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How Is My Monthly Payment Calculated?
The standard formula is M = P[r(1+r)^n]/[(1+r)^n−1], where P is principal, r is monthly rate, and n is total payments. Our calculator adds tax, insurance, PMI, and HOA to give you the full number.
Total Monthly Payment
$3,554/mo
Loan Amount
$440,000
Total Interest
$587,379
Total Cost
$1,027,379
P&I Only
$2,853.83
Down Payment
20.0%
Loan-to-Value
80.0%
Payoff
30.0 yrs
Mortgage Calculator Guide
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What's a Good Interest Rate?
Rates vary by credit score, loan type, and lender. Borrowers with 760+ FICO and 20%+ down typically get the best conventional rates. Always compare at least 3–5 lenders.
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How Much House Can I Afford?
The 28/36 rule says housing costs should stay under 28% of gross income, and total debt under 36%. Use the Affordability tool to get a personalized estimate.
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15-Year vs 30-Year Mortgage
A 15-yr mortgage saves tens of thousands in interest and builds equity faster, but monthly payments are ~40% higher. Use the Compare tab to see both scenarios with your exact numbers.
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When Is PMI Required?
PMI is required when your down payment is under 20%. It typically costs 0.5–1.5% of the loan per year and is automatically cancelled when your balance hits 78% of the original price.
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How Do Extra Payments Help?
Extra principal payments reduce your balance faster, meaning less interest accrues each month. Even $200/mo extra can save years and tens of thousands over the life of the loan.