Mortgage Calculator
Estimate a full monthly mortgage payment including tax, insurance, HOA and PMI.
Total monthly payment
$2,422.62
Principal & interest
$2,022.62
PMI
None
Loan amount
$320,000.00
20.0% down
Total interest
$408,142.36
Total paid
$728,142.36
Amortization summary by year
| Year | Remaining balance | Interest paid so far | PMI |
|---|---|---|---|
| 1 | $316,423.28 | $20,694.69 | Removed / N-A |
| 2 | $312,607.02 | $41,149.84 | Removed / N-A |
| 3 | $308,535.17 | $61,349.41 | Removed / N-A |
| 4 | $304,190.63 | $81,276.28 | Removed / N-A |
| 5 | $299,555.13 | $100,912.19 | Removed / N-A |
| 6 | $294,609.18 | $120,237.65 | Removed / N-A |
| 7 | $289,331.98 | $139,231.87 | Removed / N-A |
| 8 | $283,701.37 | $157,872.66 | Removed / N-A |
| 9 | $277,693.66 | $176,136.37 | Removed / N-A |
| 10 | $271,283.60 | $193,997.73 | Removed / N-A |
| 11 | $264,444.26 | $211,429.79 | Removed / N-A |
| 12 | $257,146.86 | $228,403.81 | Removed / N-A |
| 13 | $249,360.75 | $244,889.11 | Removed / N-A |
| 14 | $241,053.19 | $260,852.96 | Removed / N-A |
| 15 | $232,189.25 | $276,260.43 | Removed / N-A |
| 16 | $222,731.68 | $291,074.28 | Removed / N-A |
| 17 | $212,640.72 | $305,254.73 | Removed / N-A |
| 18 | $201,873.95 | $318,759.37 | Removed / N-A |
| 19 | $190,386.11 | $331,542.94 | Removed / N-A |
| 20 | $178,128.90 | $343,557.15 | Removed / N-A |
| 21 | $165,050.81 | $354,750.47 | Removed / N-A |
| 22 | $151,096.86 | $365,067.92 | Removed / N-A |
| 23 | $136,208.38 | $374,450.86 | Removed / N-A |
| 24 | $120,322.79 | $382,836.68 | Removed / N-A |
| 25 | $103,373.32 | $390,158.62 | Removed / N-A |
| 26 | $85,288.71 | $396,345.42 | Removed / N-A |
| 27 | $65,992.94 | $401,321.06 | Removed / N-A |
| 28 | $45,404.89 | $405,004.43 | Removed / N-A |
| 29 | $23,438.03 | $407,308.98 | Removed / N-A |
| 30 | $0.00 | $408,142.36 | Removed / N-A |
How to use Mortgage Calculator
- 01Enter the home price, your down payment and the loan term.
- 02Add the interest rate, then yearly property tax and home insurance, plus any monthly HOA fee.
- 03Read the monthly breakdown and the total interest you would pay over the full term.
About Mortgage Calculator
A mortgage payment is calculated with the standard amortization formula, where each payment covers the interest accrued that month and puts the rest toward the balance. Early on almost all of it is interest; the crossover point on a thirty-year loan typically falls somewhere in the second decade.
Principal and interest are only part of what you pay. Property tax, homeowners insurance, HOA dues and — below twenty percent equity — private mortgage insurance often add several hundred a month. PMI is not permanent: it drops off automatically once the balance reaches 78% of the original value, which this calculator accounts for.
Frequently asked questions
- What is PMI and when does it stop?
- Private mortgage insurance is charged when your down payment is under 20%. It ends automatically once the loan balance falls to 78% of the original home value.
- Does a shorter term save money?
- Yes. A 15-year loan has higher monthly payments but usually less than half the total interest of a 30-year loan.
- Is this an offer?
- No, it is an estimate. Your lender's figures will include their own fees and escrow rules.
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