DDanfio

Mortgage Calculator

A mortgage is the largest loan most households ever take out, so a half-point difference in the interest rate can change the cost of a home by tens of thousands of dollars. This calculator shows the complete monthly payment — principal, interest, property tax, homeowners insurance, HOA dues and mortgage insurance where it applies — along with the lifetime interest and a year-by-year amortization schedule.

$
$

Below 20% of the price, mortgage insurance is added automatically.

$
$

Used to label the amortization schedule.

Results update as you type. Nothing leaves your device.

Estimated monthly payment

$2,572.62

$2,022.62 principal and interest on a $320,000 loan at 6.5% for 30 years.

Principal & interest
$2,022.62
Property tax
$400.00
Insurance
$150.00
HOA dues
$0.00

Over the life of the loan

Total interest
$408,142.36
Principal + interest
$728,142.36
Payoff month
Aug 2056
Down payment
$80,00020% of price

Where each monthly dollar goes

  • Principal & interest$2,022.62
  • Property tax$400.00
  • Insurance$150.00

Percentages are shares of the estimated monthly payment.

Amortization schedule

YearPaymentsInterestPrincipalBalance
Year 1$24,271$20,695$3,577$316,423
Year 2$24,271$20,455$3,816$312,607
Year 3$24,271$20,200$4,072$308,535
Year 4$24,271$19,927$4,345$304,191
Year 5$24,271$19,636$4,636$299,555
Year 6$24,271$19,325$4,946$294,609
Year 7$24,271$18,994$5,277$289,332
Year 8$24,271$18,641$5,631$283,701
Year 9$24,271$18,264$6,008$277,694
Year 10$24,271$17,861$6,410$271,284
Year 11$24,271$17,432$6,839$264,444
Year 12$24,271$16,974$7,297$257,147
Year 13$24,271$16,485$7,786$249,361
Year 14$24,271$15,964$8,308$241,053
Year 15$24,271$15,407$8,864$232,189
Year 16$24,271$14,814$9,458$222,732
Year 17$24,271$14,180$10,091$212,641
Year 18$24,271$13,505$10,767$201,874
Year 19$24,271$12,784$11,488$190,386
Year 20$24,271$12,014$12,257$178,129
Year 21$24,271$11,193$13,078$165,051
Year 22$24,271$10,317$13,954$151,097
Year 23$24,271$9,383$14,888$136,208
Year 24$24,271$8,386$15,886$120,323
Year 25$24,271$7,322$16,949$103,373
Year 26$24,271$6,187$18,085$85,289
Year 27$24,271$4,976$19,296$65,993
Year 28$24,271$3,683$20,588$45,405
Year 29$24,271$2,305$21,967$23,438
Year 30$24,271$833$23,438$0

Yearly totals are rounded to the nearest dollar. The first 60 monthly payments are listed here; download the CSV for all 360 rows.

No mortgage insurance is included because the down payment covers at least 20% of the price. Escrow amounts for taxes and insurance can change every year.

Every result is computed in your browser. Nothing you type is uploaded, stored or shared, so you can plug in real numbers from a loan estimate or a listing without worrying about who sees them.

How this mortgage calculator works

The payment formula

Principal and interest come from the standard amortization formula M = P × i / (1 − (1 + i)^−n), where P is the loan amount, i is the monthly interest rate (the annual rate divided by 12) and n is the number of monthly payments.

Because interest is charged on the remaining balance, early payments are mostly interest. On a $320,000 loan at 6.5%, the first payment sends about $1,733 to interest and only around $290 to principal. The mix reverses slowly over the life of the loan.

What is included in the payment

Property tax is charged as the annual tax rate you enter, divided by twelve. Homeowners insurance is your annual premium divided by twelve. HOA dues are added as entered.

Mortgage insurance (PMI) is added automatically whenever the down payment is below 20% of the price, using the PMI rate you enter. Most conventional loans drop PMI once the balance reaches 80% of the home value, so the estimate is deliberately conservative.

Assumptions behind the numbers

The schedule assumes equal monthly payments, interest charged on the outstanding balance each month, no financed closing costs, no late payments and no early payoff. Escrow amounts for taxes and insurance are re-assessed by lenders every year, so treat them as estimates.

Rates entered here are nominal annual rates compounded monthly. If a lender quotes a rate with points or fees, compare offers with the APR calculator so both are measured on the same basis.

Worked examples

Each example below was run through the calculator on this page when the site was built, so the numbers match what you see when you enter the same inputs.

Typical 30-year conventional loan

Home price
$400,000.00
Down payment
$80,000.00
Interest rate
6.5%
Loan term
30 years
Property tax rate
1.2%
Home insurance
$1,800.00
HOA dues
$0.00
PMI rate
0.5%
First payment month
Sep 2026

Estimated monthly payment

$2,572.62

$2,022.62 principal and interest on a $320,000 loan at 6.5% for 30 years.

Principal & interest
$2,022.62
Property tax
$400.00
Insurance
$150.00
HOA dues
$0.00

A 20% down payment keeps mortgage insurance out of the payment entirely.

Low down payment, 15-year term

Home price
$350,000.00
Down payment
$17,500.00
Interest rate
5.9%
Loan term
15 years
Property tax rate
1.1%
Home insurance
$1,500.00
HOA dues
$0.00
PMI rate
0.55%
First payment month
Sep 2026

Estimated monthly payment

$3,386.12

$2,787.89 principal and interest on a $332,500 loan at 5.9% for 15 years.

Principal & interest
$2,787.89
Property tax
$320.83
Insurance
$125.00
HOA + PMI
$152.40

A 5% down payment adds PMI, but the shorter term cuts total interest dramatically.

Higher price bracket with HOA dues

Home price
$600,000.00
Down payment
$120,000.00
Interest rate
5.5%
Loan term
30 years
Property tax rate
1.8%
Home insurance
$2,400.00
HOA dues
$250.00
PMI rate
0.5%
First payment month
Sep 2026

Estimated monthly payment

$4,075.39

$2,725.39 principal and interest on a $480,000 loan at 5.5% for 30 years.

Principal & interest
$2,725.39
Property tax
$900.00
Insurance
$200.00
HOA dues
$250.00

High-tax areas and condo associations can add a third or more on top of principal and interest.

Frequently asked questions

How much house can I afford on my income?

Lenders usually cap housing costs at 28% of gross monthly income and total debt payments at 36%. The home affordability calculator works backwards from those limits to give you a maximum price, including taxes and insurance.

Does a bigger down payment always reduce my payment?

Yes, in two ways. A larger down payment shrinks the loan itself, and once you reach 20% of the purchase price, conventional lenders no longer require mortgage insurance. On a $400,000 home, moving from 10% down to 20% down typically removes several hundred dollars per month.

How is property tax estimated here?

It is the annual tax rate you enter, multiplied by the home price and divided by twelve. The 1.2% default is close to the national average effective rate, but effective rates range from below 0.5% in Hawaii and Colorado to more than 2% in Illinois, New Jersey and Texas, so replace the default with your county rate.

What is PMI and when does it go away?

Private mortgage insurance protects the lender when the down payment is below 20%. It typically costs 0.3% to 1.5% of the loan amount per year. Under the Homeowners Protection Act, borrowers can request cancellation once the balance reaches 80% of the original value, and lenders must cancel it automatically at 78%.

Is a 15-year mortgage better than a 30-year mortgage?

A 15-year loan usually carries a lower rate and always far less total interest, but its monthly payment is around a third higher. The right answer depends on whether that higher payment still leaves room for an emergency fund and retirement savings.

Why is almost all of my first payment interest?

Interest is charged on the outstanding balance, which is at its largest in month one. As the balance falls, the interest portion shrinks and the principal portion grows. That is why an extra payment early in the loan is far more powerful than the same amount paid later.

How do extra payments change the schedule?

Extra principal shortens the term and cuts total interest, because every dollar paid today stops accruing interest for all the months that remain. The mortgage payoff calculator shows exactly how much time and interest a given extra payment saves.

Can I use this calculator outside the United States?

Yes. The principal and interest math is identical everywhere. Local differences sit in the extras: tax rates, insurance costs, mortgage insurance rules and whether payments are monthly or fortnightly. Adjust those fields to match your market.

Assumptions and sources

  • Amortization formula: standard annuity formula used for closed-end mortgage disclosures under the US Truth in Lending Act (Regulation Z).
  • PMI default of 0.5% of the loan per year reflects typical borrower-paid rates on conventional loans; a lender quote always wins.
  • Property tax default of 1.2% of home value per year approximates the US national average effective rate.

Last reviewed 2026-09-13. This page is an estimate tool, not financial, tax or legal advice.Read the full disclaimer.

Related tools

Mortgage Payoff CalculatorLoans & MortgagesSee how much time and interest extra payments save on a mortgage or loan. Enter an extra monthly or annual amount and get the new payoff date instantly.Open calculator →Home Affordability CalculatorLoans & MortgagesFind the maximum home price that fits your income, debts and down payment using the 28/36 debt-to-income rules, including tax, insurance and HOA.Open calculator →Refinance CalculatorLoans & MortgagesCompare your current loan with a refinance offer: new payment, monthly saving, break-even point on closing costs and lifetime interest saved.Open calculator →Amortization Schedule CalculatorLoans & MortgagesGenerate a full amortization schedule for any loan: every payment split into interest and principal, with yearly totals and a CSV export.Open calculator →Mortgage CalculatorFree mortgage calculator with property tax, insurance, HOA and PMI. See your monthly payment, total interest and a full amortization schedule instantly.Open calculator →