Mortgage calculator with PMI and amortization schedule

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

Home price

Down payment (% of price)

Enter the down payment as

Interest rate (APR)

Fixed yearly rate, compounded monthly.

Loan term

Currency

Your mortgage payment

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 Oct 2056 (30 years from a first payment in Nov 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

Property tax (% of price a year)

Enter property tax as

Home insurance (a year)

HOA or service charge (a month)

PMI rate (a year)

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

PMI stops at loan-to-value

78% is the automatic US cancellation point.

Extra payments

Extra every month

One-off extra payment

Paid with payment number

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
Year	Payments	Principal	Interest	Balance
Oct 2027	$22,754.40	$3,353.12	$19,401.28	$296,646.88
Oct 2028	$22,754.40	$3,577.68	$19,176.72	$293,069.20
Oct 2029	$22,754.40	$3,817.29	$18,937.11	$289,251.91
Oct 2030	$22,754.40	$4,072.94	$18,681.46	$285,178.97
Oct 2031	$22,754.40	$4,345.71	$18,408.69	$280,833.26
Oct 2032	$22,754.40	$4,636.75	$18,117.65	$276,196.51
Oct 2033	$22,754.40	$4,947.30	$17,807.10	$271,249.21
Oct 2034	$22,754.40	$5,278.62	$17,475.78	$265,970.59
Oct 2035	$22,754.40	$5,632.13	$17,122.27	$260,338.46
Oct 2036	$22,754.40	$6,009.32	$16,745.08	$254,329.14
Oct 2037	$22,754.40	$6,411.79	$16,342.61	$247,917.35
Oct 2038	$22,754.40	$6,841.18	$15,913.22	$241,076.17
Oct 2039	$22,754.40	$7,299.36	$15,455.04	$233,776.81
Oct 2040	$22,754.40	$7,788.20	$14,966.20	$225,988.61
Oct 2041	$22,754.40	$8,309.84	$14,444.56	$217,678.77
Oct 2042	$22,754.40	$8,866.33	$13,888.07	$208,812.44
Oct 2043	$22,754.40	$9,460.12	$13,294.28	$199,352.32
Oct 2044	$22,754.40	$10,093.70	$12,660.70	$189,258.62
Oct 2045	$22,754.40	$10,769.69	$11,984.71	$178,488.93
Oct 2046	$22,754.40	$11,490.95	$11,263.45	$166,997.98
Oct 2047	$22,754.40	$12,260.53	$10,493.87	$154,737.45
Oct 2048	$22,754.40	$13,081.64	$9,672.76	$141,655.81
Oct 2049	$22,754.40	$13,957.73	$8,796.67	$127,698.08
Oct 2050	$22,754.40	$14,892.51	$7,861.89	$112,805.57
Oct 2051	$22,754.40	$15,889.89	$6,864.51	$96,915.68
Oct 2052	$22,754.40	$16,954.05	$5,800.35	$79,961.63
Oct 2053	$22,754.40	$18,089.49	$4,664.91	$61,872.14
Oct 2054	$22,754.40	$19,300.99	$3,453.41	$42,571.15
Oct 2055	$22,754.40	$20,593.64	$2,160.76	$21,977.51
Oct 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 amount	5%	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)
Rate	30-year payment	30-year total interest	15-year payment	15-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

Enter the home price and your down payment, as a percentage of the price or as an amount.
Enter the interest rate and choose the loan term (30 years is the most common in the US, 25 in the UK and Canada).
Adjust property tax, home insurance, PMI and HOA under "Taxes, insurance and fees", or set them to 0 to see principal and interest only.
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.

Can I use this as a PMI payoff calculator or an amortization calculator with PMI?

Yes. With less than 20% down it adds PMI to each payment, shows how many payments until PMI stops and in which month, and the amortization schedule (and its CSV) has a PMI column. Add extra payments to see how much sooner the balance reaches the PMI cut-off.