Mortgage Calculator

Know your true monthly payment — principal, interest, taxes, insurance, PMI, HOA fees and complete amortization schedule.

Mortgage Details

$320,000 (80% LTV)
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✔ No PMI required (Down payment ≥ 20%)
yrs
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Extra Payments (Pay Off Sooner & Save Interest)

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Mo #

Total Monthly Payment

Payoff: —
Home Price
Down Payment
Loan Amount
Total Interest Paid
Total Mortgage Payments
Total All-In Cost
Total Property Taxes
Total Home Insurance
Estimated Payoff

Monthly Cost Breakdown

Principal & Interest (0%)
Property Taxes (0%)
Home Insurance (0%)
PMI (Mortgage Insurance) (0%)
HOA & Other Fees (0%)

30-Year vs. 15-Year Fixed Mortgage Comparison

See how choosing a 15-year mortgage can save you tens or hundreds of thousands of dollars in interest.

Comparison Metric 30-Year Fixed 15-Year Fixed Difference / Savings
Visual Amortization Analysis
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Amortization Schedule

Track your principal repayment, interest, and home equity growth.

Year Beginning Balance Total Payment Principal Interest Taxes & Ins. Ending Balance Home Equity

Mortgage Calculator FAQ

What is included in my monthly mortgage payment?
Your total monthly payment is known as PITI (Principal, Interest, Property Taxes, and Homeowners Insurance), plus any Private Mortgage Insurance (PMI) and Homeowners Association (HOA) fees.
Should I choose a 15-year or 30-year mortgage?
A 30-year term offers lower monthly payments, which maximizes cash-flow flexibility. However, a 15-year term typically offers a lower interest rate, builds equity twice as fast, and saves hundreds of thousands of dollars in total interest.
When does PMI automatically go away?
Under the federal Homeowners Protection Act, lenders must automatically cancel Private Mortgage Insurance (PMI) once your loan balance reaches 78% of the original property value, and you can request cancellation when it reaches 80% (20% equity).
How much interest can I save by making extra payments?
Because extra payments go 100% directly toward paying down principal, even an extra $100–$200 per month can shave 4 to 6 years off a 30-year mortgage and save over $50,000 in interest!
PITI: Principal, Interest, Taxes, Insurance
Common terms: 15 / 30 years
20% down: Avoids PMI
28/36 rule: Housing ≤28% gross income

Mortgage Calculator — know your true monthly payment

Your real mortgage payment is more than just principal and interest. Property tax, homeowners insurance, PMI and HOA fees all add up. This complete PITI mortgage calculator shows your true monthly outlay, the principal-and-interest split, and a full amortization schedule — perfect for buyers comparing houses or refinancing.

Understanding PITI and DTI

PITI = Principal + Interest + Taxes + Insurance. Lenders underwrite primarily on PITI and total Debt-to-Income (DTI).

The 28/36 rule: keep PITI under 28% of gross income and total debts under 36%.

A 400,000 monetary-unit home with 20% down at 6.5% for 30 years has a base P&I near $2,022; adding $400/month taxes, $125 insurance and $50 HOA brings the real payment to about $2,597 — giving you the true cost of homeownership.

PMI — when you must pay it

PMI (Private Mortgage Insurance) is required when your down payment is below 20%. It costs roughly 0.3–1.5% of the loan per year.

PMI automatically ends at 78% loan-to-value and can be cancelled at 80% by request.

Ways to avoid PMI: a 20% down payment, a piggyback second loan, or lender-paid PMI with a slightly higher rate.

15 vs 30 year mortgage

A 30-year loan maximizes affordability but roughly doubles total interest. On $320,000 at 6.5%, 30 years costs over $408,000 in interest, while 15 years at 6.0% costs just $166,000 — saving over $242,000!

The 15-year loan also builds equity twice as fast and serves as a forced savings plan.

Many borrowers choose 30 years with extra monthly payments — giving the flexibility of lower required payments with the interest savings of a shorter term.

How to use this calculator

  1. Enter your target Home Price and Down Payment (as a dollar amount or percentage).
  2. Choose your loan term: 30, 20, 15, or 10 years.
  3. Input the interest rate and start date.
  4. Adjust annual property tax, home insurance, and any HOA fees.
  5. Optionally enter extra payments to see your interest savings and earlier payoff date.
  6. Review the interactive donut breakdown, 30 vs 15-year comparison, and amortization schedule.

Pro tips

  • Shop rates from at least 3 lenders; even 0.25% saves thousands over 30 years.
  • Paying an extra $100 to $200 per month directly towards principal can shorten a 30-year loan by 4 to 6 years.
  • Refinance when rates drop 0.75–1% and you plan to stay at least 2 to 3 years.

Frequently asked questions

What is a good mortgage rate?
Rates follow the 10-year Treasury and vary by credit, down payment and loan type. Compare current averages for 15- and 30-year fixed loans to see if your quote is competitive.
How much can I afford?
Follow the 28/36 rule. Multiply gross monthly income by 0.28 for housing, 0.36 for total debt. This calculator includes taxes and insurance so the number is realistic.
What happens if I pay extra?
Extra payments reduce the balance directly, saving interest and shortening the term. An extra payment each year on a 30-year loan typically saves 3–4 years of payments.