Mortgage Payment Calculator 2026: See Your Exact Monthly Payment
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For a $350,000 home with 20% down at 6.10% (30-year fixed), your monthly mortgage payment is approximately $2,247 including principal, interest, property taxes, and homeowners insurance. A 15-year term would cost $2,989/month but saves over $127,000 in interest. Use the calculator below to see your exact payment.
Monthly Payment Examples (Feb 2026 at 6.10%)
| Home Price | Down Payment | Loan Amount | Monthly (30-yr) | Monthly (15-yr) |
|---|---|---|---|---|
| $250,000 | $50,000 | $200,000 | $1,604 | $2,132 |
| $350,000 | $70,000 | $280,000 | $2,247 | $2,989 |
| $450,000 | $90,000 | $360,000 | $2,890 | $3,841 |
| $550,000 | $110,000 | $440,000 | $3,533 | $4,695 |
| $750,000 | $150,000 | $600,000 | $4,818 | $6,404 |
Includes estimated taxes ($250/mo) and insurance ($150/mo). Rates as of Feb 13, 2026. Your actual payment may vary.
Enter your numbers below to calculate your exact mortgage payment — including principal, interest, taxes, insurance, and PMI.
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Monthly Payment
$1,616
Payment Breakdown
Loan Summary
Understanding Your Mortgage
Principal vs Interest
In the early years of your mortgage, most of your monthly payment goes toward interest. As you pay down your loan, more goes toward principal.
Extra Payments
Making even small additional payments can significantly reduce your loan term and save thousands in interest over the life of your loan.
Amortization
An amortization schedule shows how your loan balance decreases over time as you make payments, eventually reaching zero at the end of your loan term.
How to Use This Mortgage Calculator
Our mortgage calculator is designed to give you a clear picture of your potential mortgage payments. Here's how to use it:
- Home Price: Enter the total purchase price of the home.
- Down Payment: Enter the amount you plan to pay upfront.
- Interest Rate: Enter the annual interest rate for your mortgage.
- Loan Term: Select the length of your mortgage (e.g., 30 years, 15 years).
- Property Tax: Enter your estimated annual property tax.
- Home Insurance: Enter your estimated annual home insurance premium.
After entering these values, the calculator will show your estimated monthly payment, broken down into principal and interest, property tax, and home insurance. You can also view an amortization schedule to see how your loan will be paid off over time.
Understanding Mortgage Payments
Your mortgage payment typically consists of four components, often referred to as PITI:
- Principal: The amount you borrowed and need to pay back.
- Interest: The cost of borrowing the money, calculated as a percentage of the loan.
- Taxes: Property taxes assessed by your local government.
- Insurance: Homeowners insurance that protects your property.
Some mortgage payments may also include Private Mortgage Insurance (PMI) if your down payment is less than 20% of the home's value.
Tips for Reducing Your Mortgage Payment
- Make a larger down payment to reduce the principal amount.
- Shop around for the best interest rate.
- Consider a longer loan term (though you'll pay more interest over time).
- Improve your credit score before applying for a mortgage.
- Consider refinancing if interest rates drop significantly.
- Pay extra toward your principal when possible to reduce the loan term.
Remember, a mortgage is likely the largest financial commitment you'll make, so it's important to understand all aspects of your loan before signing.
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Editorial Note: This calculator is reviewed monthly by our team of NMLS-licensed mortgage professionals. Rates and calculations are updated as of February 13, 2026. Data sourced from Freddie Mac PMMS, Federal Reserve, and Bureau of Labor Statistics. Learn about our editorial standards.