Mortgage Payment
Estimate the monthly payment on a home purchase including taxes.
About Mortgage Payment
The mortgage payment amortizes the loan over its term, and PITI adds monthly property tax and insurance. The result gives the true recurring cost of owning the home. Forgetting taxes and insurance understates the real cost of a mortgage by a meaningful amount every month.
Formula
Mortgage Payment
PITI = principal payment + property tax + insurance
- PITI
- principal, interest, taxes and insurance
Worked example
With the default values below, Mortgage Payment returns Monthly Payment of $1,516.96. Change any input above and every figure here is recalculated in your browser.
Inputs used
- Home price
- 300,000
- Down paymentaccepts 0–100 %
- 20 %
- Annual rateaccepts 0–30 %
- 6.5 %
- Yearsminimum 1
- 30
- Property taxaccepts 0–10 %
- 1.2 %
- Monthly insurance
- 120
Results
- Loan Amount
- $240,000.00
- Monthly Payment
- $1,516.96
- Monthly PITI
- $1,936.96
- Total Interest
- $306,106.77
Step by step
- 1Values used
- 2Mortgage Payment
- 3Monthly Payment= 1,516.96
- 4Loan Amount= 240,000.00
- 5Monthly PITI= 1,936.96
- 6Total Interest= 306,106.77
Assumptions and limits
- The result is derived only from the 6 inputs listed above. Anything not among them is not part of the calculation.
- In particular, this calculator does not take inflation or fees or charges into account.
- Figures are rounded for display to 2 decimal places, so totals built from several rounded parts can differ slightly from the unrounded arithmetic.
- This is an estimate for general information and not professional financial, tax or legal advice. See the full disclaimer for the limits that apply to this kind of calculator.
How these calculators are built and tested is described on the Methodology page. If a figure looks wrong, please report it.
Frequently Asked Questions
How is Mortgage Payment calculated?
PITI = principal payment + property tax + insurance The mortgage payment amortizes the loan over its term, and PITI adds monthly property tax and insurance. The result gives the true recurring cost of owning the home.
Why does Mortgage Payment matter?
Forgetting taxes and insurance understates the real cost of a mortgage by a meaningful amount every month.
What values do I need to enter?
This calculator takes 6 inputs: Home price, Down payment, Annual rate, Years, Property tax, Monthly insurance. The pre-filled defaults are a realistic starting point — replace them with figures from your own environment for a result you can act on.