MortgageIQ
Avg rates as of July 23, 2026:30-yr fixed: 6.58%15-yr fixed: 5.96%FHA 30-yr: 6.83%VA 30-yr: 6.11%Source: Freddie Mac PMMS · Updated weekly (Thursdays)

For educational purposes only. Not financial advice. Always consult a licensed mortgage professional. Read disclaimer

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Monthly Mortgage Payment Calculator

Enter a specific home price and see your exact monthly payment — principal, interest, taxes, insurance, PMI, and HOA included.

Home & Loan Details

Home Price$350,000
$70,000(20.0% of $350,000)
20%

≈ $70,000 down payment

Interest Rate7.10%

Current avg 30-yr fixed: 7.1%

HOA Fees (optional)$0

Affordability Check (optional)

Annual Income (optional)$85,000

Optional — used to calculate affordability check

Monthly Debt Payments (optional)$0

Car loans, student loans, credit cards — for back-end DTI

Home insurance is estimated at 0.35% of home value annually.

Your Monthly Payment

$2,196.69/month

Based on $350,000 home at 7.1% for 30 years

Payment Breakdown

Principal & Interest
$1,881.69
Property Tax
$212.92
Home Insurance
$102.08
Total Monthly$2,196.69
Loan Amount

$280,000

Total Interest Paid

$397,408

Total Cost

$790,808

Payoff Date

July 2056

Affordability Check

Front-end DTI (housing / income)

31.0%

Back-end DTI (housing + debt / income)

31.0%

⚠️ This home may stretch your budget

Front-end: green under 28%, yellow 28–36%, red over 36%. Back-end: green under 36%, yellow 36–43%, red over 43%.

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Scenario Comparison

What if rates drop to 6%?

Current

$2,196.69/mo

Scenario

$1,993.74/mo

Save $202.95/mo

What if I put 20% down?

Current

$2,196.69/mo

Scenario

$2,196.69/mo

What if I choose 15-year term?

Current

$2,196.69/mo

Scenario

$2,847.40/mo

Costs $650.71/mo

Monthly payment

$2,196.69/mo

Frequently Asked Questions

What is included in a monthly mortgage payment?▾
A full monthly mortgage payment (PITI) includes principal, interest, property taxes, homeowners insurance, and PMI if your down payment is under 20%. HOA fees apply in some communities. Our calculator shows every component so you know your true monthly cost — not just principal and interest.
How do I calculate my monthly mortgage payment?▾
The standard formula uses your loan amount, interest rate, and term: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is principal, r is the monthly rate, and n is the number of payments. Add property tax, insurance, PMI, and HOA for your total payment. Our calculator does this instantly as you adjust sliders.
What is PITI in mortgage payments?▾
PITI stands for Principal, Interest, Taxes, and Insurance — the four core components of most monthly mortgage payments. Lenders use your full PITI (plus HOA and PMI when applicable) to evaluate affordability, not just the loan payment alone.
How does my down payment affect my monthly payment?▾
A larger down payment reduces your loan amount, which lowers both principal and interest each month. Putting 20% down also eliminates PMI, which can save $100–$300+ per month on a typical home. Use our scenario tool to compare 20% down vs your current down payment.
How can I lower my monthly mortgage payment?▾
You can lower your payment by putting more money down, buying at a lower price, choosing a longer loan term, improving your credit score for a better rate, or shopping multiple lenders. Our scenario comparison shows how a 6% rate or 15-year term would change your payment vs your current inputs.

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Rate defaults based on Freddie Mac PMMS. Property tax rates from ATTOM Data. FHA MIP rates from HUD.gov. VA funding fees from VA.gov. Last updated July 2026. Learn about our data sources.