Mortgage Payment Calculator
See the real monthly cost of a mortgage — principal, interest, property tax, insurance, PMI, and HOA — with a live amortisation chart.
Your loan
Drag to update. Results recalc live.
Property tax · insurance · HOA
- Principal + interest79.8%
- Property tax15.8%
- Home insurance4.4%
How much of each year’s payment goes to principal vs interest, accumulated.
Year-by-year amortisation
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,024 | $23,282 | $355,976 |
| 2 | $4,293 | $23,012 | $351,683 |
| 3 | $4,581 | $22,725 | $347,102 |
| 4 | $4,888 | $22,418 | $342,214 |
| 5 | $5,215 | $22,090 | $337,000 |
| 6 | $5,564 | $21,741 | $331,435 |
| 7 | $5,937 | $21,368 | $325,498 |
| 8 | $6,334 | $20,971 | $319,164 |
| 9 | $6,759 | $20,547 | $312,405 |
| 10 | $7,211 | $20,094 | $305,194 |
| 11 | $7,694 | $19,611 | $297,500 |
| 12 | $8,210 | $19,096 | $289,290 |
| 13 | $8,759 | $18,546 | $280,531 |
| 14 | $9,346 | $17,959 | $271,185 |
| 15 | $9,972 | $17,333 | $261,213 |
| 16 | $10,640 | $16,666 | $250,573 |
| 17 | $11,352 | $15,953 | $239,221 |
| 18 | $12,113 | $15,193 | $227,108 |
| 19 | $12,924 | $14,382 | $214,184 |
| 20 | $13,789 | $13,516 | $200,395 |
| 21 | $14,713 | $12,592 | $185,682 |
| 22 | $15,698 | $11,607 | $169,984 |
| 23 | $16,750 | $10,556 | $153,234 |
| 24 | $17,871 | $9,434 | $135,363 |
| 25 | $19,068 | $8,237 | $116,295 |
| 26 | $20,345 | $6,960 | $95,950 |
| 27 | $21,708 | $5,598 | $74,242 |
| 28 | $23,162 | $4,144 | $51,081 |
| 29 | $24,713 | $2,593 | $26,368 |
| 30 | $26,368 | $938 | $0 |
Most mortgage calculators show you the principal-and-interest figure and call it a day. That number is what your loan officer quotes you and it is almost never what you actually pay each month. This one adds the property tax, homeowner’s insurance, HOA dues and (when your down payment is under 20%) the PMI premium that lenders quietly tack on. The result is the bill that will actually arrive in your bank account.
Drag the sliders. The chart on the right re-runs every time you move one. The amortisation table at the bottom shows how much of each year’s payment is going to principal versus interest — useful when you’re deciding whether a 15-year loan or a bi-weekly pay schedule is worth it.
How the formula works
The monthly P&I number comes from the standard amortising-loan equation. If P is the loan amount, r is the monthly interest rate, and n is the total number of months, then:
monthly P&I = P × [r(1+r)n / ((1+r)n − 1)]
Property tax and insurance are added on top because they’re escrowed with your loan in most US states. PMI kicks in when your loan-to-value ratio is over 80% (down payment under 20%); we estimate it at 0.5% of the loan amount per year, which is the mid-market range for a conforming loan and decent credit. Real PMI quotes vary — check with your lender.
What actually changes your payment
- Down payment. Every additional percentage point under 20% costs you PMI and raises the loan amount. The non-linear effect is bigger than people expect.
- Interest rate. A 1-point rate change on a $400K 30-year loan moves the monthly P&I by roughly $250.
- Term. 15-year loans cost more per month but you pay roughly half the lifetime interest. Try it in the slider above.
- Property tax. Wildly variable. New Jersey: ~2.5%. Hawaii: ~0.3%. Your county assessor’s website has the real number for your address.
- HOA. Often forgotten in pre-purchase math. A $400/month HOA is $144,000 over a 30-year loan.
Common mistakes
- Quoting the P&I as your “mortgage payment.” Real payment includes escrow.
- Forgetting PMI cancellation. Once you cross 78% LTV, PMI ends automatically. With extra principal payments, that can happen years early.
- Underestimating closing costs. 2–5% of the loan, paid upfront, separate from the down payment. This calculator doesn’t cover them.
When to consult a professional
This is a planning tool, not a quote. Before signing, get a Loan Estimate (LE) from at least three lenders, run their numbers through this calculator, and ask each one to break down where their figures differ. Your real lender will know your tax rate, your insurance premium, your PMI cost — those are the figures to trust on closing day.
Frequently asked
+Why is my real mortgage payment higher than this estimate?
Usually it is closing-cost amortisation, lender-required escrow reserves, or a higher actual property-tax assessment than the percentage shown here. Get a Loan Estimate from your lender — by law, the figures on it are the closest thing to your real first-month bill.
+Should I pick a 15-year or 30-year mortgage?
A 15-year saves enormous interest but locks in a higher monthly payment that is hard to renegotiate. If you can comfortably afford the 15-year payment while still saving 15% of income for retirement and keeping a 6-month emergency fund, the 15-year often wins. If any of those break, the 30-year with optional extra principal payments is the safer pick.
+When does PMI go away?
Automatically at 78% LTV under the Homeowners Protection Act, or you can request cancellation at 80% LTV. With extra principal payments or appreciation, that point arrives years earlier than the amortisation schedule alone would suggest.
+Does paying bi-weekly really save money?
Yes, because 26 half-payments per year is 13 monthly payments instead of 12 — one extra annual payment going entirely to principal. On a typical 30-year loan that knocks roughly 4–6 years off the term. Check your lender allows true bi-weekly application; some just hold the second payment and apply it monthly, which defeats the purpose.
+What credit score do I need for the best rate?
Conventional loans price most aggressively at 760+. Between 700 and 759 you pay a small premium; below 680, the premium climbs steeply. FHA loans are more forgiving (580+) but come with mandatory mortgage insurance for the life of the loan.
+How accurate is this calculator?
The P&I math matches industry-standard formulas exactly. Property tax and PMI are estimates — your actual quotes will be more precise. Treat it as a planning tool that gets you to within ~5% of the real number.
Disclaimer. This calculator gives an estimate, not financial advice. Verify any major decision with a qualified professional. Last updated June 2026.