Mortgage Calculator
Estimate your full monthly house payment, including taxes, insurance and PMI, and see how every payment splits between principal and interest.
Where your monthly payment goes
Loan balance vs. interest paid
Amortization schedule
How this mortgage calculator works
The calculator uses the standard fixed-rate amortization formula. Your monthly principal and interest payment is:
M = P × r ÷ (1 − (1 + r)−n)
where P is the loan amount, r is the yearly rate divided by 12, and n is the number of monthly payments. On a $360,000 loan at 6.25% for 30 years, that is about $2,217 a month before taxes and insurance.
What is included in the monthly payment
- Principal and interest, fixed for the life of the loan.
- Property tax, entered as a yearly percentage of the home price. Rates vary widely by state and county, so check your local assessor.
- Homeowners insurance, entered as a yearly premium.
- PMI, only when the down payment is under 20%. It drops off automatically once the balance reaches 78% of the original price, as required by the Homeowners Protection Act.
- HOA dues, if your community charges them.
Reading the amortization schedule
Early payments are mostly interest. As the balance shrinks, more of each payment goes to principal. Switch to the monthly view to see the exact split for every payment. Adding even a small extra principal payment each month shortens the loan and cuts total interest, as the summary above shows.
Learn what drives your rate in How Mortgage Rates Are Set.
Estimates only. Your lender's Loan Estimate is the official figure and may include costs not modeled here.