Mortgage Calculator
Estimate your total monthly mortgage payment, including principal, interest, taxes, insurance, and PMI.
Total monthly payment
$2,539
Principal & Interest
$2,023
Property tax
$400
Insurance
$117
PMI
$0
HOA
$0
Loan amount
$320,000
Monthly payment breakdown
Loan cost summary
- Total interest paid$408,142
- Total principal paid$320,000
- Total loan cost$728,142
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Yearly amortization schedule
| Year | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where M is the monthly principal & interest payment, P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. Property tax, insurance, PMI, and HOA are added on top of this base payment.
What this calculator does
The Mortgage Calculator estimates your full monthly housing payment by combining principal & interest with recurring housing costs: property tax, homeowners insurance, private mortgage insurance (PMI) when your down payment is below 20%, and any HOA dues. It also generates a year-by-year amortization schedule so you can see how your balance declines over the life of the loan.
Assumptions
This calculator assumes a fixed interest rate for the full loan term and does not account for rate adjustments (as in an ARM), closing costs, or lender-specific fees. Property tax and insurance are annual estimates you provide; this tool does not look up real property tax rates or insurance quotes. Results are estimates for informational purposes only and are not a loan offer or financial advice.
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Frequently Asked Questions
What is included in my monthly mortgage payment?
A typical monthly mortgage payment includes principal and interest (P&I), property taxes, homeowners insurance, and, if your down payment is below 20%, private mortgage insurance (PMI). If your property has a homeowners association, HOA dues are usually paid separately.
How much down payment do I need to avoid PMI?
On a conventional loan, putting down at least 20% of the home price typically allows you to avoid private mortgage insurance (PMI). Below 20%, lenders generally require PMI to protect against default risk.
Does this calculator use real, current mortgage rates?
No. You enter the interest rate yourself. This calculator does not fetch or guarantee live market mortgage rates, since actual rates depend on your lender, credit profile, and current market conditions.
Why does more of my payment go to interest at the start of the loan?
Mortgages are amortized, meaning interest is calculated on the remaining balance each month. Early in the loan the balance is highest, so a larger share of each payment covers interest; over time, more of each payment goes toward principal.