Mortgage Calculator
Wondering what a home really costs each month? Enter the price, down payment, term, and rate to see your full monthly payment — principal and interest plus optional taxes, insurance, PMI, and HOA — with a payment breakdown chart and year-by-year amortization schedule.
$80,000 (20.0%)
$2,022.62
Monthly payment
$408,142
Total interest
$808,142
Total cost
- Principal & interest:$2,022.62
View amortization schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
How to Use Mortgage Calculator
Enter the basics
Type the home price, down payment (in dollars or percent), loan term, and interest rate.
Add taxes and fees
Optionally expand Taxes & fees to include property tax, insurance, PMI, and HOA for a complete payment.
Review the results
See your monthly payment breakdown, total interest, total cost, and the year-by-year amortization schedule.
About Mortgage Calculator
How your mortgage payment is calculated
The core of your payment is principal and interest, computed with the standard amortization formula M = P·r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. Early payments are mostly interest; over time the balance shifts toward principal. On top of P&I, most homeowners also pay property tax, homeowners insurance, and sometimes PMI and HOA dues — this calculator lets you add all four so the monthly number you see matches what your lender would actually collect.
Down payments and PMI
Your down payment determines both your loan size and whether you pay private mortgage insurance. Lenders typically require PMI when you put down less than 20% of the purchase price, usually costing 0.3%–1.5% of the loan balance per year until you reach 20% equity. This calculator automatically applies PMI when your down payment is under 20% and drops it when you cross that threshold, so you can see exactly how a bigger down payment changes your monthly cost. Use the $/% toggle to enter the down payment either way.
Estimates, not quotes
This calculator is for informational purposes only and is not financial advice or a loan offer. Real payments depend on your credit score, lender fees, points, local tax assessments, and insurance quotes, and PMI typically ends once you reach 20% equity rather than lasting the full term. Use these numbers to compare scenarios — 15 vs. 30 years, different down payments, different rates — then confirm actual figures with a lender before making decisions. Everything runs in your browser; nothing you enter is uploaded or stored.
Common uses for Mortgage Calculator
- Estimate a monthly payment before touring homes so you shop in the right price range
- Compare 15, 20, and 30-year terms to see the trade-off between payment size and total interest
- Check how much a larger down payment saves by removing PMI
- Budget the full cost of ownership including taxes, insurance, and HOA dues
- Review an amortization schedule to plan extra principal payments
Frequently Asked Questions
What formula does this mortgage calculator use?
It uses the standard fixed-rate amortization formula: M = P·r(1+r)^n / ((1+r)^n − 1), where P is the loan principal (home price minus down payment), r is the annual rate divided by 12, and n is the term in months. Property tax, insurance, PMI, and HOA are added on top as monthly amounts.
How much should my down payment be?
20% is the classic benchmark because it avoids PMI, but many buyers put down less — conventional loans allow as little as 3%, and FHA loans 3.5%. A larger down payment lowers your monthly payment and total interest; a smaller one preserves cash but adds PMI. Try both in the calculator to see the difference in dollars.
Why is my real payment different from the estimate?
Lenders fold in exact property tax assessments, real insurance quotes, and sometimes escrow adjustments, and your quoted rate depends on credit score and points. This tool also assumes PMI runs for the full term for simplicity, while in practice it ends around 20% equity. Treat the output as a close estimate for comparing scenarios.
Should I choose a 15-year or 30-year term?
A 15-year loan has higher monthly payments but dramatically less total interest — often less than half of what a 30-year loan costs — and usually a lower rate. A 30-year loan keeps payments manageable and leaves budget flexibility. Switch the term in the calculator and compare the total interest figures side by side.
What does the amortization schedule show?
For each year of the loan, it shows how much of your payments went to principal, how much went to interest, and the remaining balance. It's computed month by month internally, so you can see how slowly the balance falls in the early years and where the crossover point is when principal overtakes interest.