Mortgage payment calculator
Know your monthly payment before you make an offer.
Enter your home price, down payment and rate. Morgly adds property tax, insurance, PMI and HOA automatically, and lays out the full amortization schedule.
Loan summary
Amortization schedule
Where each payment goes, year by year
Early in the loan, most of each payment covers interest. As the balance shrinks, more of each payment goes toward principal. This table summarizes that shift by year.
| Period | Principal paid | Interest paid | Remaining balance |
|---|
How it's calculated
What goes into a mortgage payment
A typical monthly mortgage payment has four parts, often shortened to PITI: principal, interest, taxes and insurance. Principal is the portion that reduces your loan balance. Interest is the lender's charge for borrowing, calculated on the remaining balance each month. Property tax and homeowners insurance are usually collected monthly and held in an escrow account, then paid on your behalf when due.
If your down payment is under 20% of the purchase price, lenders typically require private mortgage insurance, or PMI, which protects the lender and adds a further monthly cost until you reach 20% equity.
Choosing a term
15-year vs 30-year loans
A 30-year fixed loan spreads payments over more months, which lowers the monthly amount but increases total interest paid. A 15-year loan raises the monthly payment substantially but can cut total interest by roughly half, since the balance is paid down faster and less time accrues interest.
Use the loan term toggle above to compare how the same home price and rate change your monthly payment and total interest under each term.
Guides
Self-employed? The math works differently.
If you're paid on 1099s, freelance, or run your own business, lenders calculate your qualifying income differently than they would a salaried buyer's. These guides cover what actually matters.
Frequently asked
Mortgage calculator FAQ
How is my monthly mortgage payment calculated?
Your payment combines principal and interest, based on your loan amount, rate and term, with one-twelfth of your annual property tax, one-twelfth of your annual homeowners insurance, and PMI if your down payment is under 20%.
What down payment do I need to avoid PMI?
On most conventional loans, putting down at least 20% of the home price removes the PMI requirement and lowers your monthly payment.
How does loan term affect total interest paid?
Choosing 15 years instead of 30 raises the monthly payment but meaningfully cuts total interest paid, since the loan balance is paid down faster.
Does this calculator include property tax and insurance?
Yes. Estimated annual property tax and homeowners insurance are included and divided into monthly amounts, alongside optional HOA dues and PMI, for a full estimated monthly housing payment.
Is this calculator accurate enough to use for my actual loan application?
This tool gives a close estimate for planning purposes. Your actual rate, taxes, insurance premium and closing costs will be confirmed by a licensed lender during underwriting, and may differ from the figures shown here.