Mortgage Payment Calculator 2026: Estimate Your Monthly Payment
Mortgage payment calculator: Calculate your exact monthly payment including principal, interest, taxes, insurance (PITI), PMI, and HOA fees. Example: $300K home, 6.25% rate, 20% down = $1,865/month (PITI). Your payment includes: principal + interest ($1,478), property taxes ($250), homeowners insurance ($125), PMI ($0 with 20% down). This complete 2026 guide shows how to calculate payment, what's included, payment examples by price, and how to lower your payment. Compare with affordability calculator and best lenders. Get pre-approved to see exact payment.
🧮 Quick Payment Examples (6.25% Rate)
$200K Home
$1,243
20% down • PITI
$300K Home
$1,865
20% down • PITI
$400K Home
$2,486
20% down • PITI
💰 What's Included in Monthly Payment?
How to Calculate Mortgage Payment
Mortgage Payment Formula
Monthly Payment = P&I + Taxes + Insurance + PMI + HOA
P&I Formula:
M = Monthly payment | P = Loan amount | r = Monthly interest rate | n = Number of payments
Example Calculation ($300K home, 6.25%, 20% down):
💡 Easier Way: Use Online Calculator
Skip the math! Use free mortgage calculator to get instant payment estimate. Enter: home price, down payment, rate, location.
🎯 Get Your Exact Payment: Get Pre-Approved!
Calculator gives estimate. Pre-approval gives EXACT payment with your rate!
Get Pre-Approved Free →Free pre-approval • Know exact payment • Lock rate
Monthly Payment by Home Price
| Home Price | Down Payment | Loan Amount | Monthly Payment |
|---|---|---|---|
| $150K | $30K (20%) | $120K | $932/month |
| $200K | $40K (20%) | $160K | $1,243/month |
| $250K | $50K (20%) | $200K | $1,554/month |
| $300K | $60K (20%) | $240K | $1,865/month |
| $350K | $70K (20%) | $280K | $2,176/month |
| $400K | $80K (20%) | $320K | $2,486/month |
| $500K | $100K (20%) | $400K | $3,108/month |
Assumptions: 6.25% rate, 20% down, 1% property tax, 0.5% insurance, no PMI, 30-year fixed
How to Lower Your Monthly Payment
✅ Lower Rate = Lower Payment
0.25% rate drop = $45/month savings on $300K loan
✅ Larger Down Payment
20% down eliminates PMI = save $100-300/month
✅ Buy Mortgage Points
1 point = 0.25% rate drop (costs 1% of loan)
Pay $2,400 upfront → save $39/month → break-even in 62 months
✅ Choose Longer Term
30-year vs 15-year: Lower payment but more interest
Frequently Asked Questions
What is included in monthly mortgage payment?
PITI + PMI + HOA: (1) Principal: Loan paydown, (2) Interest: Lender's fee, (3) Taxes: Property taxes (1-2% of home value annually), (4) Insurance: Homeowners insurance (0.5-1% annually), (5) PMI: Private mortgage insurance if down payment <20% ($100-300/month), (6) HOA: Homeowners association fees if applicable ($50-500/month). Example $300K home: P&I $1,478 + Taxes $250 + Insurance $125 + PMI $0 (20% down) = $1,853/month.
How much income do I need for a $300K mortgage?
$72,000-$80,000 annual income for $300K home. Calculation: $1,865/month payment ÷ 28% (max housing ratio) = $6,661/month income = $79,932/year. With debts: Need higher income if you have car loans, student loans, credit cards. DTI limit: Total debts (mortgage + other) must be below 43% of income (conventional) or 50% (FHA). Use affordability calculator to find exact amount.
How accurate are online mortgage calculators?
Estimates only (±5-10% accuracy). Why not exact: (1) Property taxes vary by county (0.5-2.5%), (2) Insurance costs vary by location/coverage, (3) PMI rates vary by credit score (0.5-1.5%), (4) HOA fees not always included, (5) Actual rate depends on your credit/down payment. Best accuracy: Get pre-approved for exact payment with your actual rate, taxes, insurance.
🚀 Know Your Exact Payment: Get Pre-Approved!
Calculator = estimate. Pre-approval = EXACT payment with your rate!
Get Pre-Approved Free →Free pre-approval • Exact payment • Lock rate