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Mortgage Calculator
Loan term
Auto-estimated at 1.25% of the home price. Edit to override.
PMI only applies when your down payment is below 20% (LTV above 80%).
Total monthly payment
$2,589.29
Principal & interest: $2,022.62
Payment breakdown
- Principal & interest
- $2,022.62
- Annual property tax
- $416.67
- Annual homeowners insurance
- $150.00
Loan summary
- Loan amount
- $320,000.00
- Loan-to-value (LTV)
- 80.0%
- Total interest
- $408,142.36
- Total of payments
- $728,142.36
- Lifetime tax, insurance, PMI & HOA
- $204,000.00
- Payoff date
- 09/2056
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,576.72 | $20,694.69 | $316,423.28 |
| 2 | $3,816.26 | $20,455.15 | $312,607.02 |
| 3 | $4,071.84 | $20,199.57 | $308,535.17 |
| 4 | $4,344.54 | $19,926.87 | $304,190.63 |
| 5 | $4,635.50 | $19,635.91 | $299,555.13 |
| 6 | $4,945.95 | $19,325.46 | $294,609.18 |
| 7 | $5,277.19 | $18,994.22 | $289,331.98 |
| 8 | $5,630.62 | $18,640.80 | $283,701.37 |
| 9 | $6,007.71 | $18,263.70 | $277,693.66 |
| 10 | $6,410.06 | $17,861.36 | $271,283.60 |
| 11 | $6,839.35 | $17,432.06 | $264,444.26 |
| 12 | $7,297.39 | $16,974.02 | $257,146.86 |
| 13 | $7,786.11 | $16,485.30 | $249,360.75 |
| 14 | $8,307.56 | $15,963.85 | $241,053.19 |
| 15 | $8,863.94 | $15,407.48 | $232,189.25 |
| 16 | $9,457.57 | $14,813.84 | $222,731.68 |
| 17 | $10,090.96 | $14,180.45 | $212,640.72 |
| 18 | $10,766.77 | $13,504.64 | $201,873.95 |
| 19 | $11,487.84 | $12,783.57 | $190,386.11 |
| 20 | $12,257.20 | $12,014.21 | $178,128.90 |
| 21 | $13,078.09 | $11,193.32 | $165,050.81 |
| 22 | $13,953.96 | $10,317.46 | $151,096.86 |
| 23 | $14,888.48 | $9,382.93 | $136,208.38 |
| 24 | $15,885.59 | $8,385.83 | $120,322.79 |
| 25 | $16,949.47 | $7,321.94 | $103,373.32 |
| 26 | $18,084.61 | $6,186.80 | $85,288.71 |
| 27 | $19,295.77 | $4,975.64 | $65,992.94 |
| 28 | $20,588.05 | $3,683.37 | $45,404.89 |
| 29 | $21,966.86 | $2,304.55 | $23,438.03 |
| 30 | $23,438.03 | $833.39 | $0.00 |
Mortgage Calculator — Monthly Payment with Taxes, PMI & Insurance
A mortgage payment is more than principal and interest. This free mortgage calculator estimates your full monthly housing cost — principal and interest plus property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues — so the number you see is the number you will actually pay each month. Enter the home price, down payment, rate and term to get an instant answer with a complete amortization schedule.
Use it to compare 30-year versus 15-year terms, test larger down payments, and find the month your PMI drops off. Every calculation runs locally in your browser: nothing is uploaded, no signup is needed, and any scenario can be shared with a link that reproduces it exactly.
How the payment is calculated
Monthly principal and interest follows the standard fixed-rate amortization formula, where P is the loan amount, r the monthly rate and n the number of payments.
P = home price minus down payment · r = annual rate / 100 / 12 · n = years × 12. With a 0% rate the payment is simply P / n.
What makes up your monthly payment (PITI + extras)
- Principal & interest — the amortized loan payment from the formula above.
- Property tax — annual tax divided by 12 (auto-estimated at 1.25% of price, editable).
- Homeowners insurance — annual premium divided by 12.
- PMI — applies only below 20% down (LTV above 80%), estimated from your PMI rate.
- HOA dues — added in full when greater than zero.
PMI and HOPA milestones
With less than 20% down, lenders charge private mortgage insurance. Under the federal HOPA law you may request cancellation once your balance reaches 80% of the original home value, and the servicer must terminate PMI automatically at 78% while the loan is current. The calculator shows both months; FHA loans with lifetime MIP are out of scope for this tool.
30-year vs 15-year
A 15-year term roughly halves total interest and moves the payoff date 15 years earlier, at the cost of a higher monthly payment. Toggle the term above to compare both scenarios side by side.
Frequently asked questions
What is included in the monthly payment?
Principal and interest plus 1/12 of annual property tax and homeowners insurance, plus PMI when it applies and any monthly HOA.
When does PMI go away?
You can request removal at 80% of the original value and it must drop automatically at 78% while the loan is current. Both months are shown above when PMI applies.
Are property tax and insurance accurate?
They are estimates: tax defaults to 1.25% of the price and insurance to $1,800 per year. Enter your actual figures in Advanced settings for an exact payment.
Is a 15-year mortgage better than a 30-year?
It costs far less interest overall but the monthly payment is higher. Compare both terms above and make sure the 15-year payment fits your budget.
How accurate is this calculator?
The amortization math matches standard fixed-rate references to the cent. Final figures still depend on your lender's exact tax, insurance and PMI numbers.