Mortgage Calculator
Amortization schedule by year
- Fixed interest rate for the whole term, with monthly payments.
- Property tax and insurance stay the same every year.
- PMI stops once the loan balance reaches 78% of the home price.
- Closing costs and points are not included. This is an estimate, not a loan offer.
See what a home will really cost each month: principal and interest, property tax, home insurance, HOA dues and private mortgage insurance (PMI). Change any number and the results update as you type. Open the amortization schedule to see how your balance falls year by year.
How to use the calculator
- Home price: the price you expect to pay.
- Down payment: the cash you pay upfront. The loan is the home price minus the down payment. Below 20% down, most conventional lenders charge PMI.
- Interest rate: the yearly rate on your loan quote, not the APR. The APR folds in fees, so it’s a little higher.
- Loan term: how many years you’ll repay over, usually 30 or 15.
- Property tax: your county’s yearly rate as a percent of the home’s value. Rates vary widely by state and county.
- Home insurance per year: your homeowners insurance premium.
- More options: HOA dues, the PMI rate, and an extra payment toward principal each month.
What the results mean
Total monthly payment is what leaves your account each month: principal and interest, one twelfth of your yearly property tax and insurance, HOA dues, any extra payment you entered, and PMI if it applies. Principal and interest is the part that pays off the loan; it stays the same for the whole term. Total interest is what you’d pay the lender over the life of the loan on top of the amount you borrowed.
A worked example
The calculator opens with this example: a $300,000 home, $60,000 down (20%), a 6.5% rate over 30 years, 1.1% property tax and $1,500 a year for insurance.
| Part of the payment | Per month |
|---|---|
| Principal and interest on a $240,000 loan | $1,516.96 |
| Property tax ($300,000 × 1.1% ÷ 12) | $275.00 |
| Home insurance ($1,500 ÷ 12) | $125.00 |
| PMI (not charged: the down payment is 20%) | $0.00 |
| Total monthly payment | $1,916.96 |
Over 30 years, the interest comes to about $306,109, more than the $240,000 borrowed. Early payments go mostly to interest: in year one, $15,521 of the $18,204 you pay is interest and only $2,683 reduces the balance. Halfway through, after 15 years, you’d still owe about $174,143.
How the calculation works
The monthly principal and interest uses the standard formula for a fixed-rate loan, where P is the loan amount, r the yearly rate divided by 12, and n the number of monthly payments:
payment = P × r ÷ (1 − (1 + r)−n)
The payment is rounded to the cent, as a lender would set it. Each month, interest is charged on the remaining balance and the rest of the payment reduces it. The last payment absorbs the few cents of rounding left over. At a 0% rate, the payment is simply the loan divided by the number of months.
PMI is charged only when the down payment is under 20%, at the yearly rate you enter times the loan amount, divided by 12. It stops once the balance reaches 78% of the home price. That mirrors automatic cancellation under the federal Homeowners Protection Act for conventional loans; you can usually ask your lender to remove it earlier, at 80%. FHA loans charge a different kind of mortgage insurance with their own rules, which this calculator doesn’t model.
Ways to lower what you pay
Using the example above as a starting point:
- Pay a little extra each month. An extra $200 toward principal pays the loan off 98 months (8 years and 2 months) sooner and saves about $96,271 in interest.
- Choose a shorter term. Over 15 years, principal and interest rise to $2,090.66 a month, but total interest falls to about $136,318, roughly $170,000 less.
- Get a lower rate. At 6.0% instead of 6.5%, principal and interest drop to $1,438.92 a month, and total interest falls by about $28,000.
- Put 20% down if you can. With only 5% down ($15,000), the larger loan raises principal and interest to $1,801.39 and adds $118.75 a month of PMI at a 0.5% rate, for about 11 years: roughly $16,000 in PMI before it stops.
Assumptions and limits
- The rate is fixed for the whole term. Adjustable-rate mortgages change after their fixed period, so their later payments can be higher.
- Property tax and insurance stay the same every year. In practice both tend to rise, and your lender adjusts your escrow payment when they do.
- Closing costs, points and lender fees aren’t included. They’re paid once at closing, not monthly.
- This is an estimate to help you plan, not a loan offer. Your lender’s Loan Estimate shows your actual terms.
Frequently asked questions
Why is my lender’s payment different?
Lenders use your exact tax bill, insurance premium and PMI quote, and some add a cushion to the escrow account. If your principal and interest differ, check that the loan amount, rate and term match your Loan Estimate.
Does paying extra really make a difference?
Yes, because extra money goes straight to principal, and every dollar of principal you pay early stops collecting interest for the rest of the loan. Enter an amount under More options to see the months and interest you’d save. Check first that your loan has no prepayment penalty.
When does PMI go away?
On most conventional loans, you can ask to cancel PMI when your balance reaches 80% of the home’s original value, and it ends automatically at 78%. The calculator uses the 78% point. Paying extra principal gets you there sooner.
Is my information saved anywhere?
No. The calculation runs in your browser. Nothing you type is stored or sent to us or anyone else.
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Reviewed by Maxwell. Last reviewed October 21, 2026. Methodology: fixed-rate amortization with monthly payments, PMI ending at 78% of the home price.