Mortgage Payment Calculator

Use this free Mortgage Payment calculator to make better property management decisions. Enter your values below to get instant results.

Calculate Now

How to Use This Calculator

1 Enter the loan amount (or purchase price minus down payment)
2 Enter the interest rate
3 Enter the loan term in years
4 Click Calculate to see monthly payment (principal + interest)
5 Add taxes and insurance for total PITI payment

Example Calculation

$240,000 loan at 7% interest for 30 years

Inputs:

Loan: $240,000
Rate: 7%
Term: 30 years

Result:

Monthly P&I = $1,597 | Total Interest: $334,920

Important Considerations

• ARM loans have variable rates—plan for rate adjustments
• Interest-only loans have lower initial payments but no principal reduction
• Investor loans typically have 0.5-1% higher rates than primary residence

Frequently Asked Questions

PITI = Principal + Interest + Taxes + Insurance. This calculator shows P&I. Add monthly property tax (annual ÷ 12) and homeowner's insurance (annual ÷ 12) for total housing payment.

Longer terms = lower payments but more interest. A $300,000 loan at 7%: 30-year = $1,996/month ($418,527 total interest); 15-year = $2,696/month ($185,367 interest). Shorter terms build equity faster.

30-year maximizes cash flow, which is usually preferred for rentals. The extra cash flow can be reinvested. 15-year builds equity faster but reduces monthly cash flow and may turn positive cash flow negative.

Each 1% rate increase adds roughly $60-70/month per $100,000 borrowed. On a $300,000 loan, going from 6% to 7% increases payment by about $200/month—significant for cash flow analysis.