Borrowing
Mortgage Calculator
Your numbers
Loan term
Varies widely by state and county. Check your local rate.
Only applied when your down payment is under 20%. Your lender quotes the real figure.
Estimated monthly payment
$2,539
Loan of $320,000 over 30 years.
- Principal & interest
- $2,023
- Property tax
- $367
- Home insurance
- $150
- Total monthly payment
- $2,539
- Down payment
- $80,000
- Loan amount
- $320,000
- Total interest over the loan
- $408,142
- Total principal & interest paid
- $728,142
Year-by-year amortization
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
Results are estimates for planning only and assume the numbers you enter stay the same. They are not an offer of credit or financial advice. Confirm actual terms with the lender, bank or provider.
How it works
Behind the numbers
Principal and interest are calculated with the standard fixed-rate mortgage formula for a 15-, 20- or 30-year loan. Property tax is estimated as a percentage of the home price each year, and insurance and HOA dues are added as you enter them.
If your down payment is under 20%, we add an estimate for private mortgage insurance (PMI) based on the rate you enter. Conventional lenders usually require PMI below 20% down, and it can typically be removed once you build enough equity. FHA, VA and USDA loans have different rules.
Tips
- Property tax rates vary widely by location. Use your county's rate for a better estimate.
- A 15-year loan has a higher payment but usually much less total interest than a 30-year loan.
- Lenders also look at your debt-to-income ratio, so a payment you can afford on paper may still be limited.
Quick answers
Common questions
What's included in a mortgage payment?
Most payments include principal and interest, and many also include property tax and homeowners insurance through an escrow account. If you put less than 20% down on a conventional loan, PMI is usually added too. HOA dues are often paid separately.
How much house can I afford?
It depends on your income, debts, down payment and the rate you qualify for. Many lenders look at how much of your gross income goes to housing and to all debts. Use this calculator to test payments, then talk to lenders about what you'd qualify for.
How accurate is the PMI estimate?
It's a rough figure based on the rate you enter. Actual PMI depends on your credit score, down payment, loan type and the insurer. Your lender's Loan Estimate shows the real cost.