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.
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.
general
Cost of Living in Texas vs. Florida: Where Will Your Money Go Further?
Cost of Living in Texas vs. Florida: Where Will Your Money Go Further? - cost of living texas vs florida. Free Calcora finance content.
loans
The 20% Down Payment Myth: What You Actually Need
The 20% Down Payment Myth: What You Actually Need - how much down payment for house. Free Calcora finance content.
general
How to Calculate Your Net Worth (And Why It Matters for Financial Health)
How to Calculate Your Net Worth (And Why It Matters for Financial Health) - how to calculate net worth. Free Calcora finance content.