Financial Calculators
Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property taxes, home insurance, and PMI. View a full amortization schedule — instantly, for free.
Purchase Details
20.0% of home price · LTV 80.0%
Loan Terms
Additional Monthly Costs(optional)
$400/mo
$100/mo
Not usually required
Mortgage Charts
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 2026 | $2,661 | $15,543 | $317,339 |
| 2027 | $3,755 | $20,516 | $313,584 |
| 2028 | $4,006 | $20,265 | $309,578 |
| 2029 | $4,275 | $19,997 | $305,303 |
| 2030 | $4,561 | $19,710 | $300,742 |
Monthly Payment
$2,523
Incl. taxes & insurance
Payment Breakdown
Loan Amount
$320,000
80.0% financed
Down Payment
$80,000
20.0%
Total Interest
$408,142
over loan life
Total Cost
$988,142
incl. all payments
Loan Paid Off
March 2056
Loan Term
30 years
How to use this mortgage calculator
Enter your home price and down payment to set your loan amount. Adjust the interest rate and loan term to see how they affect your monthly payment. Optionally add property taxes, home insurance, and PMI for a complete PITI payment.
What is included in the monthly mortgage payment?
- Principal & Interest (P&I) — The base loan repayment calculated from the loan amount, rate, and term.
- Property Tax — Your annual property tax divided by 12. Varies by location.
- Home Insurance — Required by most lenders. Typically $1,000–$2,000/year.
- PMI (Private Mortgage Insurance) — Usually required when your down payment is less than 20% (LTV > 80%).
How is the monthly mortgage payment calculated?
We use the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
What is a good mortgage interest rate?
Mortgage rates change daily based on economic conditions and Federal Reserve policy. Rates below the current national average are considered competitive. You can improve your offered rate by increasing your credit score, making a larger down payment, or choosing a shorter loan term such as a 15-year mortgage.
15-year vs. 30-year mortgage — which should I choose?
A 15-year mortgage has higher monthly payments but you pay far less total interest — often saving over $100,000 on a typical home loan. A 30-year mortgage has lower monthly payments, which improves cash flow, but you pay significantly more interest over the life of the loan. Use this calculator to compare both by adjusting the loan term.