Mortgage Calculator
Estimate your monthly mortgage payment with taxes, insurance, PMI and HOA, see the full amortization schedule, and find out how extra payments shorten your loan.
Rate defaults to the U.S. average 30-year fixed of 6.76% (Freddie Mac PMMS, week of 2026-09-10).
Mortgage Calculator: with the default inputs, principal & interest is $2,077.64.
Purchase price of the home.
Cash paid up front. 20% avoids PMI on most conventional loans.
Annual rate (APR before fees).
Your base monthly loan payment.
- Total monthly payment
- $2,569.31P&I plus taxes, insurance, PMI and HOA.
- Loan amount
- $320,000
- Total interest paid
- $427,951
- Total of all payments
- $747,951Principal + interest over the life of the loan.
- Payoff date
- September 10, 2056
- Time saved by extra payments
- —
- Interest saved by extra payments
- $0
- Principal$320,00035%
- Interest$427,95146%
- Tax, insurance & fees$177,00019%
| Year | Principal | Interest | Total paid | Balance |
|---|---|---|---|---|
| 1 | $3,404 | $21,528 | $24,932 | $316,596 |
| 2 | $3,641 | $21,290 | $24,932 | $312,955 |
| 3 | $3,895 | $21,037 | $24,932 | $309,060 |
| 4 | $4,167 | $20,765 | $24,932 | $304,893 |
| 5 | $4,457 | $20,474 | $24,932 | $300,436 |
| 6 | $4,768 | $20,164 | $24,932 | $295,667 |
| 7 | $5,101 | $19,831 | $24,932 | $290,567 |
| 8 | $5,456 | $19,475 | $24,932 | $285,110 |
| 9 | $5,837 | $19,095 | $24,932 | $279,273 |
| 10 | $6,244 | $18,688 | $24,932 | $273,029 |
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,077.64 | $274.97 | $1,802.67 | $319,725.03 |
| 2 | $2,077.64 | $276.52 | $1,801.12 | $319,448.50 |
| 3 | $2,077.64 | $278.08 | $1,799.56 | $319,170.42 |
| 4 | $2,077.64 | $279.65 | $1,797.99 | $318,890.77 |
| 5 | $2,077.64 | $281.22 | $1,796.42 | $318,609.55 |
| 6 | $2,077.64 | $282.81 | $1,794.83 | $318,326.74 |
| 7 | $2,077.64 | $284.40 | $1,793.24 | $318,042.34 |
| 8 | $2,077.64 | $286.00 | $1,791.64 | $317,756.34 |
| 9 | $2,077.64 | $287.61 | $1,790.03 | $317,468.72 |
| 10 | $2,077.64 | $289.23 | $1,788.41 | $317,179.49 |
| 11 | $2,077.64 | $290.86 | $1,786.78 | $316,888.62 |
| 12 | $2,077.64 | $292.50 | $1,785.14 | $316,596.12 |
How this is worked out
The formula
M = P × [ r(1 + r)^n ] ÷ [ (1 + r)^n − 1 ] P = loan amount (price − down payment) r = monthly interest rate (annual rate ÷ 12) n = number of monthly payments (years × 12)
Open How it’s calculated above to see this worked through with your own numbers.
What you enter
- Home price
- Purchase price of the home.in dollars · 0 or more · defaults to 400000
- Down payment
- Cash paid up front. 20% avoids PMI on most conventional loans.in dollars · 0 or more · defaults to 80000
- Interest rate
- Annual rate (APR before fees).a percentage · from 0 to 30 · defaults to 6.5
- Loan term
- A number.from 1 to 40 · whole numbers only · defaults to 30
- Start date(under More options)
- A calendar date.defaults to today
- Property tax(under More options)
- US average is about 1.1% of home value per year.a percentage · from 0 to 10 · defaults to 1.1
- Home insurance(under More options)
- A number.in dollars · 0 or more · defaults to 1500
- HOA dues(under More options)
- A number.in dollars · 0 or more · defaults to 0
- PMI rate(under More options)
- Charged only while the down payment is under 20%; drops off at 20% equity.a percentage · from 0 to 3 · defaults to 0.5
- Extra monthly payment(under More options)
- Applied straight to principal every month.in dollars · 0 or more · defaults to 0
What you get back
- Principal & interestmain answer
- Your base monthly loan payment.
- Total monthly payment
- P&I plus taxes, insurance, PMI and HOA.
- Loan amount
- Total interest paid
- Total of all payments
- Principal + interest over the life of the loan.
- Payoff date
- Time saved by extra payments
- Interest saved by extra payments
About this calculator
A mortgage payment has two parts that never change on a fixed-rate loan — principal and interest — and several that do: property tax, homeowners insurance, mortgage insurance (PMI) and HOA dues. Lenders call the full bundle PITI. This calculator shows both the base payment and the real monthly cost, so you can compare what the bank quotes with what actually leaves your account.
How to use it
Enter the home price, your down payment, the rate you've been quoted, and the term. The payment updates as you type. Open More options to add taxes, insurance, HOA and an extra monthly payment. Use Solve for to work backwards — for example, "what price keeps my payment under $2,500?"
What the results mean
- Principal & interest is the fixed loan payment.
- Total monthly payment adds taxes, insurance, PMI and HOA — the number to budget for.
- Total interest is what the loan costs you over its full life. On a 30-year loan at 6.5%, interest is roughly 1.3× the amount you borrowed.
- Extra payments go straight to principal. Even $100 a month on a $320,000 loan cuts about 4 years off a 30-year term.
Points, fees and APR
The rate here is the note rate. APR bundles origination fees and points into an effective rate and will be slightly higher. Use APR to compare lenders; use the note rate to compute the payment.
Frequently asked questions
▸How is the monthly mortgage payment calculated?
With the standard amortization formula: M = P·r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly rate and n is the number of payments. Early payments are mostly interest; later ones are mostly principal.
▸What is PMI and when does it go away?
Private mortgage insurance protects the lender when you put down less than 20%. It usually costs 0.3–1.5% of the loan per year and is automatically cancelled once you reach 22% equity (you can request removal at 20%).
▸How much house can I afford?
A common rule is that your total housing payment (PITI) should stay under 28% of gross monthly income, and all debt payments under 36%. Use Solve for → Home price with your target payment to find the ceiling.
▸Should I choose a 15-year or 30-year mortgage?
A 15-year loan has a higher payment but a lower rate and dramatically less total interest — often less than half. A 30-year loan is more flexible; you can still pay it off in 15 by adding extra principal.
▸Do extra payments really help?
Yes. Extra principal reduces the balance that future interest is charged on, so every extra dollar early in the loan saves more than a dollar of interest later. Confirm your lender applies extra payments to principal, not to the next month's payment.
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