Mortgage calculator
What a home really costs each month with taxes, insurance and PMI, when PMI ends, and how much house your income supports.
Monthly payment
$2,023 goes to the loan; the rest is property tax and insurance.
- Loan amount
- $320,000
- Total interest
- $408,141
- Paid off
- November 2056
Where the payment goes
Your first month. Property tax and insurance usually rise over time.
- Principal & interest$2,02381%
- Property tax0.9% of the price a year$30012%
- Home insurance$1677%
- Each month$2,489
Balance and equity
Equity is the home's value minus what you still owe.
At the start
- Equity$80,000
- Loan balance$320,000
Over the whole loan
- Down payment
- $80,000
- Principal
- $320,000
- Interest
- $408,141
- Tax, insurance and HOA
- $168,001
- Total cost
- $976,142
How much house can I afford?
Lenders usually want housing under 28% of gross income, and all debts under 36%.
Add your income under “Can I afford it?” to see the price range lenders would likely approve.
If the rate changes
Principal and interest only. A point either way is a common spread between offers.
- 5.5%
- $1,817
- −$206 a month
- 6.5%
- $2,023
- 7.5%
- $2,237
- +$215 a month
Amortization schedule
| Year | Principal | Interest | Extra | Mortgage ins. | Balance at year end | Equity |
|---|---|---|---|---|---|---|
| 2026 | $289.29 | $1,733.33 | – | – | $319,710.71 | 20% |
| 2027 | $3,596.13 | $20,675.31 | – | – | $316,114.58 | 23% |
| 2028 | $3,836.95 | $20,434.49 | – | – | $312,277.63 | 27% |
| 2029 | $4,093.94 | $20,177.50 | – | – | $308,183.69 | 30% |
| 2030 | $4,368.10 | $19,903.34 | – | – | $303,815.59 | 33% |
| 2031 | $4,660.65 | $19,610.79 | – | – | $299,154.94 | 36% |
| 2032 | $4,972.79 | $19,298.65 | – | – | $294,182.15 | 39% |
| 2033 | $5,305.81 | $18,965.63 | – | – | $288,876.34 | 41% |
| 2034 | $5,661.15 | $18,610.29 | – | – | $283,215.19 | 44% |
| 2035 | $6,040.29 | $18,231.15 | – | – | $277,174.90 | 47% |
| 2036 | $6,444.83 | $17,826.61 | – | – | $270,730.07 | 50% |
| 2037 | $6,876.46 | $17,394.98 | – | – | $263,853.61 | 52% |
| 2038 | $7,336.98 | $16,934.46 | – | – | $256,516.63 | 55% |
| 2039 | $7,828.35 | $16,443.09 | – | – | $248,688.28 | 58% |
| 2040 | $8,352.62 | $15,918.82 | – | – | $240,335.66 | 60% |
| 2041 | $8,912.03 | $15,359.41 | – | – | $231,423.63 | 63% |
| 2042 | $9,508.86 | $14,762.58 | – | – | $221,914.77 | 66% |
| 2043 | $10,145.71 | $14,125.73 | – | – | $211,769.06 | 68% |
| 2044 | $10,825.18 | $13,446.26 | – | – | $200,943.88 | 71% |
| 2045 | $11,550.16 | $12,721.28 | – | – | $189,393.72 | 73% |
| 2046 | $12,323.69 | $11,947.75 | – | – | $177,070.03 | 76% |
| 2047 | $13,149.04 | $11,122.40 | – | – | $163,920.99 | 78% |
| 2048 | $14,029.65 | $10,241.79 | – | – | $149,891.34 | 80% |
| 2049 | $14,969.25 | $9,302.19 | – | – | $134,922.09 | 83% |
| 2050 | $15,971.76 | $8,299.68 | – | – | $118,950.33 | 85% |
| 2051 | $17,041.41 | $7,230.03 | – | – | $101,908.92 | 88% |
| 2052 | $18,182.72 | $6,088.72 | – | – | $83,726.20 | 90% |
| 2053 | $19,400.44 | $4,871.00 | – | – | $64,325.76 | 93% |
How we calculate this
Principal and interest use the standard fixed-rate formula: interest each month is the balance times the rate divided by 12, and the rest of the payment reduces the balance.
PMI on a conventional loan with under 20% down is estimated from your down payment and credit score (most insurers charge between about 0.5% and 1.5% of the loan a year) and stops once the balance reaches 78% of the price, as the Homeowners Protection Act requires. A quote from your lender replaces our estimate.
FHA loans add HUD’s 1.75% upfront premium to the loan and charge a yearly premium on the average balance. VA loans add the VA funding fee to the loan unless you’re exempt.
Property tax for your ZIP is the median tax homeowners in that county pay divided by the median home value. Insurance starts at a rough 0.5% of the price a year; replace it with a quote.
- CFPB: when can I remove PMI?
- HUD Mortgagee Letter 2023-05 (FHA annual premiums)
- VA funding fee
- Census Bureau American Community Survey
- Freddie Mac Primary Mortgage Market Survey
Property tax rates: Census ACS 2019–2023. Mortgage rate: Freddie Mac's weekly average, updated Thursdays.
Questions
- What's included in a mortgage payment?
- Principal and interest on the loan, plus usually property tax and homeowners insurance collected into escrow, mortgage insurance if you put less than 20% down on a conventional loan (or any FHA loan), and HOA dues if the home has them.
- When does PMI go away?
- On a conventional loan, PMI ends automatically once the balance is scheduled to reach 78% of the home's original value, and you can ask to cancel it at 80%. Extra payments get you there sooner. FHA mortgage insurance lasts 11 years with at least 10% down, otherwise for the life of the loan.
- How much house can I afford?
- A common lender rule is 28/36: housing costs under 28% of your gross monthly income, and all debt payments, including housing, under 36%. Add your income in the calculator to see the price that fits.
- Is a 15-year mortgage better than a 30-year?
- A 15-year loan usually has a lower rate and costs far less interest in total, but the monthly payment is much higher. Switch the term above to compare both.
- Where does the property tax estimate come from?
- From the Census Bureau's survey of what homeowners in your county actually pay, as a share of home value. Your county's rate or the home's last tax bill is more precise.
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