Mortgage Calculator
Estimate your monthly mortgage payment and see how your payment changes with different loan scenarios.
Use it when you want the monthly amount that leaves your account, not only principal and interest.
Compare scenarios
Change the down payment, the term, or the extra payment and keep the first answer beside it.
Remaining balance
Loan balance at the end of each year.
| Label | Remaining balance |
|---|---|
| Year 1 | $355,976 |
| Year 2 | $351,683 |
| Year 3 | $347,102 |
| Year 4 | $342,215 |
| Year 5 | $337,000 |
| Year 6 | $331,436 |
| Year 7 | $325,499 |
| Year 8 | $319,165 |
| Year 9 | $312,406 |
| Year 10 | $305,195 |
| Year 11 | $297,501 |
| Year 12 | $289,291 |
| Year 13 | $280,532 |
| Year 14 | $271,186 |
| Year 15 | $261,214 |
| Year 16 | $250,575 |
| Year 17 | $239,223 |
| Year 18 | $227,110 |
| Year 19 | $214,187 |
| Year 20 | $200,398 |
| Year 21 | $185,685 |
| Year 22 | $169,987 |
| Year 23 | $153,238 |
| Year 24 | $135,367 |
| Year 25 | $116,299 |
| Year 26 | $95,954 |
| Year 27 | $74,247 |
| Year 28 | $51,085 |
| Year 29 | $26,373 |
| Year 30 | $0 |
Amortization Schedule
See how your payment is split over time.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,024 | $23,282 | $355,976 |
| 2 | $4,293 | $23,012 | $351,683 |
| 3 | $4,581 | $22,725 | $347,102 |
| 4 | $4,888 | $22,418 | $342,215 |
| 5 | $5,215 | $22,090 | $337,000 |
| 6 | $5,564 | $21,741 | $331,436 |
| 7 | $5,937 | $21,369 | $325,499 |
| 8 | $6,334 | $20,971 | $319,165 |
| 9 | $6,759 | $20,547 | $312,406 |
| 10 | $7,211 | $20,094 | $305,195 |
How we calculated this
Your monthly principal and interest payment is calculated from the loan amount, interest rate, and term. Property tax, insurance, PMI, and HOA are added separately. Principal and interest together stay level; the split between them changes every month. The first payment’s split is shown beside the estimate.
What does this mean?
About $2,275.44 each month goes to the loan. $562.50 covers taxes, insurance, PMI, and HOA. This is a planning estimate, not a loan quote.
Your assumptions
Edit assumptions- Home price
- $450,000
- Down payment
- $90,000
- Interest rate
- 6.50%
- Loan term
- 30 years
- Property tax
- 1.10%
- Home insurance
- $1,800 / year
- PMI rate
- Not applied
- HOA
- $0.00 / month
This calculator provides an estimate for informational purposes. Actual mortgage payments, taxes, insurance, PMI, fees, and lender terms may vary.
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How the estimate is calculated
The loan amount is the home price minus the down payment. Principal and interest come from that loan, the interest rate, and the term.
Property tax is the home price times the annual rate, divided by 12. Insurance is the annual premium divided by 12. PMI is added only when you put down less than 20%.
Mortgage payment formula
The principal and interest payment is the loan amount times the monthly rate, adjusted for the number of payments. Taxes, insurance, PMI, and HOA are added after that. They are not part of the interest calculation.
Example
- Start with a home price and subtract the down payment to get the loan.
- Apply the interest rate and term to that loan for principal and interest.
- Add one month of property tax, insurance, PMI if the down payment is under 20%, and HOA.
With the numbers filled in on this page, the estimate is $2,837.94 per month.
What changes the result
Down payment
A larger down payment lowers the loan, the interest, and can remove PMI once you reach 20% down.
Interest rate and term
A higher rate or a longer term raises the interest you pay. A 15-year term usually costs more each month and less in total interest.
Taxes, insurance, and HOA
These can change after you buy. The calculator uses the rates and amounts you enter.
Questions
Does this include taxes and insurance?
Yes. The monthly total adds principal and interest, property tax, home insurance, PMI when it applies, and HOA.
Why might a lender’s payment differ?
Lenders use their own rate, mortgage insurance, tax escrows, and fees. This page is a planning estimate.
When is PMI included?
PMI is included when the down payment is under 20% of the home price. At 20% or more, the PMI line is zero.
Do extra payments change the payoff date?
Yes. Extra monthly principal shortens the schedule and reduces total interest. The payoff date on this page reflects that extra amount.