Mortgage calculator with principal interest taxes and insurance

Q: What is the formula for calculating monthly mortgage payments?

These factors include the total amount youre borrowing from a bank, the interest rate for the loan, and the amount of time you have to pay back your mortgage in full. For your mortgage calc, youll use the following equation: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1].

Table of Contents Show

Calculate how much your mortgage payment could be each month.
This mortgage payment calculator gives you an estimate.
Take the next step
Understand your monthly mortgage payment.
Purchase price
Down payment
Interest rate
More tools and calculators
Today’s mortgage rates
Fixed-rate mortgage calculator
How do you calculate principal and interest on a mortgage?
Is it better to pay more interest or principal on your mortgage?
What is the formula for calculating monthly mortgage payments?
How do you calculate principal and interest repayments?

Calculate how much your mortgage payment could be each month.

This mortgage payment calculator gives you an estimate.

This mortgage payment calculator provides customized information based on the information you provide. But, it assumes a few things about you. For example, that you’re buying a single-family home as your primary residence. This calculator also makes assumptions about closing costs, lender’s fees and other costs, which can be significant.

Take the next step

Understand your monthly mortgage payment.

Your monthly mortgage payment depends on a number of factors, like purchase price, down payment, interest rate, loan term, property taxes and insurance.

Purchase price

Purchase price refers to the total amount you agree to pay to the property’s seller. This amount is typically different from your loan amount, since most lenders won’t loan you the full amount of a property’s purchase price.

Calculator assumption: single-family home

This mortgage payment calculator assumes that you’re buying a single-family home as your primary residence.

What can you afford?

Our mortgage affordability calculator can give you an idea of your target purchase price. You can make the calculation based on your income or how much you’d like to pay per month.

Get prequalified.

Are you ready to start taking steps toward a new home? If your answer is yes, get an estimate of what you may be able to borrow in just a few minutes.

Down payment

A down payment is the cash you pay up front when you buy a home. The larger your down payment, the less you’ll need to borrow and pay in interest.

Calculator assumption: 20% down payment

This mortgage payment calculator assumes that you have a 20% down payment, unless you specify otherwise. If you have less than a 20% down payment, you may have to pay private mortgage insurance (PMI), which would increase your monthly mortgage payment.

How much will you put down?

Want to see how much your down payment amount can affect your mortgage over time? Our down payment calculator can give an idea of your ideal down payment.

Start saving for a down payment.

When you’re ready to buy a home, a higher down payment can save you money in the long run. If you plan to buy in the near future, setting money aside now can only help.

Reach out to a mortgage loan officer.

If you’re ready to have a conversation about your mortgage options, a professional mortgage loan officer is just a phone call or an email away.

Interest rate

The interest rate is the amount of money your lender charges you for using their money. It’s shown as a percentage of your principal loan amount.

Understand your credit score.

Credit score is a pretty big deal when it comes to buying a home. The higher your credit score, the better your chances are for approval and for better interest rates.

Browse all mortgage products.

U.S. Bank offers loans that meet almost every mortgage need, and our mortgage loan officers are ready to go to work for you.

More tools and calculators

Today’s mortgage rates

Interest rates vary depending on the type of mortgage you choose. See the differences and how they can impact your monthly payment.

Fixed-rate mortgage calculator

Fixed-rate loans offer a consistent rate and monthly payment over the life of the loan. They typically have 10-, 15-, 20- or 30-year loan terms, but other terms may be available.

Find a mortgage loan officer

Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could pay and your estimated principal balances. You can even determine the impact of any principal prepayments! Press the 'Report' button for a full yearly or monthly amortization schedule.

Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

How do you calculate principal and interest on a mortgage?

Lenders multiply your outstanding balance by your annual interest rate, but divide by 12 because you're making monthly payments. So if you owe $300,000 on your mortgage and your rate is 4%, you'll initially owe $1,000 in interest per month ($300,000 x 0.04 ÷ 12).

Is it better to pay more interest or principal on your mortgage?

Because interest is calculated against the principal balance, paying down the principal in less time on a fixed-rate loan reduces the interest you'll pay. Even small additional principal payments can help.

What is the formula for calculating monthly mortgage payments?

These factors include the total amount you're borrowing from a bank, the interest rate for the loan, and the amount of time you have to pay back your mortgage in full. For your mortgage calc, you'll use the following equation: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1].