Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property taxes, insurance, and PMI. See the true cost of homeownership before you buy.
How to Calculate Your Monthly Mortgage Payment
Your monthly mortgage payment is made up of four components, often called PITI: Principal, Interest, Taxes, and Insurance. Most online calculators only show principal and interest, but the full picture includes property taxes and homeowners insurance, which can add hundreds of dollars to your monthly bill.
Our mortgage calculator includes all four components so you get a realistic estimate of what you'll actually pay each month. Just enter your home price, down payment, loan term, and interest rate to see the full breakdown.
Current Mortgage Rates in 2026
Mortgage rates fluctuate based on Federal Reserve policy, inflation, and bond market conditions. Here's a general range of where rates have been in 2026:
| Loan Type | Typical Rate Range | Best For |
|---|---|---|
| 30-Year Fixed | 6.0% – 7.0% | Lower monthly payments, stability |
| 15-Year Fixed | 5.2% – 6.2% | Pay off faster, less total interest |
| 5/1 ARM | 5.5% – 6.5% | Planning to move/refinance within 5-7 years |
*Rates shown are approximate and vary by lender, credit score, and market conditions.
15-Year vs 30-Year Mortgage: Which Is Better?
The 15 vs 30-year debate comes down to monthly cash flow versus total cost. Here's a comparison on a $400,000 home with 20% down at typical 2026 rates:
| Metric | 30-Year @ 6.5% | 15-Year @ 5.7% |
|---|---|---|
| Loan Amount | $320,000 | $320,000 |
| Monthly P&I | $2,023 | $2,659 |
| Total Interest Paid | $408,281 | $158,630 |
| Total Cost | $728,281 | $478,630 |
The 15-year mortgage saves you nearly $250,000 in interest but costs $636 more per month. If you can afford the higher payment comfortably, the 15-year is almost always the better financial choice. If the higher payment would stretch your budget thin, stick with 30 years and consider making extra payments when you can.
How Much House Can You Afford?
Financial experts recommend the 28/36 rule: spend no more than 28% of gross monthly income on housing costs, and no more than 36% on total debt (including car loans, student loans, and credit cards).
On a $100,000 salary, that means your maximum mortgage payment (including taxes and insurance) should be around $2,333/month. Depending on your rate and down payment, that translates to roughly a $350,000–$400,000 home.
Don't forget to factor in closing costs (2-5% of the home price), moving expenses, and an emergency fund for unexpected repairs. Use our Rent vs Buy Calculator if you're still deciding whether to purchase.
Understanding PMI (Private Mortgage Insurance)
If you put down less than 20% on a conventional loan, your lender will require PMI. This typically costs 0.5% to 1.5% of the loan amount per year, paid monthly as part of your mortgage payment. On a $320,000 loan, that's an extra $133–$400 per month.
The good news: PMI automatically cancels once your loan balance drops to 78% of the original home value, or you can request removal at 80% LTV with an appraisal. FHA loans have their own mortgage insurance that works differently — it lasts for the life of the loan unless you refinance.
💡 Extra Payments Can Save You Thousands
Adding just $200/month extra to a $320,000 30-year mortgage at 6.5% pays it off 8 years early and saves over $110,000 in interest. Even rounding up to the nearest $100 makes a noticeable difference. Use our Loan Calculator to model different payment scenarios.
Reviewed by the Wealth Growth Financial Review Board. Last updated June 2026. This calculator provides estimates only — contact a licensed mortgage professional for personalized rates and terms.