Mortgage Payment Calculator
Estimate your monthly mortgage payment, including principal, interest, taxes, and insurance.
$100,000 (20.0%)
~$500/month
~$125/month
Paid straight to principal every month, on top of your regular payment.
Estimated Monthly Payment
$3,153
Total Principal
$400,000
Total Interest
$510,178
Paid Off In
30y
| Year | Principal Paid | Interest Paid | Ending Balance | Equity |
|---|---|---|---|---|
| 1 | $4,471 | $25,868 | $395,529 | 20.9% |
| 2 | $4,770 | $25,569 | $390,759 | 21.8% |
| 3 | $5,090 | $25,249 | $385,669 | 22.9% |
| 4 | $5,431 | $24,909 | $380,238 | 24.0% |
| 5 | $5,794 | $24,545 | $374,444 | 25.1% |
| 6 | $6,182 | $24,157 | $368,261 | 26.3% |
| 7 | $6,596 | $23,743 | $361,665 | 27.7% |
| 8 | $7,038 | $23,301 | $354,627 | 29.1% |
| 9 | $7,510 | $22,830 | $347,117 | 30.6% |
| 10 | $8,013 | $22,327 | $339,105 | 32.2% |
| 11 | $8,549 | $21,790 | $330,555 | 33.9% |
| 12 | $9,122 | $21,218 | $321,434 | 35.7% |
| 13 | $9,733 | $20,607 | $311,701 | 37.7% |
| 14 | $10,384 | $19,955 | $301,316 | 39.7% |
| 15 | $11,080 | $19,259 | $290,237 | 42.0% |
| 16 | $11,822 | $18,517 | $278,415 | 44.3% |
| 17 | $12,614 | $17,726 | $265,801 | 46.8% |
| 18 | $13,458 | $16,881 | $252,342 | 49.5% |
| 19 | $14,360 | $15,979 | $237,983 | 52.4% |
| 20 | $15,322 | $15,018 | $222,661 | 55.5% |
| 21 | $16,348 | $13,992 | $206,314 | 58.7% |
| 22 | $17,442 | $12,897 | $188,871 | 62.2% |
| 23 | $18,611 | $11,729 | $170,260 | 65.9% |
| 24 | $19,857 | $10,482 | $150,403 | 69.9% |
| 25 | $21,187 | $9,152 | $129,217 | 74.2% |
| 26 | $22,606 | $7,734 | $106,611 | 78.7% |
| 27 | $24,120 | $6,220 | $82,491 | 83.5% |
| 28 | $25,735 | $4,604 | $56,756 | 88.6% |
| 29 | $27,459 | $2,881 | $29,298 | 94.1% |
| 30 | $29,298 | $1,042 | $0 | 100.0% |
How this works
Computes the standard fixed-rate monthly payment (principal & interest via the standard amortization formula) plus property tax, home insurance, HOA, PMI, and any extra monthly principal, and produces a full month-by-month amortization schedule with yearly and equity rollups.
Key assumptions
- PMI applies whenever the loan-to-value ratio exceeds 80% (down payment under 20%), at a default 0.5%/yr rate applied to the original loan amount, not the amortizing balance — a common lender simplification for an estimate rather than a true PMI schedule.
- The headline monthly payment is the initial payment, including PMI and any extra monthly principal you enter; the calculator separately reports the month PMI is projected to drop off (`pmiEndsMonth`) as the balance amortizes back under 80% of the original home price.
- Nominal figures throughout — this calculator does not deflate for inflation, since a mortgage payment itself doesn't change with inflation.
What this leaves out
- Refinancing or rate changes over the loan term.
- Homeowner's insurance and property tax increases over time — both are held constant at their entered values.
Related calculators
A worked example: a $500,000 home with 20% down
A $500,000 home with $100,000 down leaves a $400,000 loan. At 6.5% over 30 years, principal and interest come to $2,528.27 a month. Property tax at 1.2% of value adds $500, and $1,500 a year of insurance adds $125, for a total monthly payment of $3,153.27 with no HOA and no PMI.
The number that tends to surprise people is the interest total: $510,178 over the full 30 years, against $400,000 of principal. You repay the loan roughly 2.3 times over. That is not a bad deal or a good one on its own — it is simply what a 30-year term at 6.5% costs, and it is the figure worth weighing against a 15-year term or extra principal payments.
Change the down payment to 10% and the picture shifts twice. The loan rises to $450,000, and because loan-to-value now exceeds 80%, PMI applies at 0.5% of the original loan amount — $187.50 a month — pushing the payment to $3,656.81. PMI is not permanent: as the balance amortizes back under 80% of the original price, it drops off in month 95, just under eight years in. All figures here are nominal, since a fixed mortgage payment does not move with inflation.
Frequently asked questions
Is the quoted monthly payment what I will pay for the whole loan?
Not exactly, and the difference matters in two ways. The headline figure is the initial payment including PMI, so in the 10% down example above you pay $3,656.81 until month 95 and roughly $3,469 after PMI falls away. It also includes any extra monthly principal you've entered, which is voluntary — stop paying it and your actual payment drops by that amount, though the loan then takes longer to pay off. Property tax and insurance are held constant here but rise in reality — property tax tracks assessed value, and insurance has risen sharply in many markets. Treat the quote as a starting point, not a 30-year constant.
How is PMI calculated, and when does it stop?
PMI applies whenever loan-to-value exceeds 80% — that is, a down payment under 20% — and is charged here at a default 0.5% a year of the original loan amount, not the declining balance. That is a common lender simplification for an estimate rather than a true amortizing PMI schedule. The calculator reports the month the balance crosses back under 80% of the original price, which is when PMI is projected to end. In practice, cancellation rules vary: lenders must drop it automatically at 78% LTV by the original schedule, and you can usually request removal at 80%.
Does the mortgage interest deduction still matter after the 2025 tax law?
For most borrowers, much less than folklore suggests. Under the One Big Beautiful Bill Act (Pub. L. 119-21, July 2025), the 2026 standard deduction is $16,100 single and $32,200 married filing jointly, and only itemized deductions above that threshold produce any benefit at all. The $750,000 mortgage-interest debt cap was made permanent rather than reverting to $1 million, and the SALT cap sits at $40,400 for 2026 — but the SALT bucket is shared between state and local income tax and property tax, so property tax often gets crowded out before it counts. On the $400,000 loan above, first-year interest is around $25,800, which for a married couple does not clear the $32,200 standard deduction on its own. The Rent vs. Buy calculator models this properly, itemization-aware rather than as a flat percentage of interest.
Should I take a 15-year mortgage instead?
It is the highest-leverage change available on this page, and the calculator will show you the tradeoff directly. A shorter term raises the monthly payment substantially while cutting total interest by far more than half, since you both borrow for less time and typically get a lower rate. The argument against is flexibility: a 30-year loan with voluntary extra payments gives you nearly the same outcome with the option to stop, whereas a 15-year payment is contractual. Compare the total interest figure both ways before deciding — enter the same amount as extra monthly principal on a 30-year term to see how close voluntary payments get you.
What is missing from this estimate?
Closing costs, which typically run 2-5% of the price and are not part of the payment; refinancing or rate changes over the loan term, neither of which is modeled; and any increase in property tax or insurance over the term, both of which are held flat at what you enter. For what you can actually borrow rather than what a given price costs, use the Home Affordability calculator, which applies real debt-to-income underwriting limits.
Sources
- Primary Mortgage Market Survey
Freddie Mac — checked 2026-08-12
Weekly national average mortgage rate survey, a standard reference for the default mortgage rate.
- 30-Year Fixed Rate Mortgage Average in the United States (MORTGAGE30US)
Federal Reserve Bank of St. Louis (FRED) — checked 2026-08-12
Same series as the Freddie Mac PMMS, republished by FRED.
*The calculations provided are for illustrative purposes only and should not be considered financial advice. Please consult with a qualified financial professional before making any decisions.