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A $350,000 home at 6.75% for 30 years costs roughly $2,270/month in principal and interest alone. Add property taxes, insurance, and PMI — your actual payment could be $2,900+. Here is how to calculate your real monthly mortgage payment.
Most people focus on the listing price when house shopping. But the listing price is not what you pay each month. Your monthly mortgage payment includes four components, and only one of them is the loan itself. Understanding all four is the difference between buying a home you can afford and one that stretches you thin.
Your monthly mortgage payment is made up of four parts, commonly called PITI:
If your down payment is less than 20%, add PMI (Private Mortgage Insurance) — typically 0.5% to 1% of the loan amount per year. On a $350,000 loan, PMI adds $146 to $292/month until you reach 20% equity.
| Feature | WildandFree | Zillow | Bankrate | NerdWallet | Realtor.com |
|---|---|---|---|---|---|
| Free to use | ✓ 100% free | ✓ Free | ✓ Free | ✓ Free | ✓ Free |
| No signup required | ✓ No account needed | ~Pushes Zillow account | ✗ Email capture popups | ✗ Account push | ✗ Lead capture forms |
| Shows amortization | ✓ Full schedule | ✓ Basic schedule | ✓ Full schedule | ~Summary only | ~Summary only |
| Includes tax/insurance estimates | ~P&I focused | ✓ Estimates included | ✓ Estimates included | ✓ Estimates included | ✓ Estimates included |
| Handles extra payments | ✓ Yes | ~Limited | ✓ Yes | ✗ No | ✗ No |
| No lead capture forms | ✓ Zero data collection | ✗ Funnels to agents | ✗ Funnels to lenders | ✗ Affiliate referrals | ✗ Agent matching |
| Mobile friendly | ✓ Fully responsive | ✓ Responsive | ✓ Responsive | ✓ Responsive | ~Cluttered on mobile |
Find your approximate principal + interest payment below. Add taxes and insurance for your full monthly cost.
| Home Price | 10% Down / 5.5% | 10% Down / 6.5% | 10% Down / 7.5% | 20% Down / 5.5% | 20% Down / 6.5% | 20% Down / 7.5% |
|---|---|---|---|---|---|---|
| $200,000 | $1,022 | $1,138 | $1,259 | $909 | $1,011 | $1,119 |
| $300,000 | $1,533 | $1,706 | $1,889 | $1,363 | $1,517 | $1,678 |
| $400,000 | $2,044 | $2,275 | $2,518 | $1,818 | $2,023 | $2,237 |
| $500,000 | $2,555 | $2,844 | $3,148 | $2,272 | $2,528 | $2,797 |
| $600,000 | $3,066 | $3,413 | $3,777 | $2,726 | $3,034 | $3,356 |
| $800,000 | $4,088 | $4,550 | $5,037 | $3,635 | $4,045 | $4,474 |
All payments shown are monthly P&I only for 30-year fixed loans. Add approximately $300-$700/month for taxes and insurance depending on location.
Your down payment affects three things at once: the loan amount, the interest cost, and whether you pay PMI. Here is a $400,000 home at 6.5% for 30 years:
| Down Payment | Amount Down | Loan Amount | Monthly P&I | PMI/month | Total Monthly | PMI Duration |
|---|---|---|---|---|---|---|
| 5% ($20,000) | $20,000 | $380,000 | $2,402 | ~$190 | $2,592 | Until 80% LTV (~9 yrs) |
| 10% ($40,000) | $40,000 | $360,000 | $2,275 | ~$150 | $2,425 | Until 80% LTV (~6 yrs) |
| 20% ($80,000) | $80,000 | $320,000 | $2,023 | ✓ No PMI | $2,023 | No PMI needed |
| 25% ($100,000) | $100,000 | $300,000 | $1,896 | ✓ No PMI | $1,896 | No PMI needed |
The difference between 5% down and 20% down on a $400,000 home is $569/month — $380/month in lower P&I plus $190/month in eliminated PMI. Over the first 9 years (until PMI drops off the 5% scenario), that is $61,452 in savings.
Using a $350,000 loan at 6.5%:
| 30-Year Fixed | 15-Year Fixed | Difference | |
|---|---|---|---|
| Monthly payment | $2,212 | $3,049 | $837 more/month |
| Total interest paid | $446,247 | $198,867 | $247,380 saved |
| Total amount paid | $796,247 | $548,867 | $247,380 saved |
| Payoff date (starting 2026) | 2056 | 2041 | 15 years sooner |
The 15-year mortgage saves you nearly a quarter million dollars in interest. But the payment is $837/month higher. Most financial planners suggest the 15-year only if the higher payment is less than 25% of your gross monthly income and you have a healthy emergency fund.
You do not need to refinance to save money on your mortgage. Extra payments — even small ones — have an outsized impact because they reduce the principal that accrues interest.
On a $350,000 mortgage at 6.5% for 30 years (standard monthly payment: $2,212):
The biweekly trick works because there are 52 weeks in a year, so you make 26 half-payments = 13 full payments instead of 12. That one extra payment per year saves you nearly $70,000.
Mortgage rates in early 2026 are hovering in the 6.0% to 7.5% range for 30-year fixed loans, depending on credit score, down payment, and lender. Key factors affecting your rate:
Our calculator gives you the math. For pre-approval, talk to a lender — they will verify your income, assets, and credit to tell you exactly what you qualify for. For property tax estimates, check your county assessor's website — national averages can be off by thousands depending on your specific location.
A mortgage calculator is a planning tool, not a commitment. Use it to narrow your price range, compare scenarios, and walk into conversations with lenders already knowing your numbers.
Estimate your monthly mortgage payment right now — enter your home price, down payment, and rate.
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