Mortgage Payment Calculator
Calculate monthly principal and interest (P&I) payments for a mortgage. Enter purchase price, down payment, interest rate, and loan term to see your monthly payment.
Mortgage Payment Calculator
Calculate your monthly principal and interest (P&I) payment for a mortgage. Enter the purchase price, down payment, interest rate, and loan term.
Understanding Mortgage Payments
This calculator helps landlords and real estate investors determine their monthly mortgage payment before making an offer on a property. The calculation uses the standard amortization formula to compute principal and interest (P&I) payments.
What's Included
- Principal: The portion of your payment that goes toward the loan balance
- Interest: The cost of borrowing money from the lender
What's Not Included
- Property Taxes: Annual taxes divided into monthly payments
- Homeowners Insurance: Required coverage for the property
- PMI: Private mortgage insurance (if down payment is less than 20%)
- HOA Fees: Homeowners association dues (if applicable)
Pro tip: Many landlords use the 1% rule as a quick screen — if monthly rent is at least 1% of the purchase price, the property may be worth analyzing further. This calculator helps you determine if the mortgage payment fits within that framework.