Mortgage Calculator
See your full monthly house payment — not just principal and interest — and how much interest you pay over the loan.
United StatesQuick answer
On a $400,000 home with 20% down ($320,000 loan) at 6.5% for 30 years, principal and interest is $2,023 a month. Adding 1.1% property tax and $1,800 a year of insurance brings the full payment to about $2,539. Total interest over 30 years is $408,142.
$80,000
US average is about 1.1%.
Only charged under 20% down.
Monthly payment
$2,539
- Principal & interest
- $2,023
- Property tax
- $367
- Home insurance
- $150
- PMI
- $0
- HOA
- $0
- Loan amount
- $320,000
- Total interest over the loan
- $408,142
Fixed-rate loan. Excludes closing costs. Property tax and insurance vary by location.
Amortization schedule (yearly)
| Year | Principal paid | Interest paid | 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 |
Monthly principal & interest with 20% down
| Home price | 6% · 30 yr | 6.5% · 30 yr | 7% · 30 yr | 6% · 15 yr |
|---|---|---|---|---|
| $250,000 | $1,199 | $1,264 | $1,331 | $1,688 |
| $300,000 | $1,439 | $1,517 | $1,597 | $2,025 |
| $400,000 | $1,919 | $2,023 | $2,129 | $2,700 |
| $500,000 | $2,398 | $2,528 | $2,661 | $3,375 |
| $750,000 | $3,597 | $3,792 | $3,992 | $5,063 |
| $1,000,000 | $4,796 | $5,057 | $5,322 | $6,751 |
How it works
A mortgage payment has up to five parts, often called PITI plus extras: principal (paying down the loan), interest, property tax, homeowners insurance, and — if you put down less than 20% on a conventional loan — private mortgage insurance (PMI). Condos and many newer neighborhoods also charge HOA fees. Lenders usually collect tax and insurance through an escrow account as part of the monthly payment.
Principal and interest use the standard fixed-rate amortization formula: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate and n the number of monthly payments. Early payments are mostly interest; by the last years almost all of each payment goes to principal. Open the amortization schedule under the calculator to see the split year by year.
Property tax is entered as a percentage of the home's price — the US average effective rate is around 1.1%, but it ranges from under 0.5% in Hawaii and Alabama to over 2% in New Jersey and Illinois. Check your county's rate for a precise figure. PMI typically costs 0.3%–1.5% of the loan a year and can be removed once you reach 20% equity.
Frequently asked questions
How much house can I afford?
A common guideline is to keep your total housing payment under 28% of gross monthly income and all debt payments under 36%. On a $100,000 salary that is about $2,333 a month for housing.
Is a 15-year or 30-year mortgage better?
A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan keeps the payment affordable and leaves room to invest or pay extra when you choose.
When can I stop paying PMI?
On a conventional loan you can ask your lender to cancel PMI once your balance reaches 80% of the home's original value, and it ends automatically at 78%.
Does this include closing costs?
No. Closing costs — typically 2%–5% of the loan — are paid up front and are not part of the monthly payment.