Crunch Mortgage Payment Calculator
Estimate your monthly mortgage payment, total interest paid, and see a year-by-year payoff schedule. Works for home purchases and refinances.
| Principal & interest | $0 |
| Property tax (monthly) | $0 |
| Insurance (monthly) | $0 |
| Loan amount | $0 |
| Total interest over loan life | $0 |
| Total of all payments | $0 |
How it works
Your principal & interest payment uses the standard amortization formula: M = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount, r the monthly rate, and n the number of payments. Property tax and insurance are divided by 12 and added to get the full monthly housing cost (PITI).
Formula & worked example
Formula: M = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate and n the number of payments. The full monthly cost (PITI) adds property tax and insurance, each divided by 12.
Worked example: A $300,000 loan at 6.5% for 30 years gives principal & interest of $1,896.20/month — before property tax and insurance are added.
Frequently asked questions
How much house can I afford?
A common rule is the 28/36 rule: spend no more than 28% of gross monthly income on housing and 36% on all debt. Plug candidate prices into this calculator to test them.
Does a bigger down payment lower my payment a lot?
Yes two ways: it shrinks the loan amount, and at 20%+ down you avoid PMI. Try 10% vs 20% above to see the difference.
Is a 15-year mortgage worth it?
Rates are usually lower and you pay far less interest, but the monthly payment jumps ~40–50%. Compare both terms above before deciding.
📊 Want the full investor picture?
Our Rental Property Analyzer combines mortgage math with cap rate and cash-on-cash return.