Mortgage Calculator
Estimate home mortgage payments including principal, interest, taxes, and insurance.
| Item | Monthly | Total |
|---|---|---|
| Mortgage Payment | $1,896.20 | $682,633.47 |
| Property Tax | $375.00 | $135,000.00 |
| Home Insurance | $125.00 | $45,000.00 |
| Other Costs | $0.00 | $0.00 |
| Total Out-of-Pocket | $2,396.20 | $862,633.47 |
Amortization Schedule
| Year | Date | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 9/26-8/27 | $19,401.27 | $3,353.18 | $296,646.82 |
| 2 | 9/27-8/28 | $19,176.70 | $3,577.74 | $293,069.08 |
| 3 | 9/28-8/29 | $18,937.10 | $3,817.35 | $289,251.73 |
| 4 | 9/29-8/30 | $18,681.44 | $4,073.01 | $285,178.72 |
| 5 | 9/30-8/31 | $18,408.66 | $4,345.79 | $280,832.93 |
| 6 | 9/31-8/32 | $18,117.62 | $4,636.83 | $276,196.10 |
| 7 | 9/32-8/33 | $17,807.08 | $4,947.37 | $271,248.73 |
| 8 | 9/33-8/34 | $17,475.75 | $5,278.70 | $265,970.03 |
| 9 | 9/34-8/35 | $17,122.22 | $5,632.23 | $260,337.81 |
| 10 | 9/35-8/36 | $16,745.02 | $6,009.43 | $254,328.38 |
| 11 | 9/36-8/37 | $16,342.56 | $6,411.89 | $247,916.49 |
| 12 | 9/37-8/38 | $15,913.14 | $6,841.31 | $241,075.18 |
| 13 | 9/38-8/39 | $15,454.97 | $7,299.48 | $233,775.70 |
| 14 | 9/39-8/40 | $14,966.11 | $7,788.34 | $225,987.36 |
| 15 | 9/40-8/41 | $14,444.51 | $8,309.94 | $217,677.42 |
| 16 | 9/41-8/42 | $13,887.98 | $8,866.47 | $208,810.95 |
| 17 | 9/42-8/43 | $13,294.17 | $9,460.28 | $199,350.68 |
| 18 | 9/43-8/44 | $12,660.60 | $10,093.85 | $189,256.83 |
| 19 | 9/44-8/45 | $11,984.60 | $10,769.85 | $178,486.98 |
| 20 | 9/45-8/46 | $11,263.32 | $11,491.13 | $166,995.85 |
| 21 | 9/46-8/47 | $10,493.74 | $12,260.71 | $154,735.14 |
| 22 | 9/47-8/48 | $9,672.62 | $13,081.83 | $141,653.30 |
| 23 | 9/48-8/49 | $8,796.50 | $13,957.95 | $127,695.36 |
| 24 | 9/49-8/50 | $7,861.71 | $14,892.74 | $112,802.62 |
| 25 | 9/50-8/51 | $6,864.32 | $15,890.13 | $96,912.49 |
| 26 | 9/51-8/52 | $5,800.13 | $16,954.32 | $79,958.16 |
| 27 | 9/52-8/53 | $4,664.66 | $18,089.79 | $61,868.38 |
| 28 | 9/53-8/54 | $3,453.16 | $19,301.29 | $42,567.08 |
| 29 | 9/54-8/55 | $2,160.51 | $20,593.94 | $21,973.15 |
| 30 | 9/55-8/56 | $781.30 | $21,973.15 | $0.00 |
A mortgage calculator - or house payment calculator - estimates your monthly home loan payment by combining principal and interest with the recurring costs of homeownership - property tax, homeowners insurance, and, if your down payment is below 20% of the home price, private mortgage insurance (PMI). Unlike a simple mortgage and loan calculator, this online mortgage payment calculator breaks the estimate into its individual components so you can see exactly where each dollar of your payment goes.
Enter the home price, your planned down payment, the loan term, and the interest rate your lender quotes. The result separates principal and interest from the property tax and insurance portion, which matters because only the loan itself amortizes - taxes and insurance are pass-through costs that can rise independently over time.
Popular Scenarios & Specific Calculations
What Makes Up a Mortgage Payment
A full mortgage payment - often abbreviated PITI - has four parts. Principal is the portion that reduces what you owe. Interest is the lender's charge for the loan. Property tax is set by your local government and typically averages around 1.1% of a home's value per year in the U.S., though it varies widely by state and county. Homeowners insurance protects the property and is required by virtually every mortgage lender. If your down payment is under 20%, lenders also require PMI, which typically costs 0.3% to 1.9% of the loan amount annually and can be removed once you've paid the loan down to about 78-80% of the home's original value.
How Your Down Payment Changes the Math
A larger down payment reduces both your loan amount and your monthly payment, but its bigger effect is on PMI: dropping below 20% down triggers PMI, while 20% or more avoids it entirely. Some loan programs allow down payments as low as 3%, which lowers the upfront cash needed but increases both the loan balance and the PMI cost layered on top of it. Comparing a 10% down payment against a 20% down payment on the same home price shows the trade-off clearly - a smaller upfront payment but a larger, PMI-inclusive monthly cost.
Fixed-Rate vs. Adjustable-Rate Mortgages
This mortgage interest calculator assumes a fixed rate, meaning your principal and interest payment never changes for the life of the loan. Adjustable-rate mortgages (ARMs) start with a lower introductory rate - typically 0.5 to 2 percentage points below a comparable fixed rate - but that rate resets periodically based on market conditions after the initial fixed period ends, which can raise or lower your payment later. Fixed-rate loans are more predictable; ARMs can save money short-term if you plan to sell or refinance before the adjustment period begins.
How to Use the Mortgage Calculator
- Open the Mortgage Calculator and enter the values requested in the input fields.
- Check the units, percentages, dates, or time periods before reading the answer.
- Review the instant result and adjust any value to compare another scenario.
- Use the formula, example, and FAQs below to understand how the mortgage calculator works.
Frequently Asked Questions
What is PMI and when is it required?
Private Mortgage Insurance (PMI) is required by most lenders when your down payment is less than 20% of the home's purchase price. It typically costs 0.3% to 1.9% of the loan amount per year and can be cancelled once your loan balance drops to about 78-80% of the home's original value.
How much of my payment goes to interest vs. principal?
Early in a mortgage, most of each payment goes to interest because the loan balance is highest. As the balance decreases over the term, a growing share goes to principal - this shift is visible in a full amortization schedule.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has a higher monthly payment but a lower interest rate and far less total interest paid. A 30-year mortgage lowers the monthly payment and offers more budget flexibility, at the cost of paying significantly more interest over the life of the loan.
What credit score do I need for a mortgage?
Conventional loans typically require a minimum credit score around 620, while government-backed FHA loans can accept scores as low as 500-580 with a larger down payment. Higher scores generally qualify for lower interest rates.
Does this calculator include closing costs?
No. Closing costs (typically 2%-5% of the loan amount, covering fees like appraisal, title, and origination) are a separate, one-time cost due at closing and are not included in the monthly payment estimate.
Can I pay off my mortgage faster?
Yes - making extra principal payments, paying biweekly instead of monthly, or refinancing to a shorter term are the three most common strategies, though refinancing has its own closing costs to factor in.
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Last updated: September 29, 2026.