Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property taxes, homeowners insurance, PMI, HOA fees and other housing costs.
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Loan Summary
Loan Costs
Estimated Monthly Housing Costs
Taxes, insurance, PMI, HOA, and other costs are estimates and are separate from your loan balance — they are not included in principal or amortization.
Payment Breakdown
Percentages are based on the complete estimated monthly housing payment. Categories with a $0 value are hidden.
Amortization Schedule
Total Principal Paid
$320,000
Total Interest Paid
$408,142
Final Balance
$0
| Year | Principal | Interest | Total Paid | Balance |
|---|---|---|---|---|
| 1 | $3,577 | $20,695 | $24,271 | $316,423 |
| 2 | $3,816 | $20,455 | $24,271 | $312,607 |
| 3 | $4,072 | $20,200 | $24,271 | $308,535 |
| 4 | $4,345 | $19,927 | $24,271 | $304,191 |
| 5 | $4,636 | $19,636 | $24,271 | $299,555 |
| 6 | $4,946 | $19,325 | $24,271 | $294,609 |
| 7 | $5,277 | $18,994 | $24,271 | $289,332 |
| 8 | $5,631 | $18,641 | $24,271 | $283,701 |
| 9 | $6,008 | $18,264 | $24,271 | $277,694 |
| 10 | $6,410 | $17,861 | $24,271 | $271,284 |
| 11 | $6,839 | $17,432 | $24,271 | $264,444 |
| 12 | $7,297 | $16,974 | $24,271 | $257,147 |
| 13 | $7,786 | $16,485 | $24,271 | $249,361 |
| 14 | $8,308 | $15,964 | $24,271 | $241,053 |
| 15 | $8,864 | $15,407 | $24,271 | $232,189 |
| 16 | $9,458 | $14,814 | $24,271 | $222,732 |
| 17 | $10,091 | $14,180 | $24,271 | $212,641 |
| 18 | $10,767 | $13,505 | $24,271 | $201,874 |
| 19 | $11,488 | $12,784 | $24,271 | $190,386 |
| 20 | $12,257 | $12,014 | $24,271 | $178,129 |
| 21 | $13,078 | $11,193 | $24,271 | $165,051 |
| 22 | $13,954 | $10,317 | $24,271 | $151,097 |
| 23 | $14,888 | $9,383 | $24,271 | $136,208 |
| 24 | $15,886 | $8,386 | $24,271 | $120,323 |
| 25 | $16,949 | $7,322 | $24,271 | $103,373 |
| 26 | $18,085 | $6,187 | $24,271 | $85,289 |
| 27 | $19,296 | $4,976 | $24,271 | $65,993 |
| 28 | $20,588 | $3,683 | $24,271 | $45,405 |
| 29 | $21,967 | $2,305 | $24,271 | $23,438 |
| 30 | $23,438 | $833 | $24,271 | $0 |
The amortization table reflects loan principal and interest only — taxes, insurance, PMI, and HOA are not included in the loan balance.
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How to Use the MoneyMetric HQ Mortgage Calculator
Enter your home details on the left and your estimated monthly payment updates on the right. Here is what each input represents:
Home Price
The purchase price of the property.
Down Payment
The amount paid upfront rather than financed.
Loan Amount
Home price minus the down payment.
Interest Rate
The annual interest rate used to estimate principal and interest payments.
Loan Term
The number of years used to repay the mortgage.
Property Taxes
Estimated property taxes associated with the property.
Homeowners Insurance
Estimated insurance cost for the home.
PMI
Potential private mortgage insurance associated with certain conventional loans.
HOA Fees
Homeowners association dues where applicable.
Other Costs
Optional recurring housing expenses you want included.
How Mortgage Payments Are Calculated
A fixed-rate mortgage payment has two parts: principal (the amount that pays down the loan) and interest (the cost of borrowing). Early in the loan, most of each payment is interest. As the balance shrinks, more of each payment goes to principal.
The mortgage payment formula
M = P × [r(1+r)n] / [(1+r)n − 1]
- M = monthly principal & interest payment
- P = principal loan amount
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of monthly payments (years × 12)
In plain terms: each month you pay interest on what you still owe, and the remainder of your payment reduces the balance. Because the balance falls a little each month, the interest portion shrinks and the principal portion grows — until the loan is paid off. At a 0% interest rate, the formula simplifies to M = P ÷ n: the loan divided evenly across all payments, with no interest.
What Makes Up a Mortgage Payment?
Your total monthly housing payment can include more than principal and interest. Lenders often bundle taxes and insurance into one payment through an escrow account.
Principal
The portion of the payment that reduces the outstanding loan balance.
Interest
The cost charged by the lender for borrowing the money.
Property Taxes
Taxes assessed by local taxing authorities.
Homeowners Insurance
Insurance coverage associated with the home.
PMI
Private mortgage insurance that may apply to certain conventional mortgages, particularly when the down payment is below 20%.
HOA Fees
Association dues that may apply to certain properties.
Not every borrower has every expense — taxes, insurance, PMI, and HOA depend on your property, loan program, and location.
How Your Down Payment Affects Your Mortgage
A larger down payment generally:
- Reduces the amount borrowed
- Reduces principal-and-interest payments
- Reduces total interest when other factors remain equal
- May affect mortgage-insurance requirements
A 20% down payment is not required to buy a home. Many loan programs allow lower down payments, though they may include mortgage insurance or other requirements. The right down payment depends on your budget, how much cash you want to keep available, and your other financial goals.
How Interest Rates Affect Mortgage Payments
Even relatively small rate differences can materially affect monthly payments and total interest over a long loan term.
Illustrative Example
| Interest Rate | Monthly P&I | Total Interest |
|---|---|---|
| 3% | $1,349.13 | $165,688 |
| 4% | $1,527.73 | $229,982 |
| 5% | $1,717.83 | $298,419 |
| 6% | $1,918.56 | $370,682 |
| 7% | $2,128.97 | $446,428 |
Illustrative example on a $320,000 loan over 30 years. These rates are not current market rates or lending offers; your actual rate depends on your lender, credit profile, loan program, and market conditions.
15-Year vs. 30-Year Mortgage
Shorter terms generally produce higher monthly principal-and-interest payments but lower total interest. Longer terms generally reduce the required monthly payment but may result in more total interest over the life of the loan.
| 15-Year Mortgage | 30-Year Mortgage | |
|---|---|---|
| Monthly Payment (P&I) | $2,787.54 | $2,022.62 |
| Repayment Period | 15 years | 30 years |
| Total Interest | $181,758 | $408,142 |
| Equity Build-Up | Faster — paid off in 15 years | Slower — builds over 30 years |
Illustrative comparison on a $320,000 loan at a 6.5% interest rate. Neither term is universally better; the right choice depends on your monthly budget and how you weigh paying the loan off faster against other uses for that money.
How Extra Mortgage Payments Can Affect Your Loan
Additional principal payments may:
- Reduce the outstanding balance faster
- Shorten payoff time
- Reduce total interest
Borrowers should verify how their loan servicer applies additional payments — some servicers require instructions to apply extra funds to principal rather than to future payments. Open the Extra Payments option in the calculator above to model your scenario and see your new payoff date, time saved, and interest saved.
Mortgage Calculator Methodology
- Formula: the standard fixed-rate amortization formula, M = P × [r(1+r)^n] / [(1+r)^n − 1], with a 0% rate handled as M = P ÷ n.
- Loan principal: home price minus the down payment.
- Monthly interest: the annual interest rate divided by 12, applied to the remaining balance each month.
- Amortization: each payment covers that month's interest first; the remainder reduces principal. The balance declines over the term until it reaches zero.
- Property taxes: entered as an annual amount or a percentage of home value, divided by 12 for the monthly figure and added to your housing payment — not part of the loan balance.
- Homeowners insurance: entered as an annual amount, divided by 12, and added to your housing payment — not part of the loan balance.
- PMI: an annual percentage of the loan amount divided by 12 (or an auto-estimate when the down payment is below 20%); added to your housing payment and never part of the loan balance.
- HOA & other costs: entered as monthly amounts and added directly to your housing payment — not part of the loan balance.
- Extra payments: applied to principal first, reducing future interest; the schedule stops when the balance reaches zero.
- Rounding: all calculations are performed using full numerical precision internally and rounded only for display.
Calculations are performed using full numerical precision internally and rounded only for display. Taxes, insurance, PMI, HOA, and other housing expenses do not reduce the mortgage principal or amortization balance — they are part of your estimated monthly housing payment only.
See our MoneyMetric HQ Methodology page for the general approach behind all MoneyMetric HQ calculators.
Mortgage Calculation Example
Illustrative Example
- Home Price: $400,000
- Down Payment: $80,000 / 20%
- Loan Amount: $320,000
- Loan Term: 30 years
- Interest Rate: 6.5%
Using the formula, the monthly principal & interest payment is approximately $2,022.62. Over 30 years, total interest comes to about $408,142.
This is an illustrative example and the 6.5% rate is not intended to represent a current mortgage rate or available lending offer. Taxes, insurance, HOA, and other expenses vary by property and borrower circumstances and are not included in this figure.
Mortgage Calculator FAQs
What does a mortgage calculator calculate?
It estimates your monthly mortgage payment — principal and interest, plus optional property taxes, homeowners insurance, PMI, HOA fees, and other costs — along with total interest and an amortization schedule.
Does this calculator include property taxes?
Yes. Add them in the Taxes, Insurance & Fees section as an annual amount or a percentage of home value. They're included in your total monthly payment but kept separate from the loan balance.
Does this calculator include homeowners insurance?
Yes. Enter your annual premium in the advanced section and it's added to your estimated monthly housing payment.
What is PMI?
Private mortgage insurance (PMI) protects the lender if you stop making payments. It may apply to certain conventional loans, particularly when the down payment is below 20%.
Does everyone pay PMI?
No. PMI depends on your loan type and down payment. Some loans don't require it, and it may be removed once you reach sufficient equity. Use the Auto estimate, Custom, or None option to match your situation.
How does my down payment affect my mortgage?
A larger down payment reduces the amount borrowed, which lowers your monthly principal-and-interest payment and total interest, and may affect mortgage-insurance requirements.
How does the interest rate affect my payment?
Even small rate differences can materially change your monthly payment and total interest over a long term. See the illustrative comparison in the section above.
What is an amortization schedule?
A table showing how each payment splits between principal and interest and how the remaining balance declines over the life of the loan.
What happens if I make extra mortgage payments?
Extra payments applied to principal can reduce your balance faster, shorten your payoff time, and lower total interest. Open the Extra Payments section to model it, and verify how your servicer applies additional payments.
What is the difference between a 15-year and 30-year mortgage?
A 15-year mortgage generally has higher monthly payments but lower total interest and pays off sooner. A 30-year mortgage has lower monthly payments but may cost more in total interest. Neither is universally better.
Are the results exact?
No. Results are estimates based on your inputs and the assumptions shown. Actual lender calculations, taxes, insurance, fees, and loan terms may differ.
Can this calculator tell me how much house I can afford?
This calculator estimates a payment for a given home price, not a full affordability analysis. For affordability based on your income and debts, use our Mortgage Affordability Calculator.
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Break down every payment into principal and interest over the loan term.
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See how extra payments shorten your term and reduce total interest.
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Compare your current mortgage with a potential refinance.
Down Payment Calculator
Plan your down payment and see how it affects your loan and PMI.
Closing Cost Calculator
Estimate closing costs and how they affect your cash to close.
Rent vs. Buy Calculator
Compare the long-term cost of renting versus buying a home.
FHA Loan Calculator
Estimate payments for an FHA-insured mortgage with its own mortgage insurance.
VA Loan Calculator
Estimate payments for a VA-backed home loan.
Mortgage Guides
Plain-language guides to help you understand the numbers behind your mortgage.
How Mortgage Payments Work
Read guideUnderstanding Mortgage Interest
How Down Payments Work
What Is PMI?
15-Year vs. 30-Year Mortgages
Understanding Closing Costs
MoneyMetric HQ calculators are provided for educational and informational purposes. Results are estimates and may differ from lender calculations, actual loan terms, property taxes, insurance costs, fees and other expenses. MoneyMetric HQ does not provide personalized financial, investment, tax, legal or credit advice. See our Methodology, Financial Disclaimer, and Privacy Policy.