Mortgage Calculator
Estimate a monthly mortgage payment with optional property tax, insurance, PMI and HOA, plus a yearly amortization table.
Total monthly payment
2,547.62
- Principal & interest
- 2,022.62
- Property tax
- 400.00
- Home insurance
- 125.00
- PMI
- 0.00
- HOA
- 0.00
- Loan amount
- 320,000.00
- Total interest over the loan
- 408,142.36
Amortization by year
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 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 |
Show the work
Loan amount: the price minus the down payment
L = price × (1 − down % ÷ 100)
400,000.00 × (1 − 20 ÷ 100) = 320,000.00
Monthly interest rate
r = annual rate ÷ 100 ÷ 12
6.5 ÷ 100 ÷ 12 = 0.005416666667
Number of monthly payments
n = years × 12
30 × 12 = 360
Principal & interest
payment = P × r ÷ (1 − (1 + r) to the power of −n)
320,000.00 × 0.005416666667 ÷ (1 − (1 + 0.005416666667) to the power of −360) = 2,022.6177
Monthly extras: tax and insurance ÷ 12, plus PMI and HOA
extras = tax ÷ 12 + insurance ÷ 12 + PMI + HOA
4,800.00 ÷ 12 + 1,500.00 ÷ 12 + 0.00 + 0.00 = 525.00
Total monthly payment
total = principal & interest + extras
2,022.6177 + 525.00 = 2,547.62
Estimates for general information only — not financial advice.
How it works
P&I = L × r ÷ (1 − (1 + r)^−n) with r = annual rate ÷ 12 and n = years × 12; total = P&I + tax + insurance + PMI + HOA
Questions
- How does the mortgage calculator work?
- P&I = L × r ÷ (1 − (1 + r)^−n) with r = annual rate ÷ 12 and n = years × 12; total = P&I + tax + insurance + PMI + HOA.
- What do I need to enter?
- Home price, Down payment, Annual interest rate, Loan term, Property tax per year, Home insurance per year, PMI rate if down payment is under 20%, HOA per month. Optional fields can be left blank.
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