Mortgage Calculator
Monthly payment, total interest and a full amortization schedule, with taxes, insurance, PMI and extra payments if you want them.
Key facts
- A $320,000 loan at 6.5% costs $2,022.62 a month in principal and interest over 30 years ($408,142 total interest), or $2,787.54 over 15 years ($181,758).
Loan term
Taxes, insurance & extra paymenttax 0.9% · insurance $1,569/yr
Paid on top of the payment each month, straight to principal
$300/mo. The 50 states averaged 0.9% in 2024, from 0.29% (Hawaii) to 1.88% (New Jersey and Illinois); check your county's rate.
The US average was $1,569 a year in 2022 (NAIC). Use your quote; it varies a lot by state.
Not charged: you are putting down 20% or more.
Monthly payment
$2,453/mo
$2,023 principal & interest + $300 property tax + $131 insurance.
- Principal & interest$2,023
- Tax$300
- Insurance$131
- Total interest
- $408,142
- Total of payments
- $728,142
- Paid off
- in 30 years
Tax and insurance are US averages (0.9% of the price and $1,569 a year). Put in yours under “Taxes, insurance & extra payment”.
An estimate from the numbers you enter; real loan terms, fees and taxes vary. Not financial advice. Terms
Amortization schedule360 monthly payments: how each splits between interest and principal
The $80,000 down payment is paid upfront, and taxes, insurance, PMI and HOA are on top, so neither is in these totals.
How it’s worked outThe standard fixed-rate mortgage formula
M = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P = $320,000 loan, r = 6.5% ÷ 12 = 0.5417% a month, n = 360 payments.
M = $2,023 a month (exactly $2022.62). Each month the interest is the balance × r; the rest of the payment reduces the balance.
How this works: Method, 3 sources, Checked against 10 worked examples,
How this works
Method
The monthly principal and interest is M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the home price minus the down payment, r the annual rate ÷ 12 and n the number of monthly payments. The payment shown adds property tax, homeowners insurance, HOA dues, PMI (under 20% down, at your lender’s rate, until the balance is scheduled to reach 78% of the price, by law) and any extra payment. Tax starts at 0.9% of the price a year (the 50 states’ average effective rate in 2024) and insurance at $1,569 a year (the 2022 US average).
Sources
- Property Taxes by State and County, 2026 (effective rates on owner-occupied housing, 2024, from the Census Bureau’s American Community Survey) (Tax Foundation, 2026)
- Facts + Statistics: Homeowners and renters insurance (NAIC average HO-3 premium, 2022) (Insurance Information Institute)
- When can I remove private mortgage insurance (PMI) from my loan? (the Homeowners Protection Act’s 78% and midpoint rules) (Consumer Financial Protection Bureau, 2026)
How it’s tested
10 worked examples for this page are checked by automated tests before every release: given the inputs, the tool must show the expected answer.
Limits
An estimate from the numbers you enter; real loan terms, fees and taxes vary. Not financial advice.
Privacy
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Changes
- PMI stops at 78% of the price, as the law requires, and starts blank for your lender’s rate instead of an uncited 0.5%; the result shows total interest, and $1B reads as $1B.
- The monthly payment now includes property tax and homeowners insurance by default, at cited US averages you can change, and any extra payment, with a breakdown underneath.
- Added a printable report.
- Added key facts with worked examples of the payment formula.
- Redesigned: optional taxes, insurance, PMI and HOA, extra monthly payments, the down payment in dollars or percent, a balance chart and the payment at nearby rates.
- Results now update as you type, with no Calculate button.
- First published.
Frequently Asked Questions
How is my monthly mortgage payment calculated?
Principal and interest come from the loan amount (home price minus down payment), the interest rate and the term: a fixed payment that pays the loan off by the last month. On top of that, the calculator adds property tax and homeowners insurance, because your lender usually collects them with the payment. They start at US averages (0.9% of the price a year in tax, $1,569 a year for insurance); change them to your own figures, or switch them off to see principal and interest alone.
What is an amortization schedule?
An amortization schedule is a table showing how each monthly payment is split between principal and interest over the life of your loan. Early payments go mostly toward interest, while later payments reduce more principal. Our calculator provides both monthly and yearly breakdowns.
How does the down payment affect my mortgage?
A larger down payment reduces your loan amount, resulting in lower monthly payments and less total interest paid. It may also help you avoid PMI (Private Mortgage Insurance) if you put down 20% or more, and could qualify you for better interest rates.
When does PMI stop?
Under the Homeowners Protection Act, your servicer must end PMI automatically on the date your balance is scheduled to reach 78% of the home's original value, or the month after the loan's midpoint if that comes first, as long as you are current on payments. You can ask for it to be cancelled earlier, once the balance reaches 80% (the Consumer Financial Protection Bureau explains the conditions). Enter your lender's PMI rate and the calculator stops charging it on that date, in the schedule and the totals.
What's included in the total interest paid?
Total interest paid represents all interest charges over the entire loan term. This amount can be substantial - often 50-100% of the original loan amount for 30-year mortgages. Our calculator shows exactly how much interest you'll pay based on your specific loan terms.
Can I see how extra payments affect my loan?
Yes. Enter an extra monthly payment and the calculator shows how much interest it saves, how much sooner the loan is paid off, and the new amortization schedule. Extra payments go straight to principal, so every dollar early in the loan saves several dollars of interest later.
What is PITI?
PITI stands for principal, interest, taxes and insurance: the full monthly payment on a home with a mortgage, and the number to budget against. This calculator shows PITI by default, plus private mortgage insurance (charged when you put down less than 20%) and any HOA dues you enter. Switch off "Include taxes, insurance, PMI, HOA" to see principal and interest alone.