Calculate Monthly Mortgage Payment
Your monthly mortgage payment covers principal (loan repayment) and interest. The calculation depends on loan amount, annual interest rate, and loan term. Here's how to use it for home buying decisions.
What the payment includes — and excludes
- ✅ Principal and interest (P+I) — what the calculator shows
- ⌠Property tax — typically 1–2% of home value per year, added to escrow
- ⌠Homeowner's insurance — usually $100–200/month
- ⌠PMI — required if down payment < 20%, usually 0.5–1% of loan value per year
15-year vs 30-year comparison
A 30-year term has lower monthly payments but you pay significantly more interest over time. A 15-year term's higher payments mean you own the home sooner and pay roughly half the total interest.
Frequently Asked Questions
How much mortgage can I afford?
A common guideline: monthly P+I ≤ 28% of gross monthly income. Total debt payments (including mortgage) ≤ 36%.
Does the calculator include taxes and insurance?
No — Irreva's calculator shows principal and interest only. Add property tax and insurance estimates for a realistic total monthly cost.