Mortgage Calculator
Enter a home price, down payment and rate to see your full monthly payment — principal, interest, property tax and insurance — plus how much interest you'll pay over the life of the loan.
20% avoids most PMI.
- Principal & interest
- $2,022.62
- Property tax
- $366.67
- Home insurance
- $125.00
- Total interest paid
- $408,142
- Total of payments
- $808,142
Over 30 years you'll pay $408,142 in interest — about 128% of the amount borrowed.
Estimates only — not financial advice. They produce estimates based on the figures you enter and do not account for every fee, tax or change in rate.
How the mortgage calculation works
Your principal and interest payment comes from the standard amortized-loan formula: the loan amount, the monthly rate, and the number of payments determine a fixed payment that pays the loan off exactly at the end of the term.
Early payments are mostly interest; later payments are mostly principal. The balance chart above shows how slowly the balance falls at first, then accelerates.
Lowering your payment
Three levers move your payment: a larger down payment (less to borrow), a lower rate (shop lenders and consider points), or a longer term (lower payment but more total interest). Use the related calculators to test refinancing or making extra payments.