Mortgage Calculator
Estimate your monthly payment, total interest and full amortization — with property taxes, insurance and PMI included.
Home price
Estimated loan amount
$320,000.00
20.00% Down payment
Advanced options
Annual property taxes and insurance are converted to monthly estimates.
Estimated total monthly payment
Estimated monthly housing payment
Estimate based on your inputs. Your actual payment may differ based on your lender, fees and final rate.
Total interest
$408,142.36
Estimated total cost
$926,142.36
Total loan payments
$728,142.36
Payment breakdown
- Principal11%
- Interest67%
- Taxes16%
- Insurance6%
Balance over time
Year-by-year summary of principal, interest and remaining balance.
Principal vs interest
Amortization schedule
Year-by-year summary of principal, interest and remaining balance.
| Year | Beginning balance | Yearly payment | Yearly interest | Yearly principal | Ending balance |
|---|---|---|---|---|---|
| 1 | $320,000.00 | $24,271.41 | $20,694.69 | $3,576.72 | $316,423.28 |
| 2 | $316,423.28 | $24,271.41 | $20,455.15 | $3,816.26 | $312,607.02 |
| 3 | $312,607.02 | $24,271.41 | $20,199.57 | $4,071.84 | $308,535.17 |
| 4 | $308,535.17 | $24,271.41 | $19,926.87 | $4,344.54 | $304,190.63 |
| 5 | $304,190.63 | $24,271.41 | $19,635.91 | $4,635.50 | $299,555.13 |
| 6 | $299,555.13 | $24,271.41 | $19,325.46 | $4,945.95 | $294,609.18 |
| 7 | $294,609.18 | $24,271.41 | $18,994.22 | $5,277.19 | $289,331.98 |
| 8 | $289,331.98 | $24,271.41 | $18,640.80 | $5,630.62 | $283,701.37 |
| 9 | $283,701.37 | $24,271.41 | $18,263.70 | $6,007.71 | $277,693.66 |
| 10 | $277,693.66 | $24,271.41 | $17,861.36 | $6,410.06 | $271,283.60 |
| 11 | $271,283.60 | $24,271.41 | $17,432.06 | $6,839.35 | $264,444.26 |
| 12 | $264,444.26 | $24,271.41 | $16,974.02 | $7,297.39 | $257,146.86 |
| 13 | $257,146.86 | $24,271.41 | $16,485.30 | $7,786.11 | $249,360.75 |
| 14 | $249,360.75 | $24,271.41 | $15,963.85 | $8,307.56 | $241,053.19 |
| 15 | $241,053.19 | $24,271.41 | $15,407.48 | $8,863.94 | $232,189.25 |
| 16 | $232,189.25 | $24,271.41 | $14,813.84 | $9,457.57 | $222,731.68 |
| 17 | $222,731.68 | $24,271.41 | $14,180.45 | $10,090.96 | $212,640.72 |
| 18 | $212,640.72 | $24,271.41 | $13,504.64 | $10,766.77 | $201,873.95 |
| 19 | $201,873.95 | $24,271.41 | $12,783.57 | $11,487.84 | $190,386.11 |
| 20 | $190,386.11 | $24,271.41 | $12,014.21 | $12,257.20 | $178,128.90 |
| 21 | $178,128.90 | $24,271.41 | $11,193.32 | $13,078.09 | $165,050.81 |
| 22 | $165,050.81 | $24,271.41 | $10,317.46 | $13,953.96 | $151,096.86 |
| 23 | $151,096.86 | $24,271.41 | $9,382.93 | $14,888.48 | $136,208.38 |
| 24 | $136,208.38 | $24,271.41 | $8,385.83 | $15,885.59 | $120,322.79 |
| 25 | $120,322.79 | $24,271.41 | $7,321.94 | $16,949.47 | $103,373.32 |
| 26 | $103,373.32 | $24,271.41 | $6,186.80 | $18,084.61 | $85,288.71 |
| 27 | $85,288.71 | $24,271.41 | $4,975.64 | $19,295.77 | $65,992.94 |
| 28 | $65,992.94 | $24,271.41 | $3,683.37 | $20,588.05 | $45,404.89 |
| 29 | $45,404.89 | $24,271.41 | $2,304.55 | $21,966.86 | $23,438.03 |
| 30 | $23,438.03 | $24,271.41 | $833.39 | $23,438.03 | $0.00 |
Compare scenarios
Add scenarios to compare different rates and terms side by side.
| Scenario A · 30 years / 6.50% | |
|---|---|
| Monthly payment (P&I) | $2,022.62 |
| Total interest | $408,142.36 |
| Estimated total cost | $728,142.36 |
What if I pay extra?
See how an extra monthly principal payment shortens your term and reduces total interest.
None
Mortgage payment breakdown
Your monthly mortgage payment typically has two kinds of parts. Principal and interest (P&I) is calculated from your loan amount, interest rate and term. Taxes, homeowners insurance, HOA dues and PMI are added as user estimates — they are not calculated, because they depend on your location, property value and lender.
How mortgage payments are calculated
Interest is charged each month on the current loan balance. In the early years the balance is large, so most of each payment goes to interest. As you pay down principal, the interest shrinks and more of each payment reduces your balance. Over a 30-year loan at a typical rate, total interest often rivals — or exceeds — the amount you borrowed.
Amortization schedule
Amortization spreads your loan across equal monthly payments over the term. Each payment covers the interest due that month plus a portion of principal. The schedule below shows how the split shifts over time, with the balance declining to exactly zero at the final payment.
Compare mortgage scenarios
A small difference in rate or term changes both your monthly payment and your total interest dramatically. Add scenarios to compare a 15-year vs 30-year term, or a 0.5% rate difference, on the same loan amount.
How extra payments affect your mortgage
Every extra dollar you pay toward principal skips the future interest that dollar would have accrued. Even a modest monthly extra payment can shave years off your term and save tens of thousands of dollars in interest — as long as your loan has no prepayment penalty.
Important assumptions
- Taxes, insurance, HOA dues and PMI are user estimates, spread evenly across 12 months.
- The interest rate is fixed for the entire term.
- You make one payment per month and no payments are skipped.
- Results are estimates for planning — actual figures depend on your lender, fees and final rate.
Mortgage calculator FAQ
What is a mortgage payment?+
A mortgage payment is the regular amount you pay your lender each month to repay your home loan. It typically includes principal and interest, and may also include property taxes, homeowners insurance and mortgage insurance when escrowed.
How is mortgage interest calculated?+
Interest is charged monthly on the current loan balance. In the early years the balance is large, so most of your payment goes to interest. Over time the balance shrinks and more of each payment goes toward principal.
Does this calculator include property taxes?+
Yes. You can add an estimated annual property tax amount in the Advanced Options section. It is divided by 12 and added to your estimated total monthly payment. Property taxes are a user estimate, not a calculation.
Does it include homeowners insurance?+
Yes. Homeowners insurance can be entered as an annual amount in Advanced Options. Like taxes, it is a user estimate spread across 12 monthly payments.
What is PMI?+
Private mortgage insurance (PMI) is typically required when your down payment is less than 20% of the home price. It protects the lender, not you. Because the premium depends on your loan type, credit and LTV, this calculator lets you enter a monthly amount directly rather than assuming a single rule.
How much house can I afford?+
A common guideline is that your total monthly housing payment should not exceed about 28% of your gross monthly income, and total debts should stay below 36%. This calculator shows your estimated payment; compare it against your monthly income to gauge affordability.
Is a 15-year mortgage cheaper than a 30-year mortgage?+
A 15-year term usually has a higher monthly payment but far less total interest, so it is cheaper overall if you can afford the payment. A 30-year term offers a lower monthly payment and more flexibility. Use the Compare Scenarios tool above to see the exact trade-off for your numbers.
Can I pay my mortgage off early?+
Yes. Making extra principal payments shortens your payoff timeline and reduces total interest, provided your loan has no prepayment penalty. The 'What if I pay extra?' tool above shows exactly how much interest an extra monthly payment could save.
Related calculators
Related guides
- How Mortgage Interest Works
- 15-Year vs 30-Year Mortgage
- How Much House Can I Afford?
- What Is PMI?