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Mortgage Calculator (2026)
Calculate your monthly principal & interest payment, total interest paid, and full amortization schedule for any US home loan.
🏠 Mortgage Calculator
Optional — for full PITI estimate
Homeowners insurance/yr
How Mortgage Payments Are Calculated
Monthly principal and interest (P&I) uses standard amortization: M = P × [r(1+r)^n] / [(1+r)^n − 1] where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
Your full PITI payment also includes monthly property tax (annual ÷ 12), homeowners insurance (annual ÷ 12), and PMI if your down payment is under 20% of the purchase price.
2026 Average Mortgage Rates (30-Year Fixed)
- Excellent credit (760+): 6.5%–7.0%
- Good credit (700–759): 6.75%–7.25%
- Fair credit (640–699): 7.25%–8.0%
- 15-year fixed typically runs 0.5%–0.75% below 30-year
Frequently Asked Questions
How do I calculate a mortgage payment?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1]. A $280,000 loan at 7% for 30 years = $1,863/month P+I. Enter your numbers above for an instant result.
What is included in a mortgage payment?
P+I (principal and interest) is the base payment. Most lenders also collect monthly escrow for property taxes and homeowners insurance, making the full payment PITI. If your down payment is under 20%, PMI is also added.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage saves tens of thousands in interest but has a higher monthly payment. A 30-year mortgage has a lower payment but you pay far more interest over time. Use the term dropdown above to compare both scenarios instantly.
What credit score do I need for a mortgage?
Most conventional loans require a minimum 620 FICO score. FHA loans allow scores as low as 580 with 3.5% down. Better scores qualify for lower rates, which significantly reduces total interest paid over the loan term.