Common question
What is my mortgage payment?
The payment people quote is often only principal and interest. The amount that leaves your account is usually larger, because tax, insurance, mortgage insurance, and HOA can sit on top.
Enter your own price, down payment, rate, and term. The result is an estimate from those numbers, not a lender’s quote.
At this down payment, PMI is not included and the monthly cost is $2,838.
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.
How the estimate is calculated
The loan is the home price minus the down payment. Principal and interest come from that loan, the annual rate divided by 12, and the number of months in the term.
Property tax is the home price times the annual rate, divided by 12. Insurance is the yearly premium divided by 12. PMI is the loan times the PMI rate, divided by 12, and only when the down payment is under 20%. HOA is the monthly amount you enter. Those extras are added after the interest math. They do not change it.
Open the Mortgage Calculator · How this calculator works · How mortgage payments work
Questions
Does this include taxes and insurance?
Yes. The monthly total adds principal and interest, property tax, home insurance, PMI when the down payment is under 20%, and HOA.
Why might a lender’s number differ?
A lender uses its own rate, mortgage insurance, tax escrow, and fees. This page uses only the figures you type.
Does an extra payment change the payoff date?
Yes. Extra monthly principal shortens the schedule and reduces total interest. The payoff date on the calculator includes that extra amount.
Is PMI removed automatically in this estimate?
The monthly PMI line is zero once you put 20% down. If you put less down, this mortgage estimate keeps PMI for the full payoff. It does not drop it at 80% loan-to-value.