Mortgage calculator
See your real monthly payment, total interest and payoff date, and how much an extra payment saves.
$75,000
Taxes, insurance & fees⌄
Only if down < 20%
Goes straight to principal
Monthly payment
$2,364.95
Loan $300,000 · paid off Oct 2056
- Principal & interest80%
- Taxes & insurance20%
- Principal & interest
- $1,896.20
- Property tax
- $343.75
- Insurance
- $125.00
- PMI (none, ≥ 20% down)
- $0.00
- Total interest
- $382,633
- Total of payments
- $682,633
Amortization schedule by year
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,353 | $19,401 | $296,647 |
| 2 | $3,578 | $19,177 | $293,069 |
| 3 | $3,817 | $18,937 | $289,252 |
| 4 | $4,073 | $18,681 | $285,179 |
| 5 | $4,346 | $18,409 | $280,833 |
| 6 | $4,637 | $18,118 | $276,196 |
| 7 | $4,947 | $17,807 | $271,249 |
| 8 | $5,279 | $17,476 | $265,970 |
| 9 | $5,632 | $17,122 | $260,338 |
| 10 | $6,009 | $16,745 | $254,328 |
| 11 | $6,412 | $16,343 | $247,916 |
| 12 | $6,841 | $15,913 | $241,075 |
| 13 | $7,299 | $15,455 | $233,776 |
| 14 | $7,788 | $14,966 | $225,987 |
| 15 | $8,310 | $14,445 | $217,677 |
| 16 | $8,866 | $13,888 | $208,811 |
| 17 | $9,460 | $13,294 | $199,351 |
| 18 | $10,094 | $12,661 | $189,257 |
| 19 | $10,770 | $11,985 | $178,487 |
| 20 | $11,491 | $11,263 | $166,996 |
| 21 | $12,261 | $10,494 | $154,735 |
| 22 | $13,082 | $9,673 | $141,653 |
| 23 | $13,958 | $8,797 | $127,695 |
| 24 | $14,893 | $7,862 | $112,803 |
| 25 | $15,890 | $6,864 | $96,912 |
| 26 | $16,954 | $5,800 | $79,958 |
| 27 | $18,090 | $4,665 | $61,868 |
| 28 | $19,301 | $3,453 | $42,567 |
| 29 | $20,594 | $2,161 | $21,973 |
| 30 | $21,973 | $781 | $0 |
How to use the mortgage calculator
- Enter the home price and your down payment, as a dollar amount or a percentage.
- Set the interest rate and loan term from your quote, typically 30 or 15 years.
- Add yearly property tax, insurance and any monthly HOA fee for the full payment.
- Optionally enter an extra monthly payment to see the interest saved and the new payoff date.
About this calculator
A mortgage payment is more than principal and interest. Lenders usually collect property tax, homeowners insurance and, when your down payment is under 20%, private mortgage insurance in the same monthly bill. This calculator adds all of them so the number matches what you will actually pay.
The amortization schedule shows how each payment splits between interest and principal. Early on most of the money goes to interest; adding even a small extra amount every month moves the payoff date forward and can save tens of thousands of dollars.
Monthly principal and interest
M = P × r(1 + r)ⁿ / ((1 + r)ⁿ − 1)
P is the loan amount, r the monthly rate (annual rate ÷ 12 ÷ 100) and n the number of monthly payments. Taxes, insurance, PMI and HOA are added on top of M.
Example
A $375,000 home with 20% down leaves a $300,000 loan. At 6.5% for 30 years the principal and interest payment is about $1,896 a month and total interest is about $382,600. Paying an extra $200 a month saves about $103,000 in interest and pays the loan off almost 7 years early.
Frequently asked questions
Results are estimates for planning. Your lender’s Loan Estimate is the binding figure.
What is included in a mortgage payment?
Usually principal and interest, plus an escrow portion for property tax and homeowners insurance. If you put down less than 20% on a conventional loan, lenders add private mortgage insurance (PMI) until you reach about 20% equity. HOA dues are paid separately but belong in your budget.
How much do extra payments really save?
Every extra dollar goes straight to principal, so it stops generating interest for the rest of the loan. On a 30-year loan the effect is largest in the first years. Enter an amount in the extra payment field to see the exact interest saved and the new payoff date.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan keeps the payment lower and gives flexibility, and you can still pay it off early with extra payments. Compare both by switching the term.
How is PMI estimated here?
PMI is shown when the down payment is below 20%, using the annual rate you enter as a percentage of the loan amount (0.5% to 1% is typical). Your lender will quote the exact figure.