxes, and homeowners insurance. See your full amortization schedule and discover how extra payments can help you pay off your mortgage early and save thousands in interest.
Loan Details
Additional Costs
Extra Payments
Applied to principal each month
Payment Breakdown
Understanding Your Mortgage Payment
Your mortgage payment consists of more than just principal and interest. Understanding all the components helps you budget accurately and make informed decisions about your home purchase.
PITI: The Four Components of a Mortgage Payment
| Component | Description | Typical Amount |
|---|---|---|
| Principal | The portion that reduces your loan balance | Varies (starts low, increases over time) |
| Interest | The cost of borrowing money | Based on rate and remaining balance |
| Taxes | Property taxes (usually escrowed) | 1-2% of home value annually |
| Insurance | Homeowners insurance + PMI if applicable | $100-300/month typical |
Monthly Payment by Loan Amount (30-Year at 7%)
Principal and interest only - add taxes and insurance for total payment:
| Loan Amount | Monthly P&I | Total Interest | Total Paid |
|---|---|---|---|
| $200,000 | $1,331 | $279,018 | $479,018 |
| $300,000 | $1,996 | $418,527 | $718,527 |
| $400,000 | $2,661 | $558,036 | $958,036 |
| $500,000 | $3,327 | $697,544 | $1,197,544 |
| $750,000 | $4,990 | $1,046,317 | $1,796,317 |
15-Year vs 30-Year Mortgage Comparison
For a $300,000 loan:
| Term | Rate | Monthly Payment | Total Interest | Savings |
|---|---|---|---|---|
| 30 Year | 7.0% | $1,996 | $418,527 | — |
| 15 Year | 6.5% | $2,613 | $170,388 | $248,139 |
The Power of Extra Payments
Extra $100/Month
On a $300K loan at 7%: Save $47,000 in interest and pay off 5 years early.
Extra $200/Month
On a $300K loan at 7%: Save $67,000 in interest and pay off 7 years early.
One Extra Payment/Year
Making 13 payments instead of 12 can shave 4-5 years off a 30-year mortgage.
Biweekly Payments
Paying half your mortgage every 2 weeks = 26 half-payments = 13 full payments/year.
Frequently Asked Questions
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of gross income on housing costs (PITI) and no more than 36% on total debt. With a $100,000 income, that's roughly $2,333/month for housing, which could support a ~$350,000 home with 20% down.
What credit score do I need for a mortgage?
Conventional loans typically require 620+, FHA loans 580+ (with 3.5% down) or 500+ (with 10% down). Higher scores get better rates: 760+ gets the best rates, while 620-639 may pay 1-2% higher.
How much should I put down on a house?
20% down avoids PMI and gets better rates, but many buyers put down less. FHA allows 3.5%, conventional loans allow 3-5%. Consider your savings, emergency fund, and closing costs (typically 2-5% of loan amount).
Should I pay off my mortgage early?
It depends on your interest rate and other financial goals. If your mortgage rate is lower than potential investment returns (historically 7-10% in stocks), investing may be better. However, paying off your mortgage provides guaranteed "returns" equal to your interest rate.
What are closing costs?
Closing costs typically run 2-5% of the loan amount and include: loan origination fees, appraisal, title insurance, attorney fees, prepaid taxes and insurance, and recording fees. On a $300,000 loan, expect $6,000-15,000 in closing costs.
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Disclaimer: This mortgage calculator provides estimates for informational purposes only. Actual mortgage payments may vary based on your credit score, lender fees, property taxes, insurance rates, and other factors. This tool does not constitute financial advice. Consult with a mortgage professional for personalized guidance.