How this tool works
Monthly principal and interest uses the standard amortization formula: payment = loan x monthly rate / (1 - (1 + monthly rate)^-months). Taxes and insurance are added after that.
Home and Bills
Mortgage Payment Calculator
Estimate monthly principal and interest, then add property tax and insurance to see a fuller monthly housing number.
What the result does not include
The payment shown here is a planning estimate, not a mortgage offer. Real monthly housing cost can also include mortgage insurance, HOA fees, service charges, maintenance, repairs, utilities, moving costs and lender fees. If the result feels affordable only before those costs, run the numbers again with a buffer.
Quick example
On a 350,000 home with 70,000 down, the loan amount is 280,000. At 6.5% over 30 years, the principal and interest payment is the base mortgage number. Adding monthly tax and insurance gives a more realistic housing payment for budget planning.
Before you rely on the number
- Check whether the interest rate is fixed, variable or only an introductory rate.
- Compare the payment with take-home pay, not just gross income.
- Add a monthly maintenance line so the home budget is not too optimistic.
- Use the rent vs buy and affordability tools before treating one payment as the full decision.