Finance category
Mortgage, loan, investing, tax, and money calculators.
Mortgage Calculator
Estimate your monthly principal and interest payment, compare common loan terms, and review a year-by-year amortization schedule for your mortgage.
Monthly Payment (P&I)
$2,023
Total Interest Paid
$408,142
Total Cost of Loan
$728,142
Year-by-Year Amortization
Based on a 30-year loan of $320,000 at 6.50% interest.
Home price $400,000 • Down payment $80,000
| 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 |
EveryCalc calculators are designed for fast, practical estimates with transparent inputs and no required account. We use plain formulas, visible assumptions, and related tools so visitors can check the result from more than one angle.
Results are informational only. For financial, tax, legal, medical, construction, or other high-impact decisions, verify the output against primary sources or a qualified professional.
Learn more about our review process on the EveryCalc methodology page.
Calculation notes and example
Mortgage payment formula used here
This calculator uses the standard fixed-rate mortgage formula: payment = P × r × (1 + r)^n / ((1 + r)^n - 1), where P is the loan balance, r is the monthly interest rate, and n is the number of monthly payments. Taxes, insurance, HOA dues, and PMI are then layered on top so the result is closer to a real monthly housing budget than principal and interest alone. The amortization view separates interest from principal so you can see why the early years of a 30-year loan feel slow even when every payment is on time.
Worked example
For a $400,000 loan at 6.75% over 30 years, principal and interest are about $2,595 per month. If you add $475 for taxes, $150 for insurance, and $100 for HOA dues, the all-in estimate moves near $3,320 before PMI. A buyer comparing offers can pair this page with the closing cost calculator to estimate cash due at signing, then use the amortization calculator to see how much principal is left after five, seven, or ten years.
Edge cases and practical tips
- If your rate is adjustable, use this as the starting payment only; future resets can change the answer.
- PMI normally depends on loan program, credit profile, and down payment, so treat generic PMI as a planning estimate.
- Run the same purchase price at several down payments; sometimes extra cash down saves less than keeping reserves for repairs.
Useful companion tools: Amortization Calculator, Closing Cost Calculator, Down Payment Calculator, and Mortgage Points Calculator.
How to interpret the mortgage result
Best use
Use the result as a planning number for comparing payments, rates, returns, tax reserves, or cash-flow choices before you request a quote or make a commitment.
Cross-check
Compare the answer with the contract, lender estimate, tax form, brokerage statement, payroll record, or invoice that will control the real-world outcome.
Watch for
Do not rely on a single optimistic rate, return, or fee assumption. Money pages work best when you run low, base, and high cases and keep professional advice separate from the estimate.
This page belongs to the Finance calculator library, so the answer should be read in the context of the decision you are modeling rather than as a universal rule.
Before relying on this mortgage estimate
Most calculator mistakes come from the inputs, not the arithmetic. Use this short audit before you reuse the answer in a spreadsheet, quote, application, or important conversation.
Confirm source numbers
Match balances, rates, fees, taxes, income, and payment dates against the lender quote, payroll record, tax form, statement, invoice, or contract.
Separate cash flow from total cost
A lower monthly payment can still cost more over time if fees, interest, taxes, or a longer term are hidden in the structure.
Run conservative cases
Test at least one higher-cost or lower-return case before using the output for a purchase, refinance, investment, loan, or tax decision.
Rerun this page when the rate, price, term, fee, tax rule, income, expense, or expected holding period changes.
How to Use
- Enter the home price and your planned down payment in either dollars or percent.
- Choose a 15, 20, or 30 year mortgage term.
- Set the annual interest rate offered by your lender.
- Review the monthly payment, total interest, and yearly amortization schedule instantly.
Frequently Asked Questions
Does this mortgage calculator include taxes and insurance?
No. This calculator shows principal and interest only. Property taxes, homeowners insurance, HOA dues, and PMI can all increase your real monthly housing payment.
What does amortization mean?
Amortization is the process of paying off a loan with fixed payments over time. Early payments go mostly toward interest, while later payments go more heavily toward principal.
How does a larger down payment help?
A larger down payment reduces the amount you borrow, which lowers your monthly payment and total interest paid. Putting 20% down may also help you avoid private mortgage insurance on many conventional loans.
Should I choose a 15 year or 30 year mortgage?
A 15 year mortgage usually has a higher monthly payment but much lower total interest. A 30 year mortgage offers more monthly flexibility, but you will typically pay significantly more interest over the life of the loan.
Why is the first year mostly interest?
Mortgage interest is calculated on your remaining balance each month. Because your balance is highest at the start of the loan, more of each early payment goes to interest.
Related Calculators
PMI Calculator
Estimate how much private mortgage insurance could add to the monthly payment.
Closing Cost Calculator
Estimate lender fees, escrows, and total cash to close on the purchase.
Mortgage Recast Calculator
Model a lump-sum recast that lowers the payment without refinancing the loan.
Temporary Buydown Calculator
Compare how a seller- or builder-funded 3-2-1 or 2-1 buydown reshapes the first few years.
Property Tax Calculator
Estimate the property tax portion of PITI from mill rate and assessed value.
Escrow Shortage Calculator
Decode an annual escrow analysis and see the new payment after tax or insurance changes.
HOA Calculator
Layer HOA dues on top of the PITI payment to see the true monthly housing cost.
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