Mortgage Calculator
See your monthly payment, total housing cost with tax, insurance and PMI, and how extra payments shorten the loan.
Mortgage payment · monthly
$2,022.62
$320,000.00 borrowed · paid off in 30 years
of what you repay is the loan itself
- Principal and interest$2,022.6282%
- Property tax$333.3313%
- Home insurance$125.005%
Total interest
$408,140.64
Over the life of the mortgage
Total of payments
$728,140.64
Principal plus interest
Monthly cost, line by line
| Principal and interest (monthly) | $2,022.62 |
| Property tax | $333.33 |
| Home insurance | $125.00 |
| Total monthly housing cost | $2,480.95 |
How this is calculated
Purchase price
Price of the home.
$400,000.00
Down payment
20% of the price.
-$80,000.00
Mortgage amount
The amount you borrow.
$320,000.00
Interest rate per payment
6.5% a year, compounded monthly, is 0.54167% per payment at 12 payments a year.
Payment
Level payment that repays the mortgage over 30 years.
$2,022.62
Total interest
Over 30 years.
$408,140.64
Amortization schedule by year
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $20,694.68 | $3,576.76 | $316,423.24 |
| 2 | $20,455.16 | $3,816.28 | $312,606.96 |
| 3 | $20,199.56 | $4,071.88 | $308,535.08 |
| 4 | $19,926.87 | $4,344.57 | $304,190.51 |
| 5 | $19,635.90 | $4,635.54 | $299,554.97 |
| 6 | $19,325.44 | $4,946.00 | $294,608.97 |
| 7 | $18,994.22 | $5,277.22 | $289,331.75 |
| 8 | $18,640.79 | $5,630.65 | $283,701.10 |
| 9 | $18,263.69 | $6,007.75 | $277,693.35 |
| 10 | $17,861.33 | $6,410.11 | $271,283.24 |
| 11 | $17,432.03 | $6,839.41 | $264,443.83 |
| 12 | $16,973.98 | $7,297.46 | $257,146.37 |
| 13 | $16,485.27 | $7,786.17 | $249,360.20 |
| 14 | $15,963.82 | $8,307.62 | $241,052.58 |
| 15 | $15,407.42 | $8,864.02 | $232,188.56 |
| 16 | $14,813.81 | $9,457.63 | $222,730.93 |
| 17 | $14,180.39 | $10,091.05 | $212,639.88 |
| 18 | $13,504.58 | $10,766.86 | $201,873.02 |
| 19 | $12,783.51 | $11,487.93 | $190,385.09 |
| 20 | $12,014.14 | $12,257.30 | $178,127.79 |
| 21 | $11,193.24 | $13,078.20 | $165,049.59 |
| 22 | $10,317.38 | $13,954.06 | $151,095.53 |
| 23 | $9,382.83 | $14,888.61 | $136,206.92 |
| 24 | $8,385.73 | $15,885.71 | $120,321.21 |
| 25 | $7,321.84 | $16,949.60 | $103,371.61 |
| 26 | $6,186.68 | $18,084.76 | $85,286.85 |
| 27 | $4,975.52 | $19,295.92 | $65,990.93 |
| 28 | $3,683.22 | $20,588.22 | $45,402.71 |
| 29 | $2,304.40 | $21,967.04 | $23,435.67 |
| 30 | $833.21 | $23,435.67 | $0.00 |
Assumptions
- Fixed rate compounded monthly.
- Property tax and insurance are your estimates; they usually rise over time.
Worked examples
Monthly payments, monthly compounding, before tax and insurance.
| Scenario | Mortgage | Payment | Total interest | Paid off |
|---|---|---|---|---|
| $400,000 home, 20% down, 6.5%, 30 years | $320,000 | $2,022.62 | $408,141 | 30 years |
| $600,000 home, 10% down, 5.5%, 25 years | $540,000 | $3,316.07 | $454,823 | 25 years |
| $300,000 home, 5% down, 6%, 25 years | $285,000 | $1,836.26 | $265,877 | 25 years |
Frequently asked questions
What is the monthly payment on a $320,000 mortgage at 6.5%?
$2,022.62 a month over 30 years, before property tax and insurance. Total interest over the life of the loan is $408,141.
When does PMI stop?
Your servicer must end private mortgage insurance automatically when the balance is scheduled to reach 78% of the home's original value, as long as you're current on payments. Extra payments don't move that automatic date, but you can ask to cancel at 80%.
How much does paying extra each month save?
On the first example, adding $200 to each payment saves $105,428 in interest.
What does accelerated biweekly mean?
You pay half your monthly payment every two weeks: 26 half-payments, or the equivalent of 13 monthly payments a year, which pays the loan off years early.
Sources
Estimates for information only; not tax, legal or financial advice. See our methodology.