Mortgage Calculator
Model a full monthly payment — principal, interest, taxes, insurance, PMI, and HOA — then see exactly how the balance shrinks over the life of the loan.
Mortgage Calculator
Monthly payment & amortization
LOAN DETAILS
MONTHLY EXTRAS (OPTIONAL)
Results update live as you type — this button just confirms them.
Monthly Payment
$2,161
Loan Amount
$280,000
- Principal & Interest
- $1,770
- Property Tax
- $292
- Home Insurance
- $100
- PMI
- N/A
- HOA Fees
- $0
- Total Interest Paid
- $357,125
- Total Cost of Loan
- $637,125
- Payoff Date
- Sep 2056
Payment Breakdown
- Principal & Interest
- Property Tax
- Insurance
- PMI
- HOA
Balance Over Time
Amortization Schedule
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Month 1 | $1,770 | $253 | $1,517 | $279,747 |
| Month 2 | $1,770 | $254 | $1,515 | $279,492 |
| Month 3 | $1,770 | $256 | $1,514 | $279,237 |
| Month 4 | $1,770 | $257 | $1,513 | $278,979 |
| Month 5 | $1,770 | $259 | $1,511 | $278,721 |
| Month 6 | $1,770 | $260 | $1,510 | $278,461 |
| Month 7 | $1,770 | $261 | $1,508 | $278,199 |
| Month 8 | $1,770 | $263 | $1,507 | $277,936 |
| Month 9 | $1,770 | $264 | $1,505 | $277,672 |
| Month 10 | $1,770 | $266 | $1,504 | $277,406 |
| Month 11 | $1,770 | $267 | $1,503 | $277,139 |
| Month 12 | $1,770 | $269 | $1,501 | $276,870 |
| Month 13 | $1,770 | $270 | $1,500 | $276,600 |
| Month 14 | $1,770 | $272 | $1,498 | $276,329 |
| Month 15 | $1,770 | $273 | $1,497 | $276,056 |
| Month 16 | $1,770 | $274 | $1,495 | $275,781 |
| Month 17 | $1,770 | $276 | $1,494 | $275,505 |
| Month 18 | $1,770 | $277 | $1,492 | $275,228 |
| Month 19 | $1,770 | $279 | $1,491 | $274,949 |
| Month 20 | $1,770 | $280 | $1,489 | $274,668 |
| Month 21 | $1,770 | $282 | $1,488 | $274,386 |
| Month 22 | $1,770 | $284 | $1,486 | $274,103 |
| Month 23 | $1,770 | $285 | $1,485 | $273,818 |
| Month 24 | $1,770 | $287 | $1,483 | $273,531 |
| Month 25 | $1,770 | $288 | $1,482 | $273,243 |
| Month 26 | $1,770 | $290 | $1,480 | $272,953 |
| Month 27 | $1,770 | $291 | $1,478 | $272,662 |
| Month 28 | $1,770 | $293 | $1,477 | $272,369 |
| Month 29 | $1,770 | $294 | $1,475 | $272,075 |
| Month 30 | $1,770 | $296 | $1,474 | $271,779 |
| Month 31 | $1,770 | $298 | $1,472 | $271,481 |
| Month 32 | $1,770 | $299 | $1,471 | $271,182 |
| Month 33 | $1,770 | $301 | $1,469 | $270,881 |
| Month 34 | $1,770 | $303 | $1,467 | $270,578 |
| Month 35 | $1,770 | $304 | $1,466 | $270,274 |
| Month 36 | $1,770 | $306 | $1,464 | $269,968 |
Getting the Most Out of This Calculator
Start with home price, down payment, rate, and term for a baseline payment, then layer in property tax, insurance, HOA dues, and a PMI rate for the full picture a lender would quote you. Shopping for a standard loan instead? Loan Calculator covers that, and Auto Loan Calculator handles vehicle financing.
What Makes Up Your Payment
- Principal: the amount you actually borrowed, before interest.
- Interest: the lender’s charge for the loan, quoted as an annual rate.
- Property Tax: billed by your local government, often 1–2% of home value per year.
- Home Insurance: covers damage to the property, commonly $800–$2,000 a year.
- PMI: kicks in below 20% down, usually 0.5–1.5% of the loan annually.
- HOA: a flat monthly due for shared community upkeep, where applicable.
The Math Behind the Number
The standard amortizing-loan formula:
- M = monthly principal & interest payment
- P = principal loan amount
- r = monthly interest rate (annual ÷ 12)
- n = total number of payments (years × 12)
Example: a $280,000 loan at 6.5% over 30 years works out to roughly $1,769/month in principal & interest alone.
Ways to Pay It Off Faster
- Split payments biweekly: half your payment every two weeks quietly adds one extra full payment a year.
- Add a little extra principal: even $100/month extra can save tens of thousands over 30 years.
- Refinance when it makes sense: a rate drop of 1 point or more can be worth the closing costs.
- Put down 20% if you can: it skips PMI entirely and often unlocks a better rate.
- Choose a shorter term: 15 years typically cuts total interest by roughly half versus 30.
Common Loan Types at a Glance
- Fixed-Rate: the rate never changes — predictable for the full term.
- Adjustable-Rate (ARM): lower to start, then resets after an initial fixed period.
- FHA Loan: government-backed with down payments as low as 3.5%.
- VA Loan: for eligible veterans and service members, often with no down payment.
- Jumbo Loan: for amounts above the conforming loan limit, with stricter qualifying rules.
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