Mortgage Calculator
Estimate the true monthly cost of buying a home in the United States. This calculator goes beyond principal and interest by including property taxes, homeowners insurance, private mortgage insurance (PMI), and HOA dues — the costs many first-time buyers forget to budget for.
Adjust any input and your payment updates instantly. A full yearly amortization schedule shows how much of each payment builds equity versus pays interest.
Monthly payment
$2,547.62
- Principal & interest
- $2,022.62
- Property tax
- $400.00
- Homeowners insurance
- $125.00
- PMI
- Not required
- HOA fee
- —
Loan amount $320,000.00 · LTV 80% · Payoff in August 2056
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,576.72 | $20,694.69 | $316,423.28 |
| 2 | $3,816.26 | $20,455.15 | $312,607.02 |
| 3 | $4,071.84 | $20,199.57 | $308,535.17 |
| 4 | $4,344.54 | $19,926.87 | $304,190.63 |
| 5 | $4,635.50 | $19,635.91 | $299,555.13 |
| 6 | $4,945.95 | $19,325.46 | $294,609.18 |
| 7 | $5,277.19 | $18,994.22 | $289,331.98 |
| 8 | $5,630.62 | $18,640.80 | $283,701.37 |
| 9 | $6,007.71 | $18,263.70 | $277,693.66 |
| 10 | $6,410.06 | $17,861.36 | $271,283.60 |
| 11 | $6,839.35 | $17,432.06 | $264,444.26 |
| 12 | $7,297.39 | $16,974.02 | $257,146.86 |
| 13 | $7,786.11 | $16,485.30 | $249,360.75 |
| 14 | $8,307.56 | $15,963.85 | $241,053.19 |
| 15 | $8,863.94 | $15,407.48 | $232,189.25 |
| 16 | $9,457.57 | $14,813.84 | $222,731.68 |
| 17 | $10,090.96 | $14,180.45 | $212,640.72 |
| 18 | $10,766.77 | $13,504.64 | $201,873.95 |
| 19 | $11,487.84 | $12,783.57 | $190,386.11 |
| 20 | $12,257.20 | $12,014.21 | $178,128.90 |
| 21 | $13,078.09 | $11,193.32 | $165,050.81 |
| 22 | $13,953.96 | $10,317.46 | $151,096.86 |
| 23 | $14,888.48 | $9,382.93 | $136,208.38 |
| 24 | $15,885.59 | $8,385.83 | $120,322.79 |
| 25 | $16,949.47 | $7,321.94 | $103,373.32 |
| 26 | $18,084.61 | $6,186.80 | $85,288.71 |
| 27 | $19,295.77 | $4,975.64 | $65,992.94 |
| 28 | $20,588.05 | $3,683.37 | $45,404.89 |
| 29 | $21,966.86 | $2,304.55 | $23,438.03 |
| 30 | $23,438.03 | $833.39 | $0.00 |
How the Mortgage Calculator works
The calculation follows the standard method used across the US — no shortcuts, no hidden assumptions. Here is exactly what happens behind the scenes:
Formula
M = P × r(1 + r)ⁿ / ((1 + r)ⁿ − 1)
- P is the loan amount (home price minus down payment).
- r is the monthly interest rate (annual rate ÷ 12).
- n is the total number of payments (years × 12).
- Property tax, insurance, PMI, and HOA are added on top of M as fixed monthly amounts.
Frequently Asked Questions
What is included in my monthly mortgage payment?
Your payment typically includes four parts, often called PITI: principal, interest, property taxes, and insurance. If your down payment is under 20%, lenders also add PMI, and homes in managed communities add HOA fees.
How much house can I afford in the US?
Most lenders follow the 28/36 rule: housing costs should stay below 28% of gross monthly income, and all debt payments below 36%. Use our calculator with different home prices to find the payment level that fits your budget.
When does PMI fall off my payment?
By federal law (Homeowners Protection Act), your lender must automatically cancel PMI once your loan balance reaches 78% of the original home value, and you can request cancellation at 80%.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan has higher monthly payments but far less total interest and usually a lower rate. A 30-year loan frees up monthly cash flow. Run both scenarios above to compare total interest side by side.
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