Mortgage payment = principal and interest + property taxes + homeowners insurance + private mortgage insurance, if applicable

Use the formula: M = P × [r(1 + r)^n] / [(1 + r)^n - 1]

M = monthly principal and interest payment

P = loan amount

r = monthly interest rate

n = total number of monthly payments

Convert annual interest rate to monthly rate by dividing by 12

Convert loan term in years to total months by multiplying by 12

Add monthly property taxes, homeowners insurance, and PMI to the principal and interest payment

Example: $300,000 loan at 6% for 30 years

Monthly rate = 0.06 / 12 = 0.005

Total payments = 30 × 12 = 360

Principal and interest = $1,798.65

Total monthly payment = principal and interest + taxes + insurance + PMI, if any