Mortgage Calculator
Estimate your monthly payment with taxes, insurance and PMI, plus a full amortization schedule.
30 years15 years20 years
Monthly
$2,514
Monthly payment (PITI)
$2,514.28
Principal & interest
$2,022.62
Loan amount
$320,000
Total interest
$408,142
P&I $2,022.62Tax $366.67Insurance $125.00
Loan balance over time
Remaining principal at the end of each year.
Amortization schedule
Yearly summary — click a row to see monthly detail.
| Year | Paid | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $24,271 | $3,577 | $20,695 | $316,423 |
| Year 2 | $24,271 | $3,816 | $20,455 | $312,607 |
| Year 3 | $24,271 | $4,072 | $20,200 | $308,535 |
| Year 4 | $24,271 | $4,345 | $19,927 | $304,191 |
| Year 5 | $24,271 | $4,636 | $19,636 | $299,555 |
| Year 6 | $24,271 | $4,946 | $19,325 | $294,609 |
| Year 7 | $24,271 | $5,277 | $18,994 | $289,332 |
| Year 8 | $24,271 | $5,631 | $18,641 | $283,701 |
| Year 9 | $24,271 | $6,008 | $18,264 | $277,694 |
| Year 10 | $24,271 | $6,410 | $17,861 | $271,284 |
| Year 11 | $24,271 | $6,839 | $17,432 | $264,444 |
| Year 12 | $24,271 | $7,297 | $16,974 | $257,147 |
| Year 13 | $24,271 | $7,786 | $16,485 | $249,361 |
| Year 14 | $24,271 | $8,308 | $15,964 | $241,053 |
| Year 15 | $24,271 | $8,864 | $15,407 | $232,189 |
| Year 16 | $24,271 | $9,458 | $14,814 | $222,732 |
| Year 17 | $24,271 | $10,091 | $14,180 | $212,641 |
| Year 18 | $24,271 | $10,767 | $13,505 | $201,874 |
| Year 19 | $24,271 | $11,488 | $12,784 | $190,386 |
| Year 20 | $24,271 | $12,257 | $12,014 | $178,129 |
| Year 21 | $24,271 | $13,078 | $11,193 | $165,051 |
| Year 22 | $24,271 | $13,954 | $10,317 | $151,097 |
| Year 23 | $24,271 | $14,888 | $9,383 | $136,208 |
| Year 24 | $24,271 | $15,886 | $8,386 | $120,323 |
| Year 25 | $24,271 | $16,949 | $7,322 | $103,373 |
| Year 26 | $24,271 | $18,085 | $6,187 | $85,289 |
| Year 27 | $24,271 | $19,296 | $4,976 | $65,993 |
| Year 28 | $24,271 | $20,588 | $3,683 | $45,405 |
| Year 29 | $24,271 | $21,967 | $2,305 | $23,438 |
| Year 30 | $24,271 | $23,438 | $833 | $0 |
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How to use this mortgage calculator
Enter the home price, your down-payment percentage, the interest rate (APR) and the loan term. Add your local property-tax rate, annual home insurance and any HOA dues to see your full monthly payment (PITI). Results, the payment breakdown chart and the amortization schedule update instantly.
PITI explained
- Principal & Interest: the core loan repayment, fixed for the life of a fixed-rate mortgage.
- Property Tax: set by your county, usually 0.3%–2.2% of home value per year.
- Insurance: homeowners insurance protecting the property.
- PMI: added when the down payment is below 20%; removed once you build enough equity.
Estimates use standard formulas. Your actual rate, taxes, insurance and closing costs will vary — confirm with your lender.
Frequently Asked Questions
- What is included in the monthly payment?
- This calculator shows PITI — Principal, Interest, property Tax and home Insurance — plus PMI (if your down payment is under 20%) and any HOA dues. Together these make up your true monthly housing cost.
- How is the mortgage payment calculated?
- Principal & interest use the standard amortization formula: M = P × r × (1+r)ⁿ ÷ [(1+r)ⁿ − 1], where r is the monthly rate (APR ÷ 12) and n is the number of months. Tax, insurance, PMI and HOA are added on top.
- When do I have to pay PMI?
- Private Mortgage Insurance is usually required when your down payment is less than 20% of the home price. It typically drops off automatically once you reach about 22% equity.
- Should I choose a 15- or 30-year term?
- A 15-year loan has higher monthly payments but far less total interest; a 30-year loan has lower payments but costs more over time. Compare both using the term toggle.
📅 Last updated: June 2026 · Formulas follow standard banking / tax conventions · Results are for reference only.