Mortgage Calculator
See your full monthly payment — not just principal and interest, but property tax, insurance, PMI, and community fees — plus the total interest you'll pay over the loan.
Loan details
= $80,000 · Loan amount $320,000
Editable assumption — not a live quoted rate.
Estimated monthly payment
$2,514.28
- Principal & interest
- $2,022.62
- Property tax
- $366.67
- Insurance
- $125.00
Loan amount
$320,000
Total interest (life of loan)
$408,142
Total of payments
$728,142
How this calculator works
Your loan equals the home price minus your down payment. We amortize that loan at your rate and term to get the monthly principal and interest, then add the recurring costs of ownership: property tax (a percentage of the home's value), homeowner's insurance, mortgage insurance (PMI) if your down payment is below 20%, and any HOA or community fee. The total is your realistic monthly housing cost.
To compare this with the cost of renting — accounting for equity, appreciation, and what you could earn by investing instead — use the Rent vs Buy Calculator. To see how extra payments shorten your loan, try the amortization schedule.
Frequently asked questions
What's included in a monthly mortgage payment?
A typical payment has four parts often abbreviated PITI: principal, interest, taxes, and insurance. Many payments also include mortgage insurance (PMI) if you put down less than 20%, and an HOA or community fee. This calculator shows each component separately.
How is principal and interest calculated?
Principal and interest are amortized: each month you pay interest on the remaining balance plus enough principal to fully repay the loan over the term. Early payments are mostly interest; later payments are mostly principal. The formula is the standard fixed-payment amortization formula.
When does PMI go away?
In the US, lenders must automatically cancel PMI once your loan balance reaches 78% of the original home value, and you can request cancellation at 80%. Putting 20% down avoids PMI from the start.
How much total interest will I pay?
Over a 30-year loan you often pay roughly as much in interest as the amount you borrowed, depending on the rate. This calculator shows the total interest and total of all payments so you can see the true cost of the loan.