Financial · Live
What will it really
cost per month?
A complete mortgage calculator that includes principal & interest, property tax, home insurance, HOA fees, and PMI — and shows you exactly when each payment dollar starts going to principal instead of interest.
Inputs
Loan details
Taxes, insurance & fees
- Loan amount
- $360,000.00
- LTV ratio
- 80%
Monthly payment
30-yr · 6.85%
Includes principal, interest, taxes, insurance.
P&I
80%
Amortization
Principal vs interest paid
Schedule
Yearly amortization
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Y1 | $28,307.20 | $3,763.91 | $24,543.30 | $356,236.09 |
| Y2 | $28,307.20 | $4,029.98 | $24,277.21 | $352,206.10 |
| Y3 | $28,307.20 | $4,314.88 | $23,992.33 | $347,891.22 |
| Y4 | $28,307.20 | $4,619.89 | $23,687.29 | $343,271.31 |
| Y5 | $28,307.20 | $4,946.50 | $23,360.71 | $338,324.81 |
| Y6 | $28,307.20 | $5,296.18 | $23,011.02 | $333,028.64 |
| Y7 | $28,307.20 | $5,670.56 | $22,636.63 | $327,358.07 |
| Y8 | $28,307.20 | $6,071.43 | $22,235.78 | $321,286.63 |
| Y9 | $28,307.20 | $6,500.64 | $21,806.55 | $314,785.99 |
| Y10 | $28,307.20 | $6,960.19 | $21,347.02 | $307,825.80 |
| Y11 | $28,307.20 | $7,452.21 | $20,854.99 | $300,373.59 |
| Y12 | $28,307.20 | $7,979.04 | $20,328.16 | $292,394.56 |
| Y13 | $28,307.20 | $8,543.08 | $19,764.12 | $283,851.48 |
| Y14 | $28,307.20 | $9,147.02 | $19,160.19 | $274,704.48 |
| Y15 | $28,307.20 | $9,793.62 | $18,513.56 | $264,910.85 |
| Y16 | $28,307.20 | $10,485.96 | $17,821.23 | $254,424.89 |
| Y17 | $28,307.20 | $11,227.23 | $17,079.95 | $243,197.65 |
| Y18 | $28,307.20 | $12,020.89 | $16,286.29 | $231,176.74 |
| Y19 | $28,307.20 | $12,870.69 | $15,436.49 | $218,306.05 |
| Y20 | $28,307.20 | $13,780.54 | $14,526.64 | $204,525.50 |
| Y21 | $28,307.20 | $14,754.71 | $13,552.47 | $189,770.77 |
| Y22 | $28,307.20 | $15,797.77 | $12,509.43 | $173,973.00 |
| Y23 | $28,307.20 | $16,914.55 | $11,392.66 | $157,058.46 |
| Y24 | $28,307.20 | $18,110.27 | $10,196.92 | $138,948.19 |
| Y25 | $28,307.20 | $19,390.52 | $8,916.67 | $119,557.67 |
| Y26 | $28,307.20 | $20,761.27 | $7,545.93 | $98,796.39 |
| Y27 | $28,307.20 | $22,228.94 | $6,078.27 | $76,567.46 |
| Y28 | $28,307.20 | $23,800.33 | $4,506.83 | $52,767.11 |
| Y29 | $28,307.20 | $25,482.85 | $2,824.35 | $27,284.27 |
| Y30 | $28,307.20 | $27,284.26 | $1,022.91 | $0.00 |
Field guide
How a mortgage payment is built.
A monthly mortgage payment is an aggregate. Most homeowners refer to it as PITI: principal, interest, taxes, insurance, but for many loans you can add HOA dues and PMI (private mortgage insurance) to that total. This calculator separates each piece so you can see where every dollar is going.
The principal & interest formula
The fixed P&I portion of your payment uses the standard amortization formula:
- M: monthly principal & interest payment
- P: loan amount (home price − down payment)
- r: monthly interest rate (APR ÷ 12)
- n: number of monthly payments (years × 12)
Why early payments are mostly interest
Each month, interest is charged on the remaining balance. Early in the loan the balance is large, so most of your payment covers interest and only a sliver chips at principal. As the balance shrinks, the ratio flips. By the final years almost every dollar is principal. That's the curve you see in the chart above.
Property tax
U.S. property tax rates vary widely — roughly 0.3% in Hawaii to over 2.5% in New Jersey. Many lenders escrow taxes with your mortgage payment and pay the bill on your behalf. We accept either an annual percentage of home value or a flat dollar amount per year.
Homeowners insurance & HOA
Lenders require you to keep hazard insurance in force; expect roughly 0.3%–0.5% of home value annually. HOA dues are common in condos and planned communities — they're not part of the loan, but they hit your wallet every month.
PMI: when and why
If your down payment is below 20%, lenders typically require private mortgage insurance: extra cost, no benefit to you. The good news: under the Homeowners Protection Act of 1998, the lender must automatically drop PMI once your loan balance reaches 78% of the original home value. Our calculator surfaces that month for you.
15-year vs 30-year
A 15-year mortgage typically carries a lower rate and saves a staggering amount of interest, but the monthly payment can be ~50% higher than a 30-year. The 30-year frees up cash flow at the cost of paying 1.5–2× the interest over the life of the loan. Run both terms above and compare “Total interest.”
Worked example
On a $450,000 home with 20% down at 6.85% for 30 years, the principal & interest payment is roughly $2,360/mo. Add 1.2% property tax and $1,500/yr insurance and the all-in is closer to $2,935/mo — and you'll pay about $489,000 in interest over the life of the loan.
Disclaimer
This calculator provides estimates for educational purposes. It doesn't account for closing costs, mortgage points, ARM rate adjustments, refinancing, or taxes deductions. Always consult a licensed lender for an official quote.