Mortgage Payment Calculator with Amortization Schedule (2026)
Calculate your monthly mortgage payment including principal, interest, property taxes, homeowners insurance, and PMI.
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⚙️ Configuration & Inputs
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📊 Results & Analysis
Total Monthly Payment (PITI)
$2,538.16
Principal & Interest: $2,021.50 / mo
| Loan Amount (Principal) | $320,000.00 |
| Monthly Principal & Interest | $2,021.50 |
| Monthly Property Tax | $400.00 |
| Monthly Home Insurance | $116.66 |
| Private Mortgage Insurance (PMI) | $0.00 (No PMI) |
| Total Loan Payments (30 Yrs) | $727,740.00 |
| Total Interest Paid | $407,740.00 |
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How Monthly Mortgage Payments (PITI) Are Calculated
In the United States, your monthly housing payment is commonly abbreviated as PITI (Principal, Interest, Taxes, and Insurance). While the principal and interest amortize your bank loan, property taxes and hazard insurance are held in an escrow account managed by your loan servicer.
Standard Monthly Amortization Formula:
M = P [ i(1 + i)^n ] ÷ [ (1 + i)^n - 1 ]
M = P [ i(1 + i)^n ] ÷ [ (1 + i)^n - 1 ]
- M: Monthly principal and interest payment
- P: Total principal loan balance (Home price minus down payment)
- i: Monthly interest rate (Annual rate divided by 12 months)
- n: Total number of monthly payments (360 for 30 years, 180 for 15 years)
Frequently Asked Questions
PMI is an extra monthly fee required by conventional lenders if your down payment is less than 20% of the home purchase price. It protects the lender in case of default. Once your equity reaches 20%, PMI can be canceled.
A 30-year mortgage offers lower monthly payments and greater cash-flow flexibility, but incurs substantially more total interest over time. A 15-year mortgage has higher monthly payments but lower interest rates, allowing you to save over $100,000+ in interest costs.