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Mortgage calculator

Monthly mortgage payment with property tax, insurance, PMI and HOA, total interest, an amortization schedule and extra payments.

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Enter the down payment as

Fixed yearly rate, compounded monthly.

Your mortgage payment

Monthly payment $2,364.95, principal and interest $1,896.20.

Monthly payment
$2,364.95
Principal, interest, tax, insurance, PMI and HOA
Principal & interest
$1,896.20
Loan amount
$300,000.00
20% down ($75,000.00)
Total interest
$382,636.71
Over 30 years
Monthly payment breakdown (first month)
Principal & interest$1,896.20
Property tax$343.75
Home insurance$125.00
PMI$0.00
HOA / service charge$0.00
Total a month$2,364.95

Paid off in Sep 2056 (30 years from a first payment in Oct 2026). You repay $682,636.71 in principal and interest.

No PMI: the down payment is at least 20% of the price.

Taxes, insurance and fees
Enter property tax as

Of the loan amount; charged only with less than 20% down.

78% is the automatic US cancellation point.

Extra payments

1 = the first monthly payment.

Amortization schedule

Yearly totals; open a year to see each month. The last payment is adjusted so the balance ends at exactly 0.

Amortization schedule: yearly totals and months
YearPaymentsPrincipalInterestBalance
Sep 2027$22,754.40$3,353.12$19,401.28$296,646.88
Sep 2028$22,754.40$3,577.68$19,176.72$293,069.20
Sep 2029$22,754.40$3,817.29$18,937.11$289,251.91
Sep 2030$22,754.40$4,072.94$18,681.46$285,178.97
Sep 2031$22,754.40$4,345.71$18,408.69$280,833.26
Sep 2032$22,754.40$4,636.75$18,117.65$276,196.51
Sep 2033$22,754.40$4,947.30$17,807.10$271,249.21
Sep 2034$22,754.40$5,278.62$17,475.78$265,970.59
Sep 2035$22,754.40$5,632.13$17,122.27$260,338.46
Sep 2036$22,754.40$6,009.32$16,745.08$254,329.14
Sep 2037$22,754.40$6,411.79$16,342.61$247,917.35
Sep 2038$22,754.40$6,841.18$15,913.22$241,076.17
Sep 2039$22,754.40$7,299.36$15,455.04$233,776.81
Sep 2040$22,754.40$7,788.20$14,966.20$225,988.61
Sep 2041$22,754.40$8,309.84$14,444.56$217,678.77
Sep 2042$22,754.40$8,866.33$13,888.07$208,812.44
Sep 2043$22,754.40$9,460.12$13,294.28$199,352.32
Sep 2044$22,754.40$10,093.70$12,660.70$189,258.62
Sep 2045$22,754.40$10,769.69$11,984.71$178,488.93
Sep 2046$22,754.40$11,490.95$11,263.45$166,997.98
Sep 2047$22,754.40$12,260.53$10,493.87$154,737.45
Sep 2048$22,754.40$13,081.64$9,672.76$141,655.81
Sep 2049$22,754.40$13,957.73$8,796.67$127,698.08
Sep 2050$22,754.40$14,892.51$7,861.89$112,805.57
Sep 2051$22,754.40$15,889.89$6,864.51$96,915.68
Sep 2052$22,754.40$16,954.05$5,800.35$79,961.63
Sep 2053$22,754.40$18,089.49$4,664.91$61,872.14
Sep 2054$22,754.40$19,300.99$3,453.41$42,571.15
Sep 2055$22,754.40$20,593.64$2,160.76$21,977.51
Sep 2056$22,759.11$21,977.51$781.60$0.00

Payments are principal and interest on a fixed-rate loan, rounded to the cent as a lender does; taxes, insurance and HOA fees are your own estimates and change over time. This is an estimate to help you plan, not financial advice: lenders, card issuers and investments set their own terms, fees and rounding. Everything is calculated in your browser; nothing you type is sent anywhere.

How it works

This mortgage calculator works out your monthly payment from the home price, your down payment, the interest rate and the term, then adds property tax, home insurance, PMI and any HOA fee, so you see the full amount that leaves your account each month. A $300,000 loan at 6.5% for 30 years costs $1,896.20 a month in principal and interest, and $382,636.71 of interest over the life of the loan.

Below the result is the amortization schedule, year by year with every month one click away, and a CSV download of it. Add an extra monthly payment or a one-off lump sum and the calculator shows how much interest you save and how many months sooner the mortgage is paid off.

It works in US dollars, pounds, euros, rupees, dirhams and other currencies (the math is the same everywhere; PMI is a US idea, so set it to 0 if your loan has none). Every figure here is an estimate to help you plan, not financial advice: lenders, card issuers and investments set their own terms, fees and rounding.

How the mortgage payment is calculated

The principal and interest part is the standard fixed-rate formula: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (the yearly rate ÷ 12) and n the number of monthly payments. For $300,000 at 6.5% over 30 years, r = 0.065 ÷ 12 = 0.0054167 and n = 360, which gives $1,896.20.

The schedule is then built month by month the way a lender does it: each month's interest is the balance × r rounded to the cent, the rest of the payment repays principal, and the last payment is adjusted so the balance ends at exactly 0. That is why the total interest here ($382,636.71) is a few dollars away from the textbook shortcut of payment × 360 − loan ($382,633.48): the shortcut uses an unrounded payment.

  • Property tax: the yearly rate × the home price ÷ 12 (or the yearly amount you enter ÷ 12).
  • Home insurance and HOA: the yearly premium ÷ 12, and the monthly fee as entered.
  • PMI: charged only when the down payment is under 20%. The yearly rate × the loan amount ÷ 12, until the balance falls to 78% of the home price (the automatic cancellation point under the US Homeowners Protection Act). For example, 10% down on a $333,000 home at 0.5% PMI adds $124.88 a month for 109 payments.
  • Extra payments go straight to principal. An extra $200 a month on the $300,000 loan above saves $103,450.19 of interest and ends it 6 years 11 months sooner.

Monthly payment on a 30-year mortgage

Principal and interest only, fixed rate, 360 monthly payments. Find your loan amount (the price minus the down payment) and your rate.

30-year fixed mortgage: monthly principal and interest by loan amount and interest rate (USD)
Loan amount5%5.5%6%6.5%7%7.5%
$100,000 mortgage$536.82$567.79$599.55$632.07$665.30$699.21
$150,000 mortgage$805.23$851.68$899.33$948.10$997.95$1,048.82
$200,000 mortgage$1,073.64$1,135.58$1,199.10$1,264.14$1,330.60$1,398.43
$250,000 mortgage$1,342.05$1,419.47$1,498.88$1,580.17$1,663.26$1,748.04
$300,000 mortgage$1,610.46$1,703.37$1,798.65$1,896.20$1,995.91$2,097.64
$350,000 mortgage$1,878.88$1,987.26$2,098.43$2,212.24$2,328.56$2,447.25
$400,000 mortgage$2,147.29$2,271.16$2,398.20$2,528.27$2,661.21$2,796.86
$450,000 mortgage$2,415.70$2,555.05$2,697.98$2,844.31$2,993.86$3,146.47
$500,000 mortgage$2,684.11$2,838.95$2,997.75$3,160.34$3,326.51$3,496.07
$600,000 mortgage$3,220.93$3,406.73$3,597.30$3,792.41$3,991.81$4,195.29
$750,000 mortgage$4,026.16$4,258.42$4,496.63$4,740.51$4,989.77$5,244.11
$1,000,000 mortgage$5,368.22$5,677.89$5,995.51$6,320.68$6,653.02$6,992.15

With tax, insurance and fees the payment is higher: the calculator's default (a $375,000 home, 20% down, 6.5%, 1.1% property tax and $1,500 a year of insurance) comes to $2,364.95 a month.

15-year vs 30-year mortgage

A shorter term raises the monthly payment but cuts the total interest by more than half. On a $300,000 loan:

$300,000 mortgage: 15 and 30 years compared (USD)
Rate30-year payment30-year total interest15-year payment15-year total interest
5.5%$1,703.37$313,210$2,451.25$141,225
6%$1,798.65$347,515$2,531.57$155,683
6.5%$1,896.20$382,637$2,613.32$170,398
7%$1,995.91$418,524$2,696.48$185,368

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How to use it

  1. Enter the home price and your down payment, as a percentage of the price or as an amount.
  2. Enter the interest rate and choose the loan term (30 years is the most common in the US, 25 in the UK and Canada).
  3. Adjust property tax, home insurance, PMI and HOA under "Taxes, insurance and fees", or set them to 0 to see principal and interest only.
  4. Add an extra monthly or one-off payment to see the interest and time saved, then open any year of the schedule or download it as CSV.

Frequently asked questions

What is the monthly payment on a $300,000 mortgage?

At 6.5% over 30 years it is $1,896.20 a month in principal and interest; at 7% it is $1,995.91 and at 6% $1,798.65. Property tax, insurance, PMI and HOA fees come on top; the table on this page lists other amounts and rates.

How is a mortgage payment calculated?

With the fixed-rate annuity formula M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1): P is the loan, r the monthly rate (yearly rate ÷ 12) and n the number of payments. Each month the interest on the remaining balance is paid first and the rest reduces the balance, which is why early payments are mostly interest.

When does PMI stop?

In the US, lenders must cancel PMI automatically when the balance is scheduled to reach 78% of the home’s original value, and you can ask for it to be removed at 80%. The calculator stops PMI at the loan-to-value you choose (78% by default) and shows the month. FHA loans have their own mortgage insurance rules that this does not model.

Does the calculator include property tax and insurance?

Yes, as estimates you can change: property tax as a yearly percentage of the price or a yearly amount, and home insurance as a yearly premium. Both are divided by 12 and added to the payment, as they are when a lender collects them through an escrow account. Real bills change every year.

How much do extra payments save?

Every extra payment goes straight to the balance, so it stops interest from being charged on that money for the rest of the loan. On $300,000 at 6.5% for 30 years, an extra $200 a month saves $103,450 and pays the loan off 6 years 11 months early. Check your lender allows overpayments without a fee.

Should I choose a 15-year or a 30-year mortgage?

A 15-year mortgage costs much less interest and usually comes with a lower rate, but the monthly payment is higher. A 30-year loan keeps the payment low and leaves room to overpay when you can. The comparison table shows the trade-off at several rates.

Why does the last payment differ from the others?

Payments are rounded to the cent, so a few cents of difference build up over hundreds of months. The final payment is adjusted to clear the balance exactly, as on a real loan statement.

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