Mortgage Calculator
Estimate your monthly payment, see how much of each payment goes to interest, and plan ahead with confidence.
Total Monthly Payment
$2,423
Principal & Interest: $2,023 • Taxes & Insurance: $400
Loan amount
$320,000
Total interest
$408,142
Loan Balance Over Time
Understanding Your Mortgage Payment
Your total monthly payment has two parts: Principal & Interest (P&I) — the principal pays down your loan balance while interest is the cost of borrowing — plus Taxes & Insurance, which most lenders collect monthly and hold in escrow to pay your property tax and homeowners insurance bills when they come due. If you put less than 20% down, private mortgage insurance (PMI) is also added.
The 28/36 Rule
A common guideline: your total housing payment should stay under 28% of gross monthly income, and total debt under 36%.
Extra Payments Matter
Adding even one extra payment per year can shave years off a 30-year mortgage and save tens of thousands in interest.