Mortgage Calculator
Estimate your full monthly mortgage payment — principal, interest, taxes, insurance, PMI, and HOA — plus see total interest over the life of the loan.
Reviewed by Hassan Ahmed, Founder and Software Developer. Not a licensed tax advisor.
Estimated monthly payment
$2,959 /mo
Loan amount
$360,000
Total interest
$489,216
Total paid
$849,216
Monthly breakdown
- Principal & interest
- $2,359
- Property tax
- $450
- Home insurance
- $150
- Total monthly payment
- $2,959
Show amortization schedule (yearly)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $324 | $2,035 | $356,236 |
| 2 | $346 | $2,012 | $352,206 |
| 3 | $371 | $1,988 | $347,891 |
| 4 | $397 | $1,962 | $343,271 |
| 5 | $425 | $1,934 | $338,325 |
| 6 | $455 | $1,904 | $333,029 |
| 7 | $487 | $1,871 | $327,358 |
| 8 | $522 | $1,837 | $321,287 |
| 9 | $559 | $1,800 | $314,786 |
| 10 | $598 | $1,761 | $307,826 |
| 11 | $641 | $1,718 | $300,374 |
| 12 | $686 | $1,673 | $292,395 |
| 13 | $734 | $1,625 | $283,851 |
| 14 | $786 | $1,573 | $274,704 |
| 15 | $842 | $1,517 | $264,911 |
| 16 | $901 | $1,457 | $254,425 |
| 17 | $965 | $1,394 | $243,198 |
| 18 | $1,033 | $1,326 | $231,177 |
| 19 | $1,106 | $1,252 | $218,306 |
| 20 | $1,185 | $1,174 | $204,525 |
| 21 | $1,268 | $1,091 | $189,771 |
| 22 | $1,358 | $1,001 | $173,973 |
| 23 | $1,454 | $905 | $157,058 |
| 24 | $1,557 | $802 | $138,948 |
| 25 | $1,667 | $692 | $119,558 |
| 26 | $1,785 | $574 | $98,796 |
| 27 | $1,911 | $448 | $76,567 |
| 28 | $2,046 | $313 | $52,767 |
| 29 | $2,191 | $168 | $27,284 |
| 30 | $2,346 | $13 | $0 |
How the mortgage calculator works
This calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where M is the monthly principal-and-interest payment, P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
PITI breakdown
Most US lenders escrow property taxes and homeowners insurance into your monthly payment, then pay those bills on your behalf when they come due. This means your real monthly outflow includes all four PITI components, not just principal and interest.
PMI (Private Mortgage Insurance)
When your down payment is below 20% of the home price, lenders require PMI to protect themselves against default. PMI is typically 0.3%–1.5% of the loan amount per year. Once your loan balance drops to 80% of the original home value, you can request PMI cancellation.
30-year vs 15-year
A 30-year mortgage on $360,000 at 6.85% costs around $2,360/month in P&I with total interest of about $490,000 over 30 years. The same loan as a 15-year at 6.0% would be roughly $3,038/month but only $187,000 in total interest — about $300,000 saved.
Frequently Asked Questions
What is included in the monthly mortgage payment?+
How much down payment do I need to avoid PMI?+
Should I choose a 15-year or 30-year mortgage?+
How accurate is this mortgage calculator?+
What is amortization?+
Related reading
Guides from the Calcora editorial team that pair with this calculator.
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Understanding Your Debt-to-Income (DTI) Ratio: Why It Matters for Mortgages & Auto Loans
Understanding Your Debt-to-Income (DTI) Ratio: Why It Matters for Mortgages & Auto Loans - debt to income ratio explained. Free Calcora finance content.
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How Your Credit Score Impacts Mortgage Rates and Loan Approval (And How to Improve It)
How Your Credit Score Impacts Mortgage Rates and Loan Approval (And How to Improve It) - how credit score affects mortgage rate. Free Calcora finance content.
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Property Tax Exemptions and Relief Programs for US Homeowners (State-by-State)
Property Tax Exemptions and Relief Programs for US Homeowners (State-by-State) - property tax exemptions. Free Calcora finance content.