Mortgage payment calculator
See what a home actually costs per month, with the principal, interest, taxes, and insurance broken out so you know where every dollar goes.
What's inside a monthly payment
Most mortgage payments have four parts, often called PITI: principal (the part that pays down what you borrowed), interest (the lender's charge for the loan), taxes (your property taxes, usually collected monthly into escrow), and insurance (your homeowner's policy, and PMI if your down payment is under 20%).
Early in a loan, most of each payment goes to interest. That balance shifts toward principal over time as the loan amortizes. The total interest figure above shows what the loan costs over its full life if you make every payment as scheduled.
Buying in Michigan? Property taxes here can change after a sale. Run the tax uncapping estimator to get a realistic tax number for the home you're considering, then bring it back here.
Assumptions in this estimate
- A fixed-rate loan with equal monthly payments for the full term.
- PMI is not included. If you put down less than 20%, most lenders require it. The tool flags this but your lender sets the amount.
- Property tax and insurance are your inputs divided by 12. Real escrow payments adjust over time as taxes and premiums change.
- HOA dues, utilities, and maintenance are not included.
This is an educational estimate. It is not a loan quote. Your actual rate, payment, and required insurance depend on your credit, the property, and your lender. Get a full pre-approval before you shop seriously.
Want to know what you can afford?
Kevin can walk you through payments, pre-approval, and what homes in your range look like in the Tri-Cities.
Ask Kevin