Calculators

Mortgage Calculator: Monthly Mortgage Payment

Estimate your monthly mortgage payment from the home price, down payment, interest rate and loan term, with optional property tax, home insurance, HOA fees and PMI. See the total interest and a full amortization schedule. Estimates only.

Down payment as
Taxes, insurance and fees (optional, per month)
Monthly payment
$2,022.62
Loan amount
$320,000.00
Total interest
$408,142.36
Principal and interest
$2,022.62
Total per month
$2,022.62

Principal 44%Interest 56%

Repayment schedule

YearPrincipalInterestBalance
1$3,576.72$20,694.69$316,423.28
2$3,816.26$20,455.15$312,607.02
3$4,071.84$20,199.57$308,535.17
4$4,344.54$19,926.87$304,190.63
5$4,635.50$19,635.91$299,555.13
6$4,945.95$19,325.46$294,609.18
7$5,277.19$18,994.22$289,331.98
8$5,630.62$18,640.80$283,701.37
9$6,007.71$18,263.70$277,693.66
10$6,410.06$17,861.36$271,283.60
11$6,839.35$17,432.06$264,444.26
12$7,297.39$16,974.02$257,146.86
13$7,786.11$16,485.30$249,360.75
14$8,307.56$15,963.85$241,053.19
15$8,863.94$15,407.48$232,189.25
16$9,457.57$14,813.84$222,731.68
17$10,090.96$14,180.45$212,640.72
18$10,766.77$13,504.64$201,873.95
19$11,487.84$12,783.57$190,386.11
20$12,257.20$12,014.21$178,128.90
21$13,078.09$11,193.32$165,050.81
22$13,953.96$10,317.46$151,096.86
23$14,888.48$9,382.93$136,208.38
24$15,885.59$8,385.83$120,322.79
25$16,949.47$7,321.94$103,373.32
26$18,084.61$6,186.80$85,288.71
27$19,295.77$4,975.64$65,992.94
28$20,588.05$3,683.37$45,404.89
29$21,966.86$2,304.55$23,438.03
30$23,438.03$833.39$0.00

Estimates only, not financial advice. Your lender's figures may differ because of fees, rounding and how they charge interest. Your numbers stay on your device.

How to use the Mortgage Calculator

  1. Enter the home price and your down payment as a percentage or an amount.
  2. Enter the interest rate and the loan term in years.
  3. Optionally add monthly property tax, insurance, HOA fees and PMI.
  4. Read the monthly payment breakdown and open any year of the schedule.

Frequently asked questions

How is a mortgage payment calculated?
The principal and interest part uses the standard amortization formula on the loan amount (home price minus down payment). Property tax, insurance, HOA fees and PMI are then added on top.
What is PMI?
Private mortgage insurance. In the US, lenders often require it when the down payment is under 20% of the home price. It protects the lender, not you, and can usually be removed once you have enough equity.
How much down payment do I need?
It depends on the loan type. 20% avoids PMI on most conventional US loans, but many loans allow much less. A bigger down payment lowers both the monthly payment and the total interest.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but far less total interest. Change the term to compare the two.
Are these numbers exact?
They're estimates only, not financial advice. Real payments depend on your lender, fees, taxes and rate, so use your loan estimate for exact figures.

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