Mortgage Calculator
Estimate your full monthly mortgage payment, covering principal, interest, property tax and insurance, in seconds.
Your details
Estimated monthly payment
$2,572.62
$2,022.62 principal & interest + $550.00 taxes & insurance
- Principal$320,000
- Total interest$408,142
- Loan amount
- $320,000
- Total interest
- $408,142
- Total of payments
- $728,142
- Payoff time
- 30 years
Payment schedule
How your balance falls year by year.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
About the mortgage calculator
This mortgage calculator works out what you'll actually pay each month, not just principal and interest. Enter the home price, your down payment, the interest rate and loan term, then add yearly property tax and home insurance to see your true monthly cost.
Your loan amount is the home price minus your down payment. A larger down payment lowers both your monthly payment and the total interest you pay over the life of the loan. Even a small change in interest rate can move your payment by hundreds of dollars a month.
Frequently asked questions
How much should my down payment be?+
20% of the home price lets you avoid private mortgage insurance (PMI) and gets you the best rates, but many loans allow 3 to 5% down. A bigger down payment lowers your monthly payment and total interest.
What's included in my monthly payment?+
Principal and interest are the core. Most homeowners also pay property tax and home insurance monthly (often via escrow), which this calculator adds in. PMI and HOA fees may apply on top.
How does the interest rate affect my payment?+
Significantly. On a $320,000 loan, the difference between 6% and 7% is roughly $200 per month, which is over $70,000 across a 30-year term.