Mortgage Calculator
Estimate your full monthly payment — principal, interest, taxes, insurance, and PMI.
Your loan details
Payment breakdown
Of your $2,634 monthly payment, $2,189 (83%) goes to principal & interest. The rest covers property taxes and homeowners insurance held in escrow.
Loan summary
Loan balance over time
Principal vs. interest by year
Hover or tap a year for exact figures. The full numbers are in the schedule below.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,079 | $23,195 | $316,921 |
| 2 | $3,311 | $22,963 | $313,610 |
| 3 | $3,560 | $22,714 | $310,050 |
| 4 | $3,828 | $22,446 | $306,222 |
| 5 | $4,116 | $22,157 | $302,105 |
| 6 | $4,426 | $21,848 | $297,679 |
| 7 | $4,759 | $21,514 | $292,919 |
| 8 | $5,118 | $21,156 | $287,802 |
| 9 | $5,503 | $20,771 | $282,299 |
| 10 | $5,917 | $20,356 | $276,381 |
| 11 | $6,363 | $19,911 | $270,019 |
| 12 | $6,842 | $19,432 | $263,177 |
| 13 | $7,357 | $18,917 | $255,820 |
| 14 | $7,911 | $18,363 | $247,910 |
| 15 | $8,506 | $17,768 | $239,404 |
| 16 | $9,146 | $17,127 | $230,258 |
| 17 | $9,835 | $16,439 | $220,423 |
| 18 | $10,575 | $15,699 | $209,847 |
| 19 | $11,371 | $14,902 | $198,476 |
| 20 | $12,227 | $14,046 | $186,249 |
| 21 | $13,148 | $13,126 | $173,101 |
| 22 | $14,138 | $12,136 | $158,963 |
| 23 | $15,202 | $11,072 | $143,762 |
| 24 | $16,346 | $9,928 | $127,415 |
| 25 | $17,577 | $8,697 | $109,839 |
| 26 | $18,900 | $7,374 | $90,939 |
| 27 | $20,323 | $5,951 | $70,616 |
| 28 | $21,852 | $4,421 | $48,764 |
| 29 | $23,498 | $2,776 | $25,266 |
| 30 | $25,266 | $1,007 | $0 |
How to use this calculator
Enter your home price and down payment — the percentage hint updates automatically as you type. Choose your loan term and interest rate to see the principal & interest portion of your payment instantly.
For a complete picture, fill in the optional fields: property tax (typically 0.5–2.5% of home value per year depending on your state), home insurance (national average ~$1,737/year per NAIC), and PMI if your down payment is under 20%. PMI typically runs 0.5%–1.5% of the loan annually and can be cancelled once you reach 20% equity.
How the monthly payment is calculated
The principal & interest portion uses the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. Property tax, insurance, and PMI are simply divided by 12 and added on top.
The total interest paid is often striking — on a $320,000 loan at 6.8% over 30 years, you'd pay over $400,000 in total, meaning more than half the total goes to interest. A 15-year term roughly halves the interest cost, though your monthly payment rises by about 40%.
Frequently asked questions
A full monthly mortgage payment (PITI) includes Principal (pays down the loan balance), Interest (cost of borrowing), property Taxes (escrowed monthly), and homeowners Insurance. If your down payment is less than 20%, Private Mortgage Insurance (PMI) is also added.
You need at least 20% down to avoid PMI on a conventional loan. With less than 20%, lenders require PMI which typically costs 0.5%–1.5% of the loan amount per year. PMI can be removed once you reach 20% equity — either by paying down the loan or through home appreciation.
Mortgage rates change daily based on market conditions. For the current national benchmark, see Freddie Mac's weekly Primary Mortgage Market Survey. A rate is "good" if it's at or below that average for your loan type. Your credit score, down payment size, loan type, and lender all affect the rate you qualify for — improving your credit score even 20–40 points can save thousands over the loan term.
A 30-year mortgage has lower monthly payments but you pay significantly more interest over time. A 15-year mortgage has higher monthly payments but you build equity faster and pay much less in total interest — often saving six figures. Use this calculator to compare: enter the same loan with 15 vs 30 years and see the difference in total interest paid.
Educational purposes only. Results are estimates based on your inputs and general assumptions. Actual rates, costs, and terms will vary. Learn about our methodology →