Mortgage Payment Calculator
Estimate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI.
How Mortgage Payments Are Calculated
Your monthly mortgage payment (PITI) consists of four components: Principal (paying down the loan balance), Interest (the cost of borrowing), Taxes (property taxes escrowed monthly), and Insurance (homeowner's insurance). If your down payment is less than 20%, you'll also pay PMI.
The standard mortgage formula uses amortization to calculate equal monthly payments over the loan term. Early payments are mostly interest, while later payments are mostly principal — this is why refinancing or extra payments can save significant money over the life of the loan.
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