Finance calculator

Mortgage Payment Calculator

Use this mortgage payment calculator to estimate principal and interest, then add property tax and insurance assumptions to see a broader monthly housing payment. This helps separate the loan payment from ownership costs, but it does not include every possible cost such as PMI, HOA fees, maintenance, repairs, utilities, or closing costs.

Adjust the inputs

Monthly principal and interest$1,816.07

Tax and insurance is about 21% of the total.

  • Principal and interest$1,816.07
  • Tax and insurance$475.00
Monthly tax/insurance$475.00
Total monthly payment$2,291.07
Yearly amortization schedule

Estimated principal and interest paid each year, with the remaining balance at year end.

PeriodPrincipalInterestRemaining balance
Year 1$2,984.09$18,808.80$277,015.91
Year 2$3,191.87$18,601.03$273,824.03
Year 3$3,414.11$18,378.78$270,409.92
Year 4$3,651.83$18,141.06$266,758.09
Year 5$3,906.10$17,886.79$262,851.99
Year 6$4,178.08$17,614.82$258,673.91
Year 7$4,468.99$17,323.91$254,204.93
Year 8$4,780.15$17,012.74$249,424.77
Year 9$5,112.98$16,679.91$244,311.79
Year 10$5,468.99$16,323.90$238,842.80
Year 11$5,849.79$15,943.11$232,993.01
Year 12$6,257.09$15,535.80$226,735.92
Year 13$6,692.76$15,100.13$220,043.15
Year 14$7,158.77$14,634.13$212,884.39
Year 15$7,657.22$14,135.68$205,227.17
Year 16$8,190.37$13,602.52$197,036.80
Year 17$8,760.65$13,032.25$188,276.15
Year 18$9,370.64$12,422.26$178,905.51
Year 19$10,023.10$11,769.80$168,882.42
Year 20$10,720.98$11,071.91$158,161.43
Year 21$11,467.46$10,325.43$146,693.97
Year 22$12,265.92$9,526.98$134,428.05
Year 23$13,119.97$8,672.93$121,308.09
Year 24$14,033.49$7,759.41$107,274.60
Year 25$15,010.61$6,782.29$92,263.99
Year 26$16,055.77$5,737.13$76,208.23
Year 27$17,173.70$4,619.20$59,034.53
Year 28$18,369.46$3,423.43$40,665.07
Year 29$19,648.49$2,144.40$21,016.58
Year 30$21,016.58$776.32$0.00

Payment by mortgage amount

See the full monthly-payment table (by rate & term) and the income needed for a specific loan amount:

How to use this calculator

  • Enter the home price and down payment to estimate the loan amount.
  • Add the interest rate, loan term, property tax, and insurance assumptions.
  • Compare principal and interest separately from tax and insurance so the total payment is easier to interpret.

Formula

  • Loan amount = home price - down payment
  • Monthly principal and interest = loan amount x monthly rate / (1 - (1 + monthly rate)^-payments)
  • Monthly tax and insurance = (yearly property tax + yearly insurance) / 12
  • Total monthly payment = principal and interest + monthly tax and insurance

Example calculation

For a $350,000 home with $70,000 down, a 30-year loan at 6.75%, $4,200 yearly tax, and $1,500 yearly insurance, principal and interest are about $1,816 per month and tax/insurance are about $475 per month.

How to interpret the results

  • Read the principal and interest result separately from tax and insurance so you can see which part comes from the loan and which part comes from ownership costs.
  • Remember that the total shown is not the full cost of owning a home. PMI, HOA fees, maintenance, repairs, utilities, and closing costs may need separate planning.
  • Test small changes in interest rate, down payment, and loan term because long mortgage periods can make small input changes produce large total-cost differences.

Frequently asked questions

Does this mortgage calculator include PMI or HOA fees?

No. It includes principal, interest, property tax, and insurance. Private mortgage insurance, HOA fees, maintenance, and closing costs should be considered separately.

Why separate tax and insurance?

Separating them helps show which part comes from the loan itself and which part comes from ongoing ownership costs.

Is this a quote from a lender?

No. It is a planning estimate based on the numbers entered and does not represent a lender quote or approval.

Planning disclaimer

MoneyHackWise calculators are for general informational and planning purposes only and do not provide financial, investment, tax, legal, accounting, lending, or business advice. Results are estimates based on the inputs and assumptions shown.

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