Home and property
Mortgage payment calculator
Enter the home price, down payment, rate, and term to see the full monthly payment: principal and interest, property tax, home insurance, PMI when the down payment is under 20%, and HOA dues.
- Principal and interest$2,022.62
- Property tax$366.67
- Insurance$125.00
Amortization schedule by year
| Year | Principal | Interest | Ending balance |
|---|---|---|---|
| 1 | $3,576.76 | $20,694.68 | $316,423.24 |
| 2 | $3,816.28 | $20,455.16 | $312,606.96 |
| 3 | $4,071.88 | $20,199.56 | $308,535.08 |
| 4 | $4,344.57 | $19,926.87 | $304,190.51 |
| 5 | $4,635.54 | $19,635.90 | $299,554.97 |
| 6 | $4,946.00 | $19,325.44 | $294,608.97 |
| 7 | $5,277.22 | $18,994.22 | $289,331.75 |
| 8 | $5,630.65 | $18,640.79 | $283,701.10 |
| 9 | $6,007.75 | $18,263.69 | $277,693.35 |
| 10 | $6,410.11 | $17,861.33 | $271,283.24 |
| 11 | $6,839.41 | $17,432.03 | $264,443.83 |
| 12 | $7,297.46 | $16,973.98 | $257,146.37 |
| 13 | $7,786.17 | $16,485.27 | $249,360.20 |
| 14 | $8,307.62 | $15,963.82 | $241,052.58 |
| 15 | $8,864.02 | $15,407.42 | $232,188.56 |
| 16 | $9,457.63 | $14,813.81 | $222,730.93 |
| 17 | $10,091.05 | $14,180.39 | $212,639.88 |
| 18 | $10,766.86 | $13,504.58 | $201,873.02 |
| 19 | $11,487.93 | $12,783.51 | $190,385.09 |
| 20 | $12,257.30 | $12,014.14 | $178,127.79 |
| 21 | $13,078.20 | $11,193.24 | $165,049.59 |
| 22 | $13,954.06 | $10,317.38 | $151,095.53 |
| 23 | $14,888.61 | $9,382.83 | $136,206.92 |
| 24 | $15,885.71 | $8,385.73 | $120,321.21 |
| 25 | $16,949.60 | $7,321.84 | $103,371.61 |
| 26 | $18,084.76 | $6,186.68 | $85,286.85 |
| 27 | $19,295.92 | $4,975.52 | $65,990.93 |
| 28 | $20,588.22 | $3,683.22 | $45,402.71 |
| 29 | $21,967.04 | $2,304.40 | $23,435.67 |
| 30 | $23,435.67 | $833.21 | $0.00 |
What this means
- Your estimated payment is $2,514.29 a month: $2,022.62 principal and interest plus $491.67 for tax and insurance.
- Over 30 years you would pay $408,140.64 in interest on a $320,000.00 loan.
What if
About this calculator
What this calculator does
It estimates the full monthly housing payment on a fixed-rate mortgage, often called PITI (principal, interest, taxes, insurance), plus PMI and HOA dues when they apply.
How it is calculated
loan = price - down payment
principal and interest M = loan * r * (1 + r)^n / ((1 + r)^n - 1), r = rate / 12, n = years * 12
property tax = price * tax rate / 12
insurance = yearly premium / 12
PMI = balance * PMI rate / 12, only while the balance is over 80% of the price
monthly payment = M + tax + insurance + PMI + HOA
How to read the result
The large number is the first month's total payment. Principal and interest stay fixed; tax and insurance can change each year, and PMI drops off as the balance falls. The yearly schedule rounds each month's interest to the cent, the way lender statements do.
Assumptions and limits
Rates, taxes, insurance, and PMI here are your inputs, not quotes. This page has no tax tables and no built-in PMI rate. This is an educational estimate, not financial, tax, or lending advice.
Sources and method
Standard fixed-rate amortization: M = P * r * (1 + r)^n / ((1 + r)^n - 1) with r as the annual rate / 12. The monthly payment is rounded to the cent. Total interest adds up the cent-rounded monthly schedule, the way lender statements do, so it can differ from a formula-only total by a few dollars. The last scheduled payment clears whatever balance is left. Taxes, insurance, PMI, and HOA dues are added as monthly amounts. PMI has no built-in default rate and stops here once the scheduled balance reaches 80% of the price; by law it can be canceled on request at 80% of the original value and ends automatically at 78%. Unit tests check published worked examples.
Questions
What is PITI?
Principal, interest, taxes, and insurance: the four parts of a typical monthly mortgage payment. Lenders often collect the tax and insurance parts in an escrow account.
When is PMI required?
Many conventional loans require private mortgage insurance when the down payment is under 20% of the price. Ask your lender for the rate; it is not built into this page.
When does PMI end?
You can ask to cancel PMI when the balance is scheduled to reach 80% of the original value. It ends automatically at 78%, or at the midpoint of the loan term if that comes first and you are current on payments. This page stops it at 80%. Source: CFPB.
Why is the schedule's total interest a little different from the formula?
The schedule rounds each month's interest to the cent and makes the last payment equal to what is left, so its total can differ from a formula-only total by a few dollars over a long loan.
Is HOA part of the mortgage?
No. HOA dues are paid to the association, but they are part of your monthly housing cost, so they are included in the total.