Mortgage Payment Calculator
Estimate your full monthly payment — principal, interest, taxes, insurance, HOA, and PMI — plus total interest over the loan.
15% of the price — under 20% typically adds PMI
Payment estimate
Estimated total monthly payment
$2,836
Borrowing $340,000 at 6.5% over 30 years costs $2,149/month in principal & interest; taxes, insurance and PMI bring the full payment to $2,836.
What's inside the monthly payment
View data table
| Category | Amount | Share |
|---|---|---|
| Principal & interest | $2,149 | 76% |
| Property taxes | $367 | 13% |
| Insurance | $150 | 5% |
| PMI | $170 | 6% |
- Loan amount
- $340,000
- Loan-to-value
- 85%
- Total interest over the loan
- $433,651
- Total of all P&I payments
- $773,651
- Payoff
- Aug 2056
Amortization summary
View data table
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $3,800 | $21,988 | $336,200 |
| 2 | $4,055 | $21,734 | $332,145 |
| 3 | $4,326 | $21,462 | $327,819 |
| 4 | $4,616 | $21,172 | $323,203 |
| 5 | $4,925 | $20,863 | $318,277 |
| 10 | $6,811 | $18,978 | $288,239 |
| 15 | $9,418 | $16,370 | $246,701 |
| 20 | $13,023 | $12,765 | $189,262 |
| 25 | $18,009 | $7,780 | $109,834 |
| 30 | $24,903 | $885 | $0 |
What this may mean for you
Lifetime interest here is $433,651 — 128% of what you're borrowing. A useful budget check: keeping the full payment near 28% of gross income (about $121,530 of annual income for this payment) leaves room for everything else.
Results are estimates for educational purposes and may not reflect your complete financial or tax situation.
Understanding this calculator
The payment a lender quotes is usually just principal and interest; the payment that hits your bank account includes property taxes, homeowners insurance, possibly HOA dues, and PMI if you put down less than 20%. Budgeting on the full number — PITI — is the difference between a comfortable house and a house-poor one.
Two structural facts about amortized loans surprise people. Early payments are mostly interest — on a 30-year loan at 6–7%, roughly two-thirds of the first years' payments go to interest, with equity building slowly. And the lifetime interest is enormous: often 80–120% of the amount borrowed at today's rates. That's why the payoff calculator next door, showing what extra payments do, pairs well with this one.
Heading into retirement, the calculus shifts from "how much house can I afford" to "does carrying this payment into fixed-income years make sense" — a question of cash flow, not just interest math.
Assumptions and methodology
- Principal & interest uses the standard amortization formula on the loan amount (price − down payment).
- PMI applies when the down payment is under 20%, at your chosen annual rate on the loan amount, and drops when the balance amortizes to 80% of the price (a simplification of lender rules).
- Taxes, insurance, and HOA are passed through from your inputs — they don't amortize and typically rise over time.
- The amortization summary is annual; escrow changes, rate adjustments (ARMs), and closing costs are not modeled.
Official sources
Last reviewed August 30, 2026. Year-specific figures show their tax or data year in the tool; data is reviewed when the IRS, SSA, and CMS publish annual updates.
Common questions
What's PMI and how do I avoid it?
Private mortgage insurance protects the lender when you put down less than 20%. It typically runs 0.3–1.5% of the loan per year and can be removed once you reach 20–22% equity.
15-year or 30-year?
A 15-year loan carries a lower rate and a fraction of the lifetime interest, but a much higher required payment. Some buyers take the 30 for flexibility and pay it like a 15 — the payoff calculator shows what that does.
Keep going
- Mortgage PayoffSee how extra monthly or one-time payments shorten your mortgage and cut total interest.Calculator
- Income After TaxesEstimate your take-home pay after federal, state, and payroll taxes — by year, month, and paycheck.Calculator
- Auto LoanEstimate your monthly car payment and the true total cost of the loan, including tax and fees.Calculator
Want a second set of eyes on this?
If you'd like to talk through what these numbers mean for your situation, you can schedule a free, no-pressure conversation. No products, no pitch — just questions answered.