Mortgage Calculator
Calculate monthly mortgage payments, total interest, and view a full amortization schedule.
Total purchase price of the property
Loan amount: $280,000
Pay off your mortgage faster
Monthly Costs — tax, insurance, PMI, HOA
$321/mo
$150/mo
Not charged (20%+ down)
Total Monthly Payment (PITI)
$2,240.62
vs. $1,769.79 principal & interest alone
Principal & Interest
$1,769.79
Base monthly P&I
Total Interest
$357,125
102.0% of home price
Total Payment
$637,125
Over 360 months
Down Payment
$70,000
20.0% of home price
Loan Amount
$280,000
Principal borrowed
Payoff Date
Apr 2056
Estimated payoff
True Cost of Ownership
$876,625
over 30 years — 250% of the home price
Home price + interest + property tax + insurance. The number a buyer rarely sees — and it dwarfs the sticker price.
Balance Over Time
How to use this calculator
- Enter the home price — the agreed purchase price of the property.
- Set your down payment — the cash you pay upfront. The loan amount is the home price minus this.
- Enter the interest rate and choose a loan term — most mortgages run 15 or 30 years.
- Add the monthly costs — property tax, homeowners insurance, HOA dues and the PMI rate. These turn a “principal and interest” estimate into your real PITI payment.
- (Optional) Add an extra monthly payment to see how much faster the loan clears.
The full monthly payment, total interest, payoff date and amortization schedule update as you type.
How it works
The principal-and-interest portion of a mortgage is a fully amortized loan: the same payment every month, with the balance reaching zero on the final payment. Early payments are mostly interest because interest is charged on the (large) remaining balance; later payments are mostly principal.
On top of principal and interest, this calculator adds the costs a homeowner actually pays:
- Property tax — a yearly percentage of the home’s value, divided into monthly amounts.
- Homeowners insurance — a yearly premium, also spread monthly.
- PMI — charged only while the down payment (and then the loan balance) keeps your equity under 20%. The calculator estimates the month it drops off.
- HOA dues — a flat monthly charge where applicable.
Added together, these give the honest monthly figure to budget around — and the total cost of ownership over the life of the loan, which is often close to twice the home’s price.
Frequently Asked Questions
What is included in a monthly mortgage payment? ▾
A real mortgage payment is more than principal and interest. It is commonly called PITI: Principal, Interest, Taxes (property tax) and Insurance (homeowners insurance). If your down payment is under 20%, it also includes PMI — private mortgage insurance. HOA dues, where they apply, are paid on top. A calculator that shows only principal and interest understates the true cost, often by hundreds of dollars a month.
How much should my down payment be? ▾
20% of the home price is the figure that matters most: at or above 20% down, lenders do not require PMI, which can save you a meaningful amount each month. A smaller down payment is still possible, but expect to pay PMI until your loan balance falls to about 78–80% of the home's value.
What is PMI and when does it stop? ▾
PMI (private mortgage insurance) protects the lender, not you, and is charged when your down payment is below 20%. It is not permanent — once your loan balance reaches roughly 78% of the original home value through regular payments, PMI is typically removed. The calculator estimates the month this happens.
Does a shorter loan term save money? ▾
Yes, substantially. A 15-year mortgage has a higher monthly payment than a 30-year one, but you pay far less total interest because you are borrowing for half as long. The trade-off is monthly affordability versus lifetime cost — the amortization schedule shows both.
How much does paying extra each month help? ▾
Extra payments go straight to principal, shrinking the balance that interest is charged on. On a 30-year mortgage, even a modest extra amount each month can remove several years from the loan and save tens of thousands in interest. Enter an extra payment to see the exact figures for your loan.