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Mortgage Payment Calculator
Calculate your monthly mortgage payment instantly, including principal, interest, taxes, and insurance.
Sources & Methodology
- Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national averages for 30-year and 15-year fixed-rate mortgages
- 30-Year Fixed Rate Mortgage Average (FRED), historical weekly rate data from 1971 to present
- CFPB Loan Estimate Explainer, breakdown of standard mortgage cost components and fee categories
More Questions About This Calculator
By Sean Baldwin · Last reviewed July 2026
The Verdict
Worth it if: your rate is 6.5% or below and you're putting down at least 10%, that combination reflects a genuinely favorable loan structure.
Not worth it if: your rate is above 7.5% and your down payment is under 10%, the loan is expensive to originate and it's worth shopping more lenders or building a larger down payment first.
Break-even threshold: 6.5% is the rate line where the score shifts from favorable to average, and 10% down is the line where a thin down payment starts working against you.
Frequently Asked Questions
What is included in a mortgage payment?
This calculator shows principal and interest only. Your actual payment will also include property taxes, homeowner's insurance, and possibly PMI if your down payment is less than 20%.
How much house can I afford?
A common rule is that your monthly housing payment should not exceed 28% of your gross monthly income. For a $100,000 salary, that's roughly $2,333/month.
Is a 15-year or 30-year mortgage better?
A 15-year mortgage has higher monthly payments but you pay significantly less total interest. A 30-year mortgage is easier on monthly cash flow but costs more over time.
What is PMI?
Private Mortgage Insurance is required by most lenders when your down payment is less than 20%. It typically costs 0.5–1.5% of the loan amount per year.
How does the Worth It Score work?
The score factors in your interest rate and down payment. A larger down payment and lower rate produce a higher score, indicating a more favorable mortgage structure.
What your mortgage payment actually includes
The number your lender quotes, and what this calculator shows, is principal and interest only. Your real monthly payment will be higher once you add property taxes (typically 1–2% of home value annually, divided by 12), homeowner's insurance ($100–$200/month for most homes), and PMI if your down payment is under 20%. PMI typically runs 0.5–1.5% of the loan amount per year, on a $400,000 loan that's $167–$500/month on top of everything else. Many buyers are shocked by the gap between the "mortgage payment" and the actual total housing cost. Always calculate the full PITI (principal, interest, taxes, insurance) before deciding what you can afford.
30-year vs. 15-year mortgage: the real cost difference
On a $400,000 loan at 6.5%, a 30-year mortgage runs about $2,528/month in principal and interest. A 15-year mortgage at 6.0% (rates are typically lower) runs about $3,375/month, $847 more per month. But here's what that difference buys you: the 30-year loan costs $510,000 in total interest. The 15-year loan costs $207,000 in total interest. You save $303,000 in interest by choosing the 15-year. Whether that trade-off is worth the higher payment depends entirely on your income stability, other financial goals, and what else you'd do with that $847/month.
How much house you can actually afford
The standard guideline is that your total housing payment (PITI) should not exceed 28% of your gross monthly income, and your total debt payments (housing + car + student loans + credit cards) should not exceed 36%. On a $100,000 gross income, that's $2,333/month for housing and $3,000/month total debt. Lenders will often approve you for more than this, up to 43% debt-to-income in many cases, but approval and affordability are different things. Being approved for a $600,000 mortgage doesn't mean you should take it. Run the numbers at multiple price points and leave room for maintenance (budget 1–2% of home value annually), unexpected repairs, and changes in income.
The impact of your down payment on total cost
A larger down payment reduces your loan balance, eliminating PMI (once you hit 20%), and often qualifies you for a lower interest rate. On a $400,000 home, the difference between 5% down ($20,000) and 20% down ($80,000) is significant: the smaller down payment leaves you with a $380,000 loan plus PMI of roughly $200/month for the first several years. The larger down payment gives you a $320,000 loan, no PMI, and a lower rate. Over 30 years, the 20% down scenario saves tens of thousands in interest and eliminates years of PMI payments. The question is always whether the extra $60,000 down is better deployed in the home or invested elsewhere.
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Further Reading
How We Calculate Your Score
The Worth It Score reflects how favorable your mortgage structure is — primarily your interest rate and down payment. A high score means a strong rate or substantial equity position; a lower score signals an expensive borrowing environment or thin down payment. It is not a judgment on whether you can afford the payment, only on the cost structure of the loan.
- · Base score: 75
- · Down payment: 20%+ adds 10 points; 10–19% adds 5 points; under 10% subtracts 10 points
- · Interest rate: 5% or below adds 10 points; up to 6.5% adds 5 points; up to 7.5% subtracts 5 points; above 7.5% subtracts 15 points
- · Loan term bonus: 15-year mortgage adds 5 points
Score reflects rate and down payment strength, not overall affordability or debt-to-income ratio. A high score with a monthly payment exceeding 28% of gross income can still be unaffordable.
Cite this calculator: Worth It Calculators, "Can You Actually Afford This Mortgage? True Monthly Cost (2026)," worthitcalculators.com/mortgage-payment/ (updated July 2026).