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Principal & Interest
Principal is the amount borrowed, while interest is the cost of borrowing. Your loan amount, interest rate, and repayment term determine your scheduled monthly principal-and-interest payment.
iLOAN MORTGAGE PAYMENT CALCULATOR
Calculate Your Monthly Mortgage Payment
Enter your loan details to estimate monthly principal, interest, taxes, insurance, and other housing expenses. Results update as you change the numbers.
Mortgage Details
Start with your loan amount and illustrative interest rate.
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Additional Monthly Housing Expenses
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Your Estimated Payment
Review your estimated monthly housing payment and loan costs.
Estimated Total Monthly Payment
Calculating…
Per month, based on your assumptions
Principal & Interest
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Property Taxes
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Homeowners Insurance
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Mortgage Insurance
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HOA Dues
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Total Loan Interest
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Total Principal & Interest
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IMPORTANT CALCULATOR DISCLOSURE: This calculator is provided for educational and illustrative purposes only. Interest rates entered or displayed are hypothetical and do not represent current iLoan rates, advertised financing terms, or an offer of credit. Calculations are estimates based on user-provided information. Actual rates, APR, monthly payments, taxes, insurance, mortgage insurance, closing costs, and loan eligibility will vary. Total interest assumes scheduled payments over the selected term without additional principal payments or rate changes. Results are not a Loan Estimate, loan approval, or commitment to lend.
UNDERSTANDING YOUR MORTGAGE PAYMENT
What Goes Into Your Monthly Mortgage Payment?
Your mortgage payment may include more than principal and interest. Understanding each component can help you plan your monthly housing budget and compare mortgage options.
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Property Taxes
Property taxes are assessed by local taxing authorities. When collected through a mortgage escrow account, they are typically included in your monthly mortgage payment.
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Homeowners Insurance
Homeowners insurance helps protect against certain covered losses. Lenders generally require acceptable insurance coverage, and premiums may be included in monthly escrow payments.
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Mortgage Insurance & HOA Fees
Some mortgage programs require private or government mortgage insurance. Homeowners association dues may also apply to certain properties and should be included when estimating overall housing costs.
How Does Your Mortgage Term Affect Your Payment?
The length of your mortgage can significantly affect your monthly principal and interest payment. Shorter terms generally mean higher monthly payments but less total interest over the life of the loan. Longer terms generally offer lower monthly principal-and-interest payments but may result in more total interest.
15-Year Mortgage
Higher monthly payments
Less total interest
Less total interest
20-Year Mortgage
Middle-ground payment
and repayment term
and repayment term
30-Year Mortgage
Lower monthly payments
More total interest
More total interest
Helpful Tip: Use the calculator above to compare different loan amounts, interest rates, and mortgage terms. The best mortgage structure depends on your budget, financial goals, and long-term plans.
MORTGAGE CALCULATOR QUESTIONS ANSWERED
Mortgage Payment Calculator FAQs
Find answers to common questions about mortgage payments, interest rates, loan terms, taxes, insurance, and calculator estimates.
How do I calculate my monthly mortgage payment?
Enter your mortgage loan amount, illustrative interest rate, and repayment term into the calculator above.
The calculator estimates monthly principal and interest. You can also enter property taxes, homeowners insurance, mortgage insurance, and HOA dues to estimate total monthly housing costs.
Does the mortgage calculator include property taxes and insurance?
Yes. The iLoan calculator includes optional fields for monthly property taxes, homeowners insurance, mortgage insurance, and HOA dues.
These amounts are based on the values entered and are not automatically verified against local tax or insurance records.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage generally has higher monthly principal and interest payments than a 30-year mortgage with the same loan amount and interest rate.
However, a shorter repayment period generally results in less total interest paid over the life of the loan.
Does this mortgage calculator show today’s interest rates?
No. The interest rate displayed is hypothetical and provided for educational purposes.
It does not represent a current iLoan mortgage rate, advertised financing terms, or a loan offer. Actual rates depend on the selected mortgage program and borrower qualifications.
Why might my actual mortgage payment be different?
Actual payments depend on your approved loan amount, interest rate, repayment term, property taxes, homeowners insurance, applicable mortgage insurance, and other costs.
The calculator uses the assumptions entered rather than a final lender-approved loan offer.
Does using this calculator affect my credit score?
No. Using this calculator does not require a credit application or credit inquiry.
If you later apply for mortgage financing, the lender may obtain a credit report as part of the application process.
