Mortgage Payment Calculator
Estimate the principal-and-interest payment on a fixed-rate loan, then add optional taxes, insurance, and PMI without mixing them into the balance.
Key concepts
Principal and interest
The contractual loan payment. It does not include property tax, homeowners insurance, or mortgage insurance.
PITI
Principal, interest, taxes, and insurance. This tool adds tax, insurance, and PMI as flat monthly amounts on top of principal and interest.
What this tool does
What this payment includes
The headline payment is classic fixed-rate principal and interest. Taxes, insurance, and PMI start at zero so they never hide inside the loan math. Raise them only when you want a fuller housing payment. They do not reduce the balance and they are not the extra-principal payoff tool. The PMMS 30-year chip fills Freddie Mac’s survey average, shows the survey date, and leaves the rate field editable.
15 years versus 30 years
Add Scenario B to compare a shorter term, a different rate, or a different loan amount. The chart shows remaining balance. A shorter term usually raises the monthly payment and cuts total interest.
Fixed-rate payment formula
M = P × [r(1+r)^n] / [(1+r)^n − 1] r = annual rate / 12, n = years × 12 Housing payment = M + monthly tax + insurance + PMI
Each month, interest is the remaining balance times r, and the rest of M reduces principal. Optional add-ons are summed after that. They are flat amounts you type in — this page does not look up a tax bill, cancel PMI at 80% loan-to-value, or grow escrow with inflation.
Worked example
A $300,000 loan at 6.5% for 30 years has a principal-and-interest payment near $1,896. The same loan for 15 years at 6.5% is higher each month and much lower in total interest. Add $250 of tax, $120 of insurance, and $0 of PMI and the housing payment rises by $370, while the balance path stays the same. Use Scenario B for the 15-year case and read both interest totals before you decide.
Payment tool versus payoff tool
Main question
- This payment calculator
- What is the scheduled payment?
- Payoff calculator
- What if I pay extra principal?
Taxes, insurance, PMI
- This payment calculator
- Optional flat monthly add-ons
- Payoff calculator
- Excluded on purpose
| Question | This payment calculator | Payoff calculator |
|---|---|---|
| Main question | What is the scheduled payment? | What if I pay extra principal? |
| Taxes, insurance, PMI | Optional flat monthly add-ons | Excluded on purpose |
Common mistakes
- Treating the principal-and-interest figure as the full housing payment when tax and insurance are still due.
- Comparing a 15-year and a 30-year loan on the monthly payment alone and ignoring total interest.
- Assuming PMI drops off automatically. This model keeps the monthly PMI you enter for the whole term.
Methodology on this page
Standard fixed-rate amortization for principal and interest only. Monthly rate = nominal annual rate ÷ 12. Taxes, insurance, and PMI are optional add-ons and never touch the balance. This is an educational model, not financial advice, a lender quote, or an APR disclosure.
Read the full FinTools4U methodology →Frequently asked questions
Does this include taxes and insurance?
Only if you enter them. They are added to the housing payment and are not part of the interest calculation.
How is this different from the payoff calculator?
This page prices the scheduled payment and optional add-ons. The payoff calculator shows what happens when you send extra principal. It does not include tax, insurance, or PMI.
Why doesn’t the payment match my lender?
Lenders may use a different day count, rounding to the cent, or an APR that includes fees. This tool uses a nominal monthly rate and does not round each line to the cent.
Is this financial advice?
No. FinTools4U runs the math in your browser for education. It is not a loan offer or a recommendation to borrow. PMMS 30-year fills the mortgage rate from the Freddie Mac survey, shows the survey date, and you can still edit the field. The link stores the number you apply. Indicative rate, not a recommendation.
Sources & further reading
- CFPB — Owning a Home — Consumer guidance on mortgage payments and closing.
- CFPB — Interest rate versus APR — Why the note rate in this formula is not the same number as APR.
Related guide
How a mortgage payment is calculated
The principal-and-interest formula, what taxes and insurance do to the housing payment, and how to read the FinTools4U mortgage payment calculator.
How rent versus buy is calculated
Net cost of owning and renting over a horizon you choose, what the optional rates change, and when the FinTools4U comparison is not enough.
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Home Affordability
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Rent vs Buy
Put this payment next to the rent and the years you might stay.