Mortgage Calculator

    Calculate your monthly mortgage payment including property taxes, insurance, PMI, HOA and extra payments with an amortization schedule and payoff chart.

    $80,000
    Include taxes and costs+$500.00/mo
    $400.00/mo
    $100.00/mo

    PMI removed: down payment is 20% or more.

    Estimated monthly payment

    $2,522.62

    On a $320,000 loan

    Principal & interest
    80.2%$2,022.62
    Property tax
    15.9%$400.00
    Home insurance
    4%$100.00

    Repayment summary

    Total of all payments

    $908,142

    Principal, interest & escrow

    Total interest paid

    $408,142

    128% of loan amount

    Payoff date

    Oct 2056

    30-year loan term

    Annual payment

    $30,271

    12 monthly payments

    Loan amount

    $320,000

    80% loan-to-value

    Down payment

    $80,000 (20%)

    Initial home equity

    Total tax paid

    $144,000

    $400/mo

    Total insurance paid

    $36,000

    $100/mo

    Payoff schedule over time

    Annual principal, interest, and taxes/fees (left axis) vs. remaining balance (right axis).

    Principal
    Interest
    Taxes & fees
    Remaining balance

    Amortization schedule

    Detailed breakdown of interest, principal, extra payments, and remaining loan balance.

    YearInterestPrincipalExtraEnding balance
    2026$3,465.10$580.14$0.00$319,419.86
    2027$20,655.84$3,615.57$0.00$315,804.29
    2028$20,413.70$3,857.72$0.00$311,946.57
    2029$20,155.34$4,116.07$0.00$307,830.50
    2030$19,879.68$4,391.74$0.00$303,438.76
    2031$19,585.55$4,685.86$0.00$298,752.91
    2032$19,271.73$4,999.68$0.00$293,753.23
    2033$18,936.90$5,334.52$0.00$288,418.71
    2034$18,579.63$5,691.78$0.00$282,726.93
    2035$18,198.44$6,072.97$0.00$276,653.96
    2036$17,791.73$6,479.69$0.00$270,174.28
    2037$17,357.77$6,913.64$0.00$263,260.64
    2038$16,894.75$7,376.66$0.00$255,883.97
    2039$16,400.72$7,870.69$0.00$248,013.28
    2040$15,873.61$8,397.81$0.00$239,615.48
    2041$15,311.19$8,960.22$0.00$230,655.26
    2042$14,711.11$9,560.30$0.00$221,094.95
    2043$14,070.84$10,200.58$0.00$210,894.38
    2044$13,387.68$10,883.73$0.00$200,010.65
    2045$12,658.78$11,612.63$0.00$188,398.02
    2046$11,881.06$12,390.35$0.00$176,007.67
    2047$11,051.26$13,220.15$0.00$162,787.51
    2048$10,165.88$14,105.53$0.00$148,681.98
    2049$9,221.21$15,050.21$0.00$133,631.78
    2050$8,213.27$16,058.15$0.00$117,573.63
    2051$7,137.82$17,133.59$0.00$100,440.04
    2052$5,990.35$18,281.06$0.00$82,158.98
    2053$4,766.04$19,505.38$0.00$62,653.60
    2054$3,459.73$20,811.69$0.00$41,841.92
    2055$2,065.93$22,205.48$0.00$19,636.43
    2056$589.74$19,636.43$0.00$0.00

    Stays on your device. Inputs stay in your browser's local storage and are never sent to our servers. Press Share to copy a link, or Reset to clear.

    How to Use

    Follow these simple steps to get the best results.

    1Pick your currency symbol ($, €, £, ₹, or ¥) and enter your target home price.
    2Set your down payment using either the currency amount or percentage toggle; both values stay synced automatically.
    3Enter your annual interest rate and choose a loan term in years (or tap 10, 15, 20, or 30 quick picks) plus your start month and year.
    4Review or toggle Include taxes and costs to factor in property tax, home insurance, PMI (auto-applied under 20% down), HOA fees, and other annual costs.
    5Open More options to model extra monthly, yearly, or one-time payments and see how many months and interest dollars you save.
    6Explore the sticky monthly breakdown, payoff chart, and annual or monthly amortization schedule, or download the schedule as CSV.
    7Use Share to copy a link that restores your exact scenario, or press Reset to restore defaults.

    Frequently Asked Questions

    Find answers to common questions about this tool.

    A common rule of thumb is the 28/36 guideline: keep your total monthly housing cost (principal, interest, taxes, insurance, and HOA) at or below 28% of your gross monthly earnings, and keep all monthly debt payments combined under 36%. Lenders look closely at your debt-to-income ratio, credit score, and cash reserves for closing costs as well as the down payment.

    Private Mortgage Insurance (PMI) protects the lender if you put down less than 20% on a conventional loan. It is calculated as a percentage of your loan amount each year and split into monthly payments. On most conventional mortgages, PMI is removed automatically once your remaining balance reaches 78% to 80% of the home's original value.

    A 30-year mortgage keeps your monthly payment lower and gives your budget more breathing room, while a 15-year mortgage usually comes with a lower interest rate and cuts total interest by more than half. Try switching between 15 and 30 years in the loan term selector to compare the monthly cost against total interest paid.

    Often, yes. Putting 20% or more down lowers the lender's risk (a lower loan-to-value ratio), which can qualify you for a slightly better interest rate and eliminates PMI altogether. Even moving from 5% to 10% or 15% down lowers both your monthly payment and your PMI rate.

    Mortgage interest is charged each month on whatever principal balance you still owe. Every extra dollar you send toward principal immediately lowers next month's interest charge, which creates a compounding effect over the life of the loan. Even adding $100 or $200 a month can shave years off a 30-year mortgage.

    A fixed-rate mortgage locks in the same interest rate and principal-and-interest payment for the entire loan term, making budgeting predictable. An adjustable-rate mortgage (ARM) starts with a lower introductory rate for a set period, such as 5 or 7 years, and then adjusts periodically with market benchmarks. This calculator models a fixed-rate loan.

    An amortization schedule is a payment-by-payment table showing how much of each payment goes toward interest, how much reduces your loan principal, any extra principal paid, and your remaining balance. In the early years most of the payment covers interest; over time that balance flips toward principal.

    Yes, by default the calculator includes estimated property taxes and homeowners insurance, plus optional PMI, HOA dues, and other annual ownership costs. If you only want to see pure loan principal and interest, simply toggle off Include taxes and costs.

    Yes, on your own device only. To save you from retyping after a refresh, this calculator keeps your entered values in your browser's local storage. Nothing is uploaded to Tooltri and we cannot see your figures. If you press Share, your numbers are encoded into the URL hash fragment (encoded, not encrypted) so anyone with the link can decode and view them, while our servers never receive them. Press Reset to clear your saved values.

    How It Works

    Understand the methodology, formulas, and concepts behind this tool.

    Plan Your Home Purchase With Real Numbers

    Buying a home involves much more than the sticker price and a headline interest rate. Property taxes, homeowners insurance, private mortgage insurance (PMI), and HOA fees all shape what you actually pay each month. This mortgage calculator gives you an instant look at your full monthly housing cost, long-term interest total, payoff chart, and month-by-month amortization schedule in one clean view.

    How the Mortgage Formula Works

    For a fixed-rate loan, the monthly principal and interest payment (M) uses the standard amortization formula:

    M = P * r(1 + r)^n / ((1 + r)^n - 1)

    • P is the loan principal (home price minus your down payment).
    • r is your monthly interest rate (annual rate divided by 100 and then by 12).
    • n is the total number of monthly payments (loan term in years multiplied by 12).

    Worked example with defaults: Imagine buying a $400,000 home with 20% down ($80,000), leaving a $320,000 loan at 6.5% for 30 years (360 months). Here r = 0.065 / 12 = 0.0054167. Plugging those numbers into the formula gives a principal and interest payment of $2,022.62 per month. Add 1.2% annual property tax ($400.00/month) and $1,200 annual home insurance ($100.00/month), and your estimated total monthly payment comes to $2,522.62.

    If your interest rate is 0%, the formula simplifies to P / n. If your down payment covers 100% of the home price, your loan balance is $0 with no principal and interest payment.

    What Is Included in Your Monthly Payment

    Lenders and homeowners often call the core four costs PITI (Principal, Interest, Taxes, and Insurance):

    • Principal: The portion of each payment that pays down your loan balance and builds equity in your home.
    • Interest: The lender's charge for borrowing the remaining balance. Early payments are mostly interest, while later payments are mostly principal.
    • Property Tax: Local real estate taxes based on your home's value, typically collected monthly into an escrow account (annual tax / 12).
    • Home Insurance: Homeowners insurance protecting the property against damage and liability (annual insurance / 12).
    • PMI (Private Mortgage Insurance): Automatically added when your down payment is under 20% of the home price, and automatically removed in the schedule once your loan balance drops to 80% of the original home price.
    • HOA & Other Costs: Optional monthly homeowners association dues or annual maintenance budgets so your monthly estimate reflects real ownership costs.

    Ways to Lower Your Mortgage Payment

    1. Increase your down payment: Reaching 20% down reduces your loan size and removes PMI at the same time.
    2. Compare shorter loan terms: A 15-year or 20-year term raises the monthly payment compared to 30 years, but can save tens or hundreds of thousands in total interest.
    3. Make extra principal payments: Even a modest extra monthly payment, annual lump sum, or one-time windfall applied directly to principal shortens your payoff date and cuts lifetime interest.
    4. Shop rates or refinance later: A difference of 0.25% to 0.50% in annual rate significantly changes both your monthly bill and total interest paid.
    5. Drop PMI at 80% LTV: Once your equity reaches 20% through payments or home improvements, contact your lender to verify PMI removal rules.

    Share a Calculation

    Press the Share button to copy a link to your calculation. Your inputs and chosen currency symbol are packed into a compact array inside the URL hash fragment (#s=...) using base64url encoding. The data is encoded, not encrypted, and is never sent to Tooltri's servers or logged anywhere. Anyone you send the link to can open it and see the numbers you entered.

    Privacy and Local Storage

    All calculations run locally in your browser. To save you from retyping after refreshing the page, your calculator inputs are stored in your browser's local storage on this device only. They are never uploaded to Tooltri. Press Reset at any time to clear saved values and return to defaults.

    Disclaimer

    These results are estimates for planning and educational purposes only, not financial or legal advice. Actual mortgage rates, closing costs, escrow rules, taxes, and insurance premiums vary by lender and location.

    Last updated:

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