Free Mortgage Calculator

Mortgage Calculator

Calculate your exact monthly mortgage payment — including principal, interest, property tax, homeowner's insurance, and PMI. See a full amortization schedule and compare 15-year vs. 30-year terms.

6.11%Avg 30-yr fixed — Freddie Mac PMMS, Mar 12, 2026

Mortgage Payment Calculator

Mortgage Details

Home Price purchase price
$
Down Payment$80.0K (20%)
%
Loan Amount$320,000.00
Annual Interest Rate APR from lender
%
Loan Term

Optional — for full PITI estimate

Property Tax Rate U.S. avg ~1.1%/yr
%
Home Insurance per month
$

Enter your mortgage details and click Calculate

How to Use This Mortgage Calculator

Enter your home price, down payment percentage, interest rate, and loan term to get your estimated monthly payment. Add optional property tax and insurance estimates to see your full PITI (Principal, Interest, Taxes, Insurance) payment.

Understanding Your Mortgage Payment Components

Principal & Interest (P&I)

This is the core loan payment — the amount you pay each month to repay the money you borrowed plus interest. Early in the loan, most of your payment goes to interest. Over time, more goes to principal. This is called amortization.

The formula used is the standard PMT function: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is principal, r is the monthly rate, and n is the number of payments. This is identical to what every U.S. bank uses.

Property Taxes

Property taxes vary widely by location — from under 0.3% in Hawaii to over 2.4% in New Jersey. The national average is approximately 1.1% of home value per year, according to the U.S. Census Bureau. Most lenders collect taxes monthly in an escrow account and pay your tax bill on your behalf.

Homeowner's Insurance

Required by all mortgage lenders, homeowner's insurance typically costs $1,200–$2,400 per year ($100–$200/month), depending on home value, location, and coverage level. Like taxes, it's often escrowed by your lender.

PMI — Private Mortgage Insurance

PMI is required when your down payment is less than 20%. It protects the lender — not you — against default. PMI costs approximately 0.5%–1.5% of the loan amount per year. Under the Homeowners Protection Act (CFPB), you can request PMI cancellation once you reach 20% equity, and lenders must automatically cancel it at 22%.

30-Year vs. 15-Year Mortgage: Which Is Better?

Factor30-Year Fixed15-Year Fixed
Avg Rate (Mar 2026)6.11%5.50%
Monthly Payment*$2,124$2,893
Total Interest*$364,640$170,740
Interest Savings—$193,900
Equity Build SpeedSlowerFaster
Monthly Cash FlowBetterTighter

*Based on $350,000 loan. Principal & interest only.

Current Mortgage Rates (March 2026)

30-Year Fixed6.11%APR 6.41%Freddie Mac PMMS / Bankrate
15-Year Fixed5.50%APR 5.77%Freddie Mac PMMS / Bankrate
30-Year Jumbo6.45%APR 6.45%Bankrate
30-Year FHA6.01%APR 6.01%Fortune / Bankrate
30-Year VA5.75%APR 5.75%Bankrate estimate

Source: Freddie Mac PMMS / Bankrate / Fortune. Rates as of March 2026. Your rate will vary.

FAQ

Mortgage Calculator — Common Questions

What is PITI in a mortgage payment?
PITI stands for Principal, Interest, Taxes, and Insurance — the four components of a full monthly mortgage payment. Principal and interest go to the lender; property taxes are escrowed and paid to your local government; homeowner's insurance protects your property. Lenders use PITI to qualify you for a loan.
What is PMI and when is it required?
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the purchase price. It protects the lender if you default. PMI typically costs 0.5%–1.5% of the loan amount per year (about $83–$250/month on a $200K loan) and can be removed once you reach 20% equity via the Homeowners Protection Act.
What is the current average 30-year mortgage rate?
As of March 12, 2026, the average 30-year fixed rate is 6.11% per Freddie Mac PMMS. The 15-year fixed averages 5.50%. Bankrate's national survey shows 6.41% APR as of March 18, 2026. Your rate will vary based on credit score, down payment size, loan type, and lender.
Is a 15-year or 30-year mortgage better?
It depends on your budget. A 30-year mortgage has lower monthly payments — better for cash flow. A 15-year mortgage saves enormous amounts of interest and builds equity faster. Example: on a $350,000 loan at 6.11%, you'd pay $363,000 in interest over 30 years vs. $153,000 over 15 years — a $210,000 difference.
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs (PITI), and no more than 36% on total debt payments. Lenders also look at your DTI (debt-to-income) ratio — most conventional loans require a DTI below 43%.
How accurate is this mortgage calculator?
The principal and interest calculation uses the standard PMT formula — the same formula every U.S. lender uses — so it is 100% accurate for P&I. Property tax and insurance are estimates based on your inputs. Your lender is required by law to provide a Loan Estimate with exact figures within 3 business days of your application.

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