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Mortgage Payment Calculator
Enter the home price, down payment, interest rate, and loan term to see your full monthly housing payment broken down into principal, interest, taxes, insurance, and PMI.
Beyond the Monthly Payment
Your mortgage payment is just the starting point of homeownership costs. Budget an additional 1-2% of home value annually for maintenance and repairs ($4,000-8,000/year on a $400K home). If you have an HOA, add $200-500/month. Utilities for a house are typically $150-300/month more than an apartment. The true all-in cost of owning a $400K home is often $3,200-3,800/month — not the $2,023 P&I number that first catches your eye.
Frequently Asked Questions
What's included in a mortgage payment?
PITI: Principal (builds equity), Interest (lender's profit), property Taxes (escrowed monthly), and Insurance (homeowners + PMI if applicable). Many buyers only look at P&I and are surprised when their actual payment is $400-800 higher due to taxes and insurance.
15 year or 30 year mortgage?
A 15-year mortgage has a higher monthly payment (~40% more) but saves you 55-60% in total interest. A $400K home at 6.5% costs $332K in interest over 30 years vs $132K over 15 years — a $200K difference. Choose 15-year if you can comfortably afford the higher payment without sacrificing retirement savings.
What is PMI and how do I avoid it?
Private Mortgage Insurance protects the lender if you default. It's required when your down payment is less than 20%. PMI typically costs 0.5-1% of the loan amount annually ($150-350/month on a $400K loan). You can request PMI removal once you reach 20% equity, and lenders must auto-cancel at 22%. Some lenders offer lender-paid PMI with a slightly higher rate.
