What is included in a mortgage payment?

A typical mortgage payment includes principal (loan amount), interest, property taxes, and homeowner's insurance (PITI). Some loans also include PMI (private mortgage insurance) if down payment is less than 20%.

How much house can I afford?

A common guideline is the 28/36 rule: spend no more than 28% of gross monthly income on housing costs, and no more than 36% on total debt. Lenders typically require a debt-to-income ratio under 43%.

Mortgage Calculator | Home Loan Payment Calculator 2025

Calculate your monthly mortgage payment based on home price, down payment, interest rate, and loan term. See your payment breakdown and total interest over the life of the loan.

Home Price

Down Payment

Interest Rate (APR)

Loan Term

Include Taxes & Insurance

Monthly Payment

$2,023

Principal & Interest only

Payment Breakdown

Principal $320,000

Interest $408,273

Loan Summary

Home Price $400,000

Down Payment $80,000 (20%)

Loan Amount $320,000

Total of Payments $728,273

📅 Amortization Schedule

First 12 months

Month	Payment	Principal	Interest	Balance

❓ Mortgage Calculator FAQ

How is mortgage payment calculated?

Monthly mortgage payment uses the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal (loan amount), r is monthly interest rate (annual rate ÷ 12), and n is total number of payments. This covers principal and interest only.

What's included in a mortgage payment?

A full mortgage payment (PITI) includes: Principal (loan repayment), Interest (cost of borrowing), Taxes (property taxes), and Insurance (homeowner's insurance). PMI may be added if your down payment is under 20%.

15-year vs 30-year mortgage: which is better?

15-year mortgages have higher monthly payments but save significantly on total interest (often 50%+ less). 30-year mortgages have lower payments, providing more flexibility. Choose based on your budget and goals.

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