Mortgage Calculator
Estimate your monthly payment including principal, interest, property tax and home insurance. Results update instantly as you type.
Your details
Estimated monthly payment
How to use this calculator
Enter your home price and down payment — we calculate the financed amount automatically.
Add your interest rate, loan term, and location to apply local tax and insurance rates.
Read your monthly total and breakdown, then compare 30- vs 15-year terms.
Understanding your results
Your monthly mortgage payment splits into three parts: principal (the loan balance you pay down), interest (the cost of borrowing), and escrow (property taxes and home insurance). In the early years of a 30-year fixed-rate mortgage, most of each payment goes toward interest; over time, the balance shifts and more chips away at the principal. This is why making extra payments early in the loan has an outsized effect on total interest. Use the loan calculator to compare different borrowing scenarios, or the savings calculator to see how building a larger down payment reduces your monthly cost.
| Year | Starting balance | Interest | Principal | Ending balance |
|---|---|---|---|---|
| 1 | $360,000 | $23,282 | $4,024 | $355,976 |
| 2 | $355,976 | $23,012 | $4,293 | $351,683 |
| 3 | $351,683 | $22,725 | $4,581 | $347,102 |
| 4 | $347,102 | $22,418 | $4,888 | $342,214 |
| 5 | $342,214 | $22,090 | $5,215 | $337,000 |
What factors affect your payment
Interest rate
A higher rate increases the interest portion of each payment and the total cost over the loan's life.
Loan term
A longer term lowers your monthly payment but adds years of interest.
Down payment
A larger down payment reduces the amount you borrow and can remove mortgage insurance.
Worked examples
30-year mortgage
$450,000 home, 20% down, 6.5% APR
Around $2,900 per month including tax and insurance
15-year mortgage
Same home, 15-year term
Higher monthly payment · much less total interest
Frequently asked questions
What is included in my monthly mortgage payment?
Your payment combines principal and interest (P&I) with escrow for property tax and home insurance. The calculator separates each so you can see exactly where your money goes.
How is the interest rate applied?
The annual rate is divided by 12 for a monthly rate, applied to your remaining balance each month. As the balance falls, the interest portion shrinks and principal grows.
Should I include taxes and insurance?
Yes. If you have an escrow account your lender collects tax and insurance monthly. Including them shows your true housing cost, not just the loan payment.
Can I compare 15-year vs 30-year terms?
Change the loan term field and the monthly payment and total interest update instantly, so you can weigh a higher payment against long-term savings.
Is this an official mortgage quote?
No. CalcPilot provides estimates for planning only. Confirm final numbers, rates and fees with your lender before making any financial decisions.
Related calculators
Disclaimer
CalcPilot's calculations are estimates for planning purposes only. They are not financial, legal, or tax advice. Consult a qualified professional before acting on any result.