Mortgage Payment Calculator
Estimate your full monthly mortgage payment — principal, interest, property tax, and insurance — and see exactly how much interest you'll pay over the life of the loan.
Yearly amortization schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
How your mortgage payment is calculated
The principal-and-interest portion of your payment comes from the standard amortization formula: the loan amount, the monthly interest rate (annual rate ÷ 12), and the number of monthly payments. Early in the loan most of each payment goes to interest; the balance shifts toward principal over time — the amortization table below the calculator shows that shift year by year.
Your real monthly cost also includes property taxes and homeowners insurance (often escrowed into the payment), and PMI if your down payment is below 20%.
How to lower your monthly payment
The three biggest levers are the purchase price, the interest rate, and the loan term. A larger down payment reduces both the loan amount and the odds of paying PMI. Even a 0.5-point rate difference on a $320,000 loan changes the payment by roughly $100/month — which is why comparing at least three lenders consistently saves money. A 15-year term raises the payment but typically cuts the rate and slashes total interest by more than half.
Frequently asked questions
How much house can I afford?
A common guideline is the 28/36 rule: housing costs under 28% of gross monthly income, and all debt payments under 36%. On a $100,000 salary that caps housing at about $2,333/month including taxes and insurance.
What's included in a monthly mortgage payment?
Principal, interest, property taxes, and homeowners insurance (PITI). Loans with less than 20% down usually add private mortgage insurance (PMI), and condos add HOA dues.
How much interest will I pay over 30 years?
At 6.5% on a $320,000 loan you'd pay roughly $408,000 in interest over 30 years — more than the loan itself. The calculator's amortization table shows the exact figure for your inputs.
Is it worth paying extra toward principal?
Extra principal payments shorten the loan and cut total interest. One extra monthly payment per year on a 30-year loan typically pays it off 4–5 years early.
This calculator provides estimates for educational purposes only and is not financial advice. Actual loan terms, rates, and outcomes depend on your lender and personal situation.