Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, insurance, PMI, and HOA. See total interest and the lifetime cost of the loan.
Amortization (first 10 years)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,353 | $19,401 | $296,647 |
| 2 | $3,578 | $19,177 | $293,069 |
| 3 | $3,817 | $18,937 | $289,252 |
| 4 | $4,073 | $18,681 | $285,179 |
| 5 | $4,346 | $18,409 | $280,833 |
| 6 | $4,637 | $18,118 | $276,196 |
| 7 | $4,947 | $17,807 | $271,249 |
| 8 | $5,279 | $17,476 | $265,970 |
| 9 | $5,632 | $17,122 | $260,338 |
| 10 | $6,009 | $16,745 | $254,328 |
15-year vs 30-year
| Term | Monthly P+I | Total interest | Total cost |
|---|---|---|---|
| 15 years | $2,613 | $170,398 | $470,398 |
| 30 years | $1,896 | $382,633 | $682,633 |
Choosing 15 years over 30 saves about $212,235 in interest at this rate and loan amount.
Extra payments
The mortgage formula
Where P is the loan amount, r the monthly interest rate (annual ÷ 12), and n the total number of payments (years × 12). Property tax, insurance, PMI, and HOA are added on top to get your full monthly cost.
How amortization works
Each monthly payment is split between interest (calculated on the remaining balance) and principal (the rest). Early on most of your payment is interest; over time the balance drops and principal grows. That's why extra principal payments early in the loan have the biggest impact on total interest.
Popular mortgage scenarios
Browse 1,053 pre-calculated combinations.
Related calculators
Frequently asked
Last updated: 2026