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I Want the Edge!Calculate Your Mortgage Payment
Your monthly mortgage payment can be calculated from 3 numbers: your interest rate, the loan term, and the price of the property.
Enter Mortgage Details
+ Add Down Payment
What down payment are you making? Generally between 3% to 20% of the purchase price, your downpayment is subtracted from the purchase price to calculate your final loan amount.*
*Other factors can effect your final loan amount.
+ Add Taxes & Insurance
What about taxes and insurance?
Look up your local tax rate and estimate your annual insurance cost, then add them in to get a more accurate picture of your monthly payment.
Confused? Have Questions?
Call us and chat with a Churchill Home Loan Specialist to get answers today.
$1,234.00
Monthly Payment
Principal & Interest:
$1,234.00
Est. Taxes:
$1,234.00
Estimated Insurance:
$1,234.00
Show Amortization
Amortization
This calculator is being provided for educational purposes only. The provided values for interest rates are examples only and do not reflect Churchill Mortgage Product terms & offers. The results are estimates that do not include expenses like taxes and insurance, and are based on information you provided and may not reflect Churchill Mortgage Product terms. The information cannot be used by Churchill Mortgage to determine a customer's eligibility for a specific product or service.
These calculations are hypothetical examples designed to for illustration purposes only. Consult a Home Loan Specialist for more specific information regarding payments, terms, etc.
Churchill Mortgage
Home Loan Specialist | NMLS: 123456
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1749 Mallory Lane, Suite 100, Brentwood, TN 37027
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How To Use The Monthly Payment Calculator
Buying a home is a big step, and knowing what you’ll pay each month can help you feel more confident and prepared.
A monthly mortgage payment is the amount you pay your lender every month for your home loan. But it’s not just one thing, it’s made up of a few different parts.
That’s where a mortgage calculator comes in. It helps you add it all up so you can see the full picture.
What Goes Into Your Monthly Payment?
Here are the basics of what factors into your monthly payment*:
- Loan Principal: The amount you borrowed.
- Interest: The cost the lender charges for the loan.
- Taxes: Property taxes paid to your city or county.
- Insurance: Usually homeowners insurance, which protects your home.
- Mortgage Insurance (if needed): Extra coverage if your down payment is under 20%.
Together, these parts are sometimes called PITI, Principal, Interest, Taxes, and Insurance.
What About Down Payment?
Your down payment is what you pay up front when you buy the home.
The more you put down, the less you have to borrow, and that can mean a smaller monthly payment.
Why Use the Calculator?
The calculator lets you try out different home prices, down payments, loan terms, and rates. You can see what fits your budget before you start shopping, and avoid surprises later.
It’s a helpful tool to plan with confidence and move forward feeling ready.
* Other factors such as existing debt, down payment, property taxes, and mortgage insurance can end up impacting your monthly payment amount.
Calculator FAQs
What does a monthly mortgage payment include?
Your monthly mortgage payment usually includes more than just the loan.
It often covers:
- Loan principal (the amount you borrowed)
- Interest (the fee for borrowing)
- Property taxes
- Homeowners insurance
Sometimes it also includes mortgage insurance, if you made a small down payment.
The calculator adds all this up so you get a clear picture of what to expect.
What affects my monthly mortgage payment?
Several things can change your monthly payment, including:
- Your loan amount
- The interest rate
- Your loan term (15 vs. 30 years)
- Your down payment
- Local taxes and insurance costs
The calculator lets you adjust these numbers to see how each one changes your payment.
Can my mortgage payment change over time?
Yes, it can.
If you have a fixed-rate loan, your loan and interest stay the same, but taxes and insurance can go up.
If you have an adjustable-rate mortgage (ARM), your interest rate (and payment) can change after a certain period.
It’s good to ask your lender what kind of loan you have and what could change.
How much should I spend on a mortgage each month?
A good rule of thumb is to keep your mortgage around 25%–30% of your monthly take-home pay.
That leaves room in your budget for other important things, like food, savings, and fun.
Use the calculator to find a payment that feels comfortable for you, or use our How Much House Can I Afford Calculator to help you build your budget.
What if I want to pay extra each month?
That’s a great idea!
Even a small extra payment can help you pay off your loan faster and save money on interest.
The early payoff calculator can show you how paying a little more each month makes a big difference over time.
What is PMI, and do I have to pay it?
PMI stands for Private Mortgage Insurance.
If your down payment is less than 20%, you might have to pay PMI each month.
It protects the lender, not you, but it’s often the tradeoff for buying with a smaller down payment.
- Mortgage
- A mortgage is a loan you use to buy a home. You borrow money from a lender, then pay it back each month, with interest, over time.
- Refinance
- Refinancing means replacing your current mortgage with a new one. People do this to get a lower rate, change their loan term, or lower their monthly payment.
- PITI
- PITI stands for: Principal (the amount you borrowed), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance).
- Purchase Price
- This is how much the home costs before taxes, fees, or down payment. It’s the starting point for figuring out your loan amount and monthly payment.
- Loan Term
- The loan term is how long you have to pay back the mortgage. Most people choose 15 or 30 years. A shorter term means higher payments, but you pay off the loan faster and save more on interest.
- Down Payment
- This is the money you pay upfront when buying a home. The bigger your down payment, the less you need to borrow, and the lower your monthly payment can be.
- Interest Rates
- This is the percentage the lender charges you to borrow money. It helps decide how much you pay every month, and over the life of the loan. Lower rates = lower payments.
- Mortgage Insurance
- This is an extra monthly cost that protects the lender if you stop making payments. You may need it if your down payment is small, usually less than 20%.
- Interest
- Interest is the cost of borrowing money. It’s added to your monthly payment and is based on your loan’s interest rate.
- PMI
- PMI is one kind of mortgage insurance for conventional loans. If you put down less than 20%, you’ll likely pay PMI each month until you’ve paid off enough of the loan.
- Amortization
- This is the process of paying off your loan over time, bit by bit. Each payment goes toward interest and principal. At first, you pay more interest, but over time, more of your money goes to the loan itself.