Loan Calculator
Enter your loan details and click calculate to see your payment breakdown
About This Calculator
How It Works
- Enter your loan amount, interest rate, and term
- Get instant calculation of your monthly payment
- View complete amortization schedule
- See total interest and payment breakdown
- Export results to CSV for your records
Understanding Your Results
- Principal: The amount you borrowed
- Interest: The cost of borrowing money
- Monthly Payment: Your fixed monthly amount
- Amortization: How payments are split between principal and interest
- Total Interest: Total cost of borrowing over the loan term
Tips for Better Loan Terms
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Affiliate Disclosure: AmCalc may receive compensation when you click on links to partner sites. This does not affect our editorial content or the rates you receive. All rates and terms are subject to lender approval. Mortgage rates are subject to change without notice.
How to Use the Mortgage Payment Calculator
Use the calculator above to estimate your monthly mortgage payment, including principal and interest, property taxes, homeowners insurance, and PMI when your down payment is under 20%. Most first-time buyers underestimate the non-mortgage costs, so our amortization schedule breaks out each component month by month. If you want to compare two scenarios side by side, save a calculation to your account and duplicate it with different inputs. For state-specific tax rates and first-time buyer programs, pick your state from the state guides below once you have a starting estimate.
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Get a copy of your results plus rate alerts when conditions change in your favor.
Frequently Asked Questions
- What are the four components of a mortgage payment?
- Your monthly mortgage payment has four components, often abbreviated PITI: principal (loan repayment), interest (lender's fee), taxes (property tax), and insurance (homeowners plus PMI if applicable). On a $400,000 loan at 7% for 30 years, principal and interest alone run about $2,661/month. Add $350 for taxes and $150 for insurance and your real monthly bill is closer to $3,160.
- What is PMI and how much does it cost?
- PMI (private mortgage insurance) is required on conventional loans when your down payment is less than 20% of the home's value. It typically costs 0.3% to 1.5% of the loan amount per year, billed monthly. On a $400k loan, that's $100 to $500/month. PMI drops off automatically when your loan-to-value ratio hits 78%, or you can request removal at 80% LTV with a fresh appraisal.
- Should I use a 15-year or 30-year loan?
- Use the 30-year loan if you want the lowest monthly payment and flexibility; use the 15-year if you can afford 40 to 50% higher monthly payments in exchange for cutting total interest roughly in half. On a $400k loan, a 15-year at 6.5% costs about $1,400/month more than a 30-year at 7%, but saves $280,000 in total interest over the life of the loan.
- What is amortization?
- Amortization is how your payment splits between principal and interest over time. Early payments are mostly interest; later payments are mostly principal. On a 30-year $400k loan at 7%, your first payment puts $2,333 toward interest and only $328 toward principal. By year 20, that ratio flips. Extra principal payments in the early years save the most interest.
- Do property taxes and insurance come out of my mortgage payment?
- No. Your property tax and homeowners insurance are usually escrowed — collected monthly by your lender and paid on your behalf. If your loan has no escrow, you pay those directly to the county and insurer. PMI is also billed monthly when applicable. HOA dues are never part of your mortgage payment; you pay those separately to your HOA.