Mortgage Calculator

Calculate your full monthly payment including principal, interest, taxes, insurance, and PMI. See how extra payments can save you thousands.

Loan Details

Standard conforming loan for most borrowers

$
20% ($80,000)

20% or more avoids private mortgage insurance (PMI)

%

Current 30-year Conventional rate: 6.09%

Taxes & Insurance
%

Annual rate (US avg: 1.1%)

$

Annual premium

Extra Payments
$

Additional amount toward principal each month

Year Principal Interest Balance

Your Estimated Payment

Total Monthly Payment (PITI)
$2,320
Loan Amount
$320,000
Down Payment
$80,000
Total Interest
$350,486
Total Cost
$670,486
Monthly Payment Breakdown
Principal & Interest $1,862
Property Tax $367
Home Insurance $150
PMI $0
Principal vs Interest (Loan Only)
Principal: 48% Interest: 52%

Extra Payment Savings

Time Saved
0 months
Interest Saved
$0
New Payoff Time
30 years
New Total Interest
$350,486
By paying an extra $100/month, you'll save $45,000 in interest and pay off your mortgage 5 years earlier!

Rate Sensitivity Test

See how your payment changes if rates rise. Enter your maximum affordable payment to find your rate ceiling. Learn more about rate sensitivity

Max affordable monthly payment: $3,000
$1,000 $10,000
Interest Rate Monthly P&I Total PITI Change
Maximum Rate You Can Afford
—
Enter your maximum affordable payment above to calculate the highest interest rate you can handle.

How This Calculator Works

Our mortgage calculator uses industry-standard formulas to estimate your monthly payment. Here's how each component is calculated:

Principal & Interest (P&I)

We use the standard amortization formula to calculate your monthly principal and interest payment:

M = P × [r(1+r)n] / [(1+r)n - 1]

Where M = monthly payment, P = loan principal, r = monthly interest rate, n = total number of payments

Property Taxes

Property tax is calculated as a percentage of your home's value. The default rate of 1.1% represents the U.S. national average, though actual rates vary significantly by state and locality.

Homeowner's Insurance

The default annual premium of $1,800 represents a typical cost for a $400,000 home. Costs vary based on location, coverage, home age, and other factors.

Private Mortgage Insurance (PMI)

PMI is typically required when your down payment is less than 20% of the home's value. We estimate PMI at 0.7% of the loan amount annually. PMI can typically be canceled once you reach 20% equity.

Extra Payment Savings

When you make extra payments toward principal, we recalculate your amortization schedule month-by-month to determine exactly how much time and interest you'll save.

What's Not Included

This calculator provides estimates for your core housing costs. Your actual costs may also include:

  • HOA fees (if applicable)
  • Closing costs (typically 2-5% of loan)
  • Maintenance and repairs
  • Utilities and other operating costs
Disclaimer: This calculator provides estimates for educational purposes only. Actual mortgage terms, rates, and costs will vary based on your financial situation, lender, and market conditions.