Calculate your monthly mortgage payment including principal, interest, property taxes, insurance, PMI and HOA dues. View the full amortization schedule and see how extra payments cut years off your loan.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,024 | $23,282 | $355,976 |
| 2 | $4,293 | $23,012 | $351,683 |
| 3 | $4,581 | $22,725 | $347,102 |
| 4 | $4,888 | $22,418 | $342,214 |
| 5 | $5,215 | $22,090 | $337,000 |
| 6 | $5,564 | $21,741 | $331,435 |
| 7 | $5,937 | $21,368 | $325,498 |
| 8 | $6,334 | $20,971 | $319,164 |
| 9 | $6,759 | $20,547 | $312,405 |
| 10 | $7,211 | $20,094 | $305,194 |
| 11 | $7,694 | $19,611 | $297,500 |
| 12 | $8,210 | $19,096 | $289,290 |
| 13 | $8,759 | $18,546 | $280,531 |
| 14 | $9,346 | $17,959 | $271,185 |
| 15 | $9,972 | $17,333 | $261,213 |
| 16 | $10,640 | $16,666 | $250,573 |
| 17 | $11,352 | $15,953 | $239,221 |
| 18 | $12,113 | $15,193 | $227,108 |
| 19 | $12,924 | $14,382 | $214,184 |
| 20 | $13,789 | $13,516 | $200,395 |
| 21 | $14,713 | $12,592 | $185,682 |
| 22 | $15,698 | $11,607 | $169,984 |
| 23 | $16,750 | $10,556 | $153,234 |
| 24 | $17,871 | $9,434 | $135,363 |
| 25 | $19,068 | $8,237 | $116,295 |
| 26 | $20,345 | $6,960 | $95,950 |
| 27 | $21,708 | $5,598 | $74,242 |
| 28 | $23,162 | $4,144 | $51,081 |
| 29 | $24,713 | $2,593 | $26,368 |
| 30 | $26,368 | $938 | $0 |
Estimates only. Actual payments depend on your lender, credit profile, exact tax assessment and insurance quote. PMI is estimated at 0.6% of the loan annually.
A mortgage payment is the single largest recurring expense most households ever take on, and small changes to the inputs move it by hundreds of dollars a month. This calculator shows the full picture: principal and interest from the amortization formula, plus the property taxes, homeowners insurance, PMI and HOA dues that lenders bundle into your actual bill.
Where
Interest is charged on the remaining balance, so at the start of a loan almost the entire payment covers interest. On a $360,000 loan at 6.5%, the first payment allocates about $1,950 to interest and only $325 to principal. The crossover point where principal finally exceeds interest arrives around year 18 of a 30-year term. This is why extra principal applied in year one is worth several times the same amount applied in year twenty.
Lenders typically want your housing costs below 28% of gross monthly income and your total debt payments below 36%. Note that these use gross income, not take-home pay. Because payroll deductions typically consume 25-35% of gross, a payment at the top of the 28% band can consume 40% or more of the money that actually reaches your bank account.
Enter the purchase details
Set the home price and down payment. The slider shows your down payment percentage and resulting loan amount as you adjust it.
Add your rate and term
Enter the interest rate you have been quoted and pick a term. Use the 15/20/30 year buttons to compare total interest across terms instantly.
Include taxes, insurance and fees
Property tax rates vary from about 0.3% to 2.5% of value by county. Add your insurance estimate and any HOA dues to see the true monthly cost.
Test extra payments
Add an extra monthly principal amount and watch the payoff date and total interest drop. The schedule updates to show the real amortization.
First-time buyers
Work out what a given list price actually costs per month, including the escrow items that surprise people at closing.
Comparing loan offers
Run each lender's rate and term side by side to see the lifetime interest difference, not just the monthly payment.
Refinance decisions
Compare a new loan against your remaining term rather than a fresh 30 years, so a rate cut does not hide a term extension.
Payoff planning
Find out exactly how much faster you finish with an extra $100, $250 or $500 a month toward principal.
A common guideline is the 28/36 rule: keep total housing costs (PITI) under 28% of gross monthly income, and all debt payments under 36%. On a $100,000 salary that is roughly $2,333/month for housing. Lenders may approve more, but approval is not the same as affordability.
Four components, known as PITI: principal, interest, property taxes and homeowners insurance. Taxes and insurance are usually collected into an escrow account by your servicer. PMI and HOA dues are added on top when they apply.
For conventional loans, PMI must be cancelled automatically once the balance reaches 78% of the original home value. You can request cancellation at 80% LTV. FHA loans are different: mortgage insurance typically lasts the life of the loan unless you put 10% or more down.
A 15-year loan has a lower rate and dramatically less total interest, but a payment roughly 35-40% higher. A 30-year loan maximises flexibility and you can always pay extra voluntarily. If cash flow is tight, take the 30-year and add extra principal when you can.
On a typical 30-year loan, one extra payment per year removes roughly 4-6 years from the term and saves tens of thousands in interest. Biweekly payment plans achieve this by making 26 half-payments, which equals 13 full payments. You can replicate it for free by adding 1/12 of your payment each month.
The principal and interest calculation uses the exact standard amortization formula and is precise. Taxes, insurance and PMI are estimates based on the rates you enter, so your actual escrow amount will differ once you have a real tax assessment and insurance quote.