Mortgage calculator
Your complete monthly payment — principal, interest, taxes, insurance, PMI, and HOA — with a full amortization schedule and exact savings from extra payments.
Balance over time
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $3,729 | $22,329 | $336,271 |
| Year 2 | $3,982 | $22,075 | $332,289 |
| Year 3 | $4,253 | $21,804 | $328,035 |
| Year 4 | $4,543 | $21,515 | $323,493 |
| Year 5 | $4,852 | $21,206 | $318,641 |
| Year 6 | $5,182 | $20,875 | $313,459 |
| Year 7 | $5,534 | $20,523 | $307,925 |
| Year 8 | $5,911 | $20,146 | $302,014 |
| Year 9 | $6,313 | $19,744 | $295,701 |
| Year 10 | $6,743 | $19,315 | $288,958 |
| Year 11 | $7,201 | $18,856 | $281,757 |
| Year 12 | $7,691 | $18,366 | $274,066 |
| Year 13 | $8,214 | $17,843 | $265,851 |
| Year 14 | $8,773 | $17,284 | $257,078 |
| Year 15 | $9,370 | $16,687 | $247,708 |
| Year 16 | $10,008 | $16,050 | $237,700 |
| Year 17 | $10,689 | $15,369 | $227,011 |
| Year 18 | $11,416 | $14,642 | $215,596 |
| Year 19 | $12,192 | $13,865 | $203,403 |
| Year 20 | $13,022 | $13,035 | $190,381 |
| Year 21 | $13,908 | $12,149 | $176,473 |
| Year 22 | $14,854 | $11,203 | $161,619 |
| Year 23 | $15,865 | $10,193 | $145,755 |
| Year 24 | $16,944 | $9,113 | $128,811 |
| Year 25 | $18,097 | $7,961 | $110,714 |
| Year 26 | $19,328 | $6,729 | $91,386 |
| Year 27 | $20,643 | $5,415 | $70,744 |
| Year 28 | $22,047 | $4,010 | $48,696 |
| Year 29 | $23,547 | $2,510 | $25,149 |
| Year 30 | $25,149 | $908 | $0 |
| Year 31 | $0 | $0 | $0 |
How this is calculated
Principal & interest use the standard fixed-rate formula: M = P × r(1+r)ⁿ ⁄ ((1+r)ⁿ − 1), where P is the loan amount, r the monthly rate (6.60% ÷ 12), and n the number of payments. Taxes, insurance, and HOA are divided into monthly amounts and added on top. PMI is estimated at 0.6% of the loan per year and removed once your balance falls to 80% of the home price, matching how conventional lenders handle it. All math runs in your browser to the exact cent.
Common loan amounts
Frequently asked questions
How much house can I afford?
A common guideline is to keep your total housing payment — principal, interest, taxes, and insurance — under 28% of your gross monthly income, and total debt payments under 36%. Enter different home prices above to see what payment each produces, then compare it to your income.
What is PMI and when does it go away?
Private mortgage insurance (PMI) is required on most conventional loans when your down payment is under 20%. It typically costs 0.3%–1.5% of the loan amount per year. By federal law, PMI must be cancelled automatically when your balance reaches 78% of the original home value, and you can request removal at 80%. This calculator drops PMI at the 80% mark.
Should I choose a 15-year or 30-year mortgage?
A 15-year loan carries a lower rate and dramatically less total interest, but the required payment is much higher. A 30-year loan keeps payments manageable and you can still pay it faster voluntarily — use the extra payment field to see how a 30-year loan with extra payments compares.
How do extra payments reduce my interest?
Every extra dollar goes straight to principal, so all future interest is charged on a smaller balance. On a typical 30-year loan, even $100–$200 extra per month can remove several years of payments and tens of thousands of dollars in interest. The calculator shows your exact savings.
Does this calculator include property taxes and insurance?
Yes. Enter your annual property tax and homeowners insurance and the calculator splits them into monthly amounts, the same way a lender's escrow account does. National averages are prefilled, but rates vary widely by state and county.