Mortgage Calculator

Estimate your monthly payments and see how much you'll pay in taxes, insurance, and interest over the life of your loan.

Home Price ($)

Down Payment (%)

Loan Term (years)

Interest Rate (%)

Start Month

Start Year

Include Taxes & Costs

Property Taxes (%)

Home Insurance ($)

PMI Insurance ($)

HOA Fee ($)

Other Costs ($)

Estimated Monthly Payment

$2,905.00

Payment Breakdown

Principal$282.93

Interest$1,763.73

Property Taxes$400.00

Home Insurance$125.00

Other Costs (HOA, PMI)$333.33

House Price$400,000.00

Loan Amount$320,000.00

Down Payment$80,000.00

Total Interest$416,800.54

Total of 360 Payments$736,800.54

Total Out-of-Pocket$1,226,827.32

Mortgage Payoff DateOct 2056

Amortization Schedule

Year	Date	Interest	Principal	Taxes & Fees	Total Payment	Ending Balance
1	Oct '26 - Sep '27	$21,059.96	$3,500.06	$10,300.00	$34,860.02	$316,499.94
2	Oct '27 - Sep '28	$20,821.32	$3,738.70	$10,609.00	$35,169.02	$312,761.25
3	Oct '28 - Sep '29	$20,566.41	$3,993.61	$10,927.27	$35,487.29	$308,767.64
4	Oct '29 - Sep '30	$20,294.11	$4,265.90	$11,255.09	$35,815.11	$304,501.73
5	Oct '30 - Sep '31	$20,003.26	$4,556.76	$11,592.74	$36,152.76	$299,944.97
6	Oct '31 - Sep '32	$19,692.56	$4,867.45	$11,940.52	$36,500.54	$295,077.52
7	Oct '32 - Sep '33	$19,360.69	$5,199.33	$12,298.74	$36,858.76	$289,878.19
8	Oct '33 - Sep '34	$19,006.19	$5,553.83	$12,667.70	$37,227.72	$284,324.36
9	Oct '34 - Sep '35	$18,627.52	$5,932.50	$13,047.73	$37,607.75	$278,391.86
10	Oct '35 - Sep '36	$18,223.02	$6,336.99	$13,439.16	$37,999.18	$272,054.86
11	Oct '36 - Sep '37	$17,790.95	$6,769.06	$13,842.34	$38,402.36	$265,285.80
12	Oct '37 - Sep '38	$17,329.42	$7,230.59	$14,257.61	$38,817.63	$258,055.21
13	Oct '38 - Sep '39	$16,836.43	$7,723.59	$14,685.34	$39,245.36	$250,331.61
14	Oct '39 - Sep '40	$16,309.81	$8,250.20	$15,125.90	$39,685.92	$242,081.41
15	Oct '40 - Sep '41	$15,747.30	$8,812.72	$15,579.67	$40,139.69	$233,268.69
16	Oct '41 - Sep '42	$15,146.42	$9,413.59	$16,047.06	$40,607.08	$223,855.09
17	Oct '42 - Sep '43	$14,504.58	$10,055.43	$16,528.48	$41,088.49	$213,799.66
18	Oct '43 - Sep '44	$13,818.98	$10,741.04	$17,024.33	$41,584.35	$203,058.62
19	Oct '44 - Sep '45	$13,086.63	$11,473.39	$17,535.06	$42,095.08	$191,585.23
20	Oct '45 - Sep '46	$12,304.35	$12,255.67	$18,061.11	$42,621.13	$179,329.57
21	Oct '46 - Sep '47	$11,468.73	$13,091.29	$18,602.95	$43,162.96	$166,238.28
22	Oct '47 - Sep '48	$10,576.14	$13,983.88	$19,161.03	$43,721.05	$152,254.40
23	Oct '48 - Sep '49	$9,622.69	$14,937.33	$19,735.87	$44,295.88	$137,317.07
24	Oct '49 - Sep '50	$8,604.22	$15,955.79	$20,327.94	$44,887.96	$121,361.28
25	Oct '50 - Sep '51	$7,516.32	$17,043.70	$20,937.78	$45,497.80	$104,317.58
26	Oct '51 - Sep '52	$6,354.24	$18,205.77	$21,565.91	$46,125.93	$86,111.81
27	Oct '52 - Sep '53	$5,112.93	$19,447.08	$22,212.89	$46,772.91	$66,664.72
28	Oct '53 - Sep '54	$3,786.99	$20,773.03	$22,879.28	$47,439.29	$45,891.69
29	Oct '54 - Sep '55	$2,370.63	$22,189.38	$23,565.66	$48,125.67	$23,702.31
30	Oct '55 - Sep '56	$857.71	$23,702.31	$24,272.62	$48,832.64	$0.00

Year 1 (Oct '26 - Sep '27)$316,499.94

Total Payment:$34,860.02

Principal:$3,500.06

Interest:$21,059.96

Taxes & Fees:$10,300.00

Year 2 (Oct '27 - Sep '28)$312,761.25

Total Payment:$35,169.02

Principal:$3,738.70

Interest:$20,821.32

Taxes & Fees:$10,609.00

Year 3 (Oct '28 - Sep '29)$308,767.64

Total Payment:$35,487.29

Principal:$3,993.61

Interest:$20,566.41

Taxes & Fees:$10,927.27

Year 4 (Oct '29 - Sep '30)$304,501.73

Total Payment:$35,815.11

Principal:$4,265.90

Interest:$20,294.11

Taxes & Fees:$11,255.09

Year 5 (Oct '30 - Sep '31)$299,944.97

Total Payment:$36,152.76

Principal:$4,556.76

Interest:$20,003.26

Taxes & Fees:$11,592.74

Year 6 (Oct '31 - Sep '32)$295,077.52

Total Payment:$36,500.54

Principal:$4,867.45

Interest:$19,692.56

Taxes & Fees:$11,940.52

Year 7 (Oct '32 - Sep '33)$289,878.19

Total Payment:$36,858.76

Principal:$5,199.33

Interest:$19,360.69

Taxes & Fees:$12,298.74

Year 8 (Oct '33 - Sep '34)$284,324.36

Total Payment:$37,227.72

Principal:$5,553.83

Interest:$19,006.19

Taxes & Fees:$12,667.70

Year 9 (Oct '34 - Sep '35)$278,391.86

Total Payment:$37,607.75

Principal:$5,932.50

Interest:$18,627.52

Taxes & Fees:$13,047.73

Year 10 (Oct '35 - Sep '36)$272,054.86

Total Payment:$37,999.18

Principal:$6,336.99

Interest:$18,223.02

Taxes & Fees:$13,439.16

Year 11 (Oct '36 - Sep '37)$265,285.80

Total Payment:$38,402.36

Principal:$6,769.06

Interest:$17,790.95

Taxes & Fees:$13,842.34

Year 12 (Oct '37 - Sep '38)$258,055.21

Total Payment:$38,817.63

Principal:$7,230.59

Interest:$17,329.42

Taxes & Fees:$14,257.61

Year 13 (Oct '38 - Sep '39)$250,331.61

Total Payment:$39,245.36

Principal:$7,723.59

Interest:$16,836.43

Taxes & Fees:$14,685.34

Year 14 (Oct '39 - Sep '40)$242,081.41

Total Payment:$39,685.92

Principal:$8,250.20

Interest:$16,309.81

Taxes & Fees:$15,125.90

Year 15 (Oct '40 - Sep '41)$233,268.69

Total Payment:$40,139.69

Principal:$8,812.72

Interest:$15,747.30

Taxes & Fees:$15,579.67

Year 16 (Oct '41 - Sep '42)$223,855.09

Total Payment:$40,607.08

Principal:$9,413.59

Interest:$15,146.42

Taxes & Fees:$16,047.06

Year 17 (Oct '42 - Sep '43)$213,799.66

Total Payment:$41,088.49

Principal:$10,055.43

Interest:$14,504.58

Taxes & Fees:$16,528.48

Year 18 (Oct '43 - Sep '44)$203,058.62

Total Payment:$41,584.35

Principal:$10,741.04

Interest:$13,818.98

Taxes & Fees:$17,024.33

Year 19 (Oct '44 - Sep '45)$191,585.23

Total Payment:$42,095.08

Principal:$11,473.39

Interest:$13,086.63

Taxes & Fees:$17,535.06

Year 20 (Oct '45 - Sep '46)$179,329.57

Total Payment:$42,621.13

Principal:$12,255.67

Interest:$12,304.35

Taxes & Fees:$18,061.11

Year 21 (Oct '46 - Sep '47)$166,238.28

Total Payment:$43,162.96

Principal:$13,091.29

Interest:$11,468.73

Taxes & Fees:$18,602.95

Year 22 (Oct '47 - Sep '48)$152,254.40

Total Payment:$43,721.05

Principal:$13,983.88

Interest:$10,576.14

Taxes & Fees:$19,161.03

Year 23 (Oct '48 - Sep '49)$137,317.07

Total Payment:$44,295.88

Principal:$14,937.33

Interest:$9,622.69

Taxes & Fees:$19,735.87

Year 24 (Oct '49 - Sep '50)$121,361.28

Total Payment:$44,887.96

Principal:$15,955.79

Interest:$8,604.22

Taxes & Fees:$20,327.94

Year 25 (Oct '50 - Sep '51)$104,317.58

Total Payment:$45,497.80

Principal:$17,043.70

Interest:$7,516.32

Taxes & Fees:$20,937.78

Year 26 (Oct '51 - Sep '52)$86,111.81

Total Payment:$46,125.93

Principal:$18,205.77

Interest:$6,354.24

Taxes & Fees:$21,565.91

Year 27 (Oct '52 - Sep '53)$66,664.72

Total Payment:$46,772.91

Principal:$19,447.08

Interest:$5,112.93

Taxes & Fees:$22,212.89

Year 28 (Oct '53 - Sep '54)$45,891.69

Total Payment:$47,439.29

Principal:$20,773.03

Interest:$3,786.99

Taxes & Fees:$22,879.28

Year 29 (Oct '54 - Sep '55)$23,702.31

Total Payment:$48,125.67

Principal:$22,189.38

Interest:$2,370.63

Taxes & Fees:$23,565.66

Year 30 (Oct '55 - Sep '56)$0.00

Total Payment:$48,832.64

Principal:$23,702.31

Interest:$857.71

Taxes & Fees:$24,272.62

How to Use the Mortgage Calculator

Our advanced mortgage calculator helps you estimate your total monthly housing costs, not just the loan payment. Here's a breakdown of the inputs:

Home Price: The total purchase price of the property you intend to buy.
Down Payment: The upfront cash you'll pay. A standard down payment is 20%, but many loans allow 3%, 5%, or 10%. Putting down less than 20% usually requires Private Mortgage Insurance (PMI).
Loan Term: The number of years you have to pay off the loan. The most common terms are 30-year (lower monthly payments, higher total interest) and 15-year (higher monthly payments, lower total interest).
Interest Rate: The annual cost to borrow the money. Rates vary based on the broader economy, your credit score, and the loan type.

Understanding Your Monthly Payment (PITI)

A true mortgage payment consists of more than just paying back the bank. Lenders refer to the full payment as PITI:

PPrincipal

The portion of your payment that goes toward paying down the actual loan balance.

IInterest

The fee charged by the lender for borrowing the money. This makes up the majority of your early payments.

TTaxes

Property taxes assessed by your local government. Lenders usually collect this monthly and hold it in an escrow account to pay the government on your behalf.

IInsurance

Homeowners insurance to protect the property, plus PMI if your down payment was under 20%.

You may also have HOA (Homeowners Association) fees if you buy a condo or a house in a planned community. While not part of PITI, HOA fees are a required monthly cost.

How Mortgage Amortization Works

Amortization is the process of paying off debt with a fixed repayment schedule in regular installments over time.

In a standard fixed-rate mortgage, your total monthly payment (Principal + Interest) stays exactly the same for the entire loan term (e.g., 360 months for a 30-year loan). However, the ratio of principal to interest changes every month.

Early Years: You are paying interest on a massive loan balance. Therefore, almost your entire monthly payment goes toward interest, and very little goes toward the principal.
Middle Years: As the balance slowly shrinks, the interest charge shrinks, allowing more of your fixed payment to attack the principal.
Final Years: The balance is small, so the interest charge is tiny. Almost your entire payment goes toward knocking out the final principal.

Tip: This is why making even small extra principal payments in the first 5 years of a mortgage can shave years off the total loan and save tens of thousands of dollars in interest.

Strategies to Save on Your Mortgage

1. Make Bi-Weekly Payments

Instead of making 12 monthly payments, make half a payment every two weeks. Since there are 52 weeks in a year, you'll make 26 half-payments, which equals 13 full payments. This simple trick can shave 4-5 years off a 30-year loan.

2. Avoid PMI

If you put down at least 20%, you won't have to pay Private Mortgage Insurance. If you must pay PMI, keep track of your home's value. Once you have 20% equity (through paying down the loan and property appreciation), you can ask your lender to remove the PMI.

3. Shop Around for Rates

Even a 0.25% difference in your interest rate can save you tens of thousands of dollars over the life of a 30-year loan. Always get quotes from at least 3 different lenders (banks, credit unions, and mortgage brokers).

4. Shorter Loan Term

If you can afford the higher monthly payment, a 15-year mortgage usually offers a significantly lower interest rate than a 30-year mortgage, and you'll pay less than half the total interest.

Sources & Methodology

Our calculator uses the standard mathematical formula for an amortizing loan to determine the monthly Principal and Interest payment:

M = P [ r(1 + r)^n ] / [ (1 + r)^n - 1 ]

Where:

M = Total monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate divided by 12)
n = Number of payments (loan term in years multiplied by 12)

Data References:

Frequently Asked Questions

What is a good interest rate?▼

A "good" interest rate depends heavily on the current macroeconomic environment, which is controlled by the Federal Reserve. Historically, rates have ranged from as low as 2.5% to over 18%. A good rate is one that is competitive for your specific credit score and loan type on the day you lock it in.

Should I put 20% down?▼

Putting 20% down is ideal because it allows you to avoid Private Mortgage Insurance (PMI), resulting in a lower monthly payment. However, many first-time buyers put down 3% to 5% to get into a home sooner, accepting the PMI cost as a trade-off for not waiting years to save 20%.

What is an escrow account?▼

An escrow account is a holding account managed by your lender. Instead of you paying your annual property taxes and home insurance lump sums, the lender divides those annual costs by 12, adds them to your monthly mortgage payment, holds the money in escrow, and pays the bills on your behalf when they are due.

What is the difference between a fixed and adjustable-rate mortgage (ARM)?▼

A fixed-rate mortgage locks in your interest rate for the entire life of the loan, guaranteeing your principal and interest payment will never change. An ARM offers a lower introductory rate for a set period (e.g., 5 or 7 years), after which the rate adjusts annually based on market conditions, meaning your payment can go up or down.