What will my mortgage payment really be?

Principal & interest amortization, plus property tax and insurance, with a full payment schedule.

Home price ($)

Down payment ($)

Interest rate (%)

Loan term (years)

Annual property tax (%)

Annual insurance ($)

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Monthly P&I payment

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Total monthly (P&I+T+I)

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Total interest paid

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Loan amount

What is included in a mortgage payment?

Principal & interest amortize the loan over the term. Property tax and insurance are escrowed in the full monthly amount but are not interest — they go to your county and insurer.

What is P&I and how is it calculated?

P&I = L·(r/12)·(1+r/12)^n / ((1+r/12)^n − 1), where L is the loan, r the annual rate and n the number of monthly payments. At 6.5% on $320k for 30y the P&I is about $2,021/mo.

Is the rate or the price the bigger driver?

Both matter: dropping rate 1% on a 30-year loan typically cuts P&I ~10%; a $40k bigger down payment cuts the loan by $40k and interest roughly in proportion.

Is this financial advice?

No — an educational estimate using the assumptions you entered. Quotes from a real lender will differ slightly (closing costs, PMI if down <20%, exact tax assessment).