Skip to content
Finance & LoansmortgageUnited States only

Mortgage Calculator (PITI)

The full monthly payment on a mortgage: principal and interest, plus the property tax, insurance and dues your lender collects with them. With the amortisation schedule and the total interest across the life of the loan.

Also called: home mortgage calculator, mortgage payment calculator, house payment calculator.

$

Type "250k", "1.2m" or the plain number, all of them parse.

%
years
Payment frequency

Paying quarterly or yearly instead of monthly changes the interest, not just the instalment.

Fewer, larger instalments means the balance sits higher for longer, so total interest rises even though each payment covers more principal.

Prepayments and extra payments

A lump sum, a standing extra amount, or both. The schedule and the saving are recomputed against them.

$

A standing amount on top of the payment. This is what a round-up-your-mortgage plan does.

$

Leave at 0 if you are not making a lump-sum prepayment.

Fees and ongoing charges

Processing fees raise your effective rate; insurance and maintenance raise your real monthly outgo.

$

Deducted from what you receive but charged on the full loan, so they raise your APR without changing the instalment.

$

Not part of the loan, but part of what leaves your account each month.

Taxes, insurance and dues

Property tax, homeowners insurance, mortgage insurance and association dues. Not part of the loan, but part of the payment your lender collects.

$

Your lender usually collects a twelfth of this each month and holds it in escrow.

$
$

Charged while the loan is above about 80% of the value, and it stops when it is not. See the PMI calculator for when that happens.

$

Never held in escrow, and paid to the association rather than the lender.

Interest-only period before repayment

Months before repayment starts, and whether the interest accruing in them is capitalised. The same arithmetic covers a study-period holiday, a deferment and a payment pause.

If you do not, it is added to the loan, which is why an education loan is often larger when repayment begins than the amount that was disbursed.

Monthly instalment
$2,634.40

$2,634.40 a month for 30 years. Over the full term you repay $948,384.19, of which $548,384.19 is interest. 137.1% of what you borrowed.

Total interest
$548,384.19
Total repayment
$948,384.19
Interest as % of principal
137.1%
Interest in period 1
$2,300.00
Principal in period 1
$334.40
How this is calculated

An estimate, not an offer or a guarantee. Projected returns assume the rate you entered holds for the whole term, which no market does.

Where your money goes

Total$948,384.19
Principal $400,000 (42%)Interest $548,384 (58%)

Outstanding balance

Hover or drag for values
$0.00$99,916.40$199,832.80$299,749.20$399,665.60Month 1Month 360
Outstanding balance
360 rows
MonthPaymentInterestPrincipalBalance
1$2,634$2,300$334$399,666
2$2,634$2,298$336$399,329
3$2,634$2,296$338$398,991
4$2,634$2,294$340$398,651
5$2,634$2,292$342$398,309
6$2,634$2,290$344$397,965
7$2,634$2,288$346$397,618
8$2,634$2,286$348$397,270
9$2,634$2,284$350$396,920
10$2,634$2,282$352$396,568
11$2,634$2,280$354$396,214
12$2,634$2,278$356$395,858
Method and background

This is what the calculation gives for the numbers you entered. It is an estimate, not advice, and it knows nothing about your situation beyond those numbers. Rules for United States change on a published schedule; the effective date is shown on every rule-based tool.

How this is calculated

A loan payment does two jobs at once: it pays the interest that accrued this month, and it repays some principal. Because the principal shrinks, next month's interest is smaller, so more of the identical payment goes to principal. The formula answers one question. What fixed payment, repeated n times, drives the balance to exactly zero?

E = P * i * (1+i)^n / ((1+i)^n - 1)
E
The equal periodic instalment (currency)
P
Principal: the amount borrowed (currency)
i
Monthly interest rate = annual rate ÷ 12 ÷ 100 (decimal)
n
Total number of monthly instalments (months)

Full derivation: The annuity payment, derived from scratch

Worked examples

Each of these is asserted on every build. If a change to the engine ever moved one of these answers, the build would fail before the page could print it.

classic 30-year

Mortgage amount
$400,000.00
Interest rate (per year)
6.9%
Tenure
30 years

Monthly instalment$2,634.40

independent closed-form implementation; equals Excel PMT(6.9%/12, 360, -400000) = 2634.4005

Open this example

15-year on the same principal costs more monthly, far less in total

Mortgage amount
$400,000.00
Interest rate (per year)
6.9%
Tenure
15 years

Monthly instalment$3,572.99

independent closed-form implementation; PMT(6.9%/12, 180, -400000) = 3572.9872

Open this example

zero interest reduces to P/n

Mortgage amount
$360,000.00
Interest rate (per year)
0%
Tenure
30 years

Monthly instalment$1,000.00

limit of the annuity formula as i approaches 0

Open this example

the payment the lender actually collects

Mortgage amount
$400,000.00
Interest rate (per year)
6.9%
Tenure
30 years
Property tax, a year
$6,000.00
Homeowners insurance, a year
$1,800.00
Mortgage insurance, a month
$145.00
Association dues, a month
$90.00

Monthly instalment$2,634.40

PMT(6.9%/12, 360, -400000) = 2634.40 for principal and interest. Escrow is 6,000/12 + 1,800/12 + 145 + 90 = 885, so the full payment is 3,519.40. The escrow is 33.6% on top of P&I, which is why a page titled PITI that reported only P&I was answering a narrower question than the one asked. Worked by hand.

Open this example

Method and limits

What it assumes

  • Interest compounds monthly on the reducing balance.
  • The rate stays fixed for the whole term. Floating-rate loans reset periodically.
  • Processing fees, insurance and statutory charges are excluded.

What it deliberately does not model

  • Does not model rate resets on floating-rate loans. Most lenders hold the instalment steady and extend the term instead, so a rate rise can add years without changing what leaves your account each month.
  • Does not include property insurance, maintenance or association dues, or any lender fee.
  • Assumes every instalment is paid in full and on time.
  • The escrow figures are the ones you enter. Property tax is reassessed and insurance is repriced, so a payment quoted today is not fixed for thirty years even on a fixed-rate loan.
  • Mortgage insurance is charged until the balance falls below about 80% of value and this does not drop it automatically. The PMI calculator works out when that happens.

Formula version 1.0.0 · definition 1.0.0 · United States · Report a problem with this calculator

Frequently asked questions

Why is my lender's payment a few dollars different from mine?
Rounding. Lenders round the payment and true up the final one against the residual balance, which is why the last month of a schedule looks lopsided. A difference of a dollar or two is normal; a difference of hundreds means a different rate, term or fee assumption.
Why is my payment almost all interest in the early years?
Interest in any month is the rate times the previous balance, and the balance starts at its maximum. On a 30-year loan at 6.9% the first year is about 86% interest. The only way to change the shape of that is to attack the balance early, which is what paying extra does.