Mortgage Calculator
Calculate your monthly mortgage payment with principal, interest, property tax, insurance, PMI, and HOA fees. See total interest paid and compare loan terms.
Formulas, assumptions, and rounding are documented in our calculator methodology.
Monthly Payment (P&I)
$1,769.79
Monthly Payment Breakdown
- Principal & Interest
- $1,769.79
Loan Summary
- Home Price
- $350,000.00
- Down Payment (20.0%)
- $70,000.00
- Loan Amount
- $280,000.00
- Total Interest (30 years)
- $357,124.57
- Total Loan Cost
- $637,124.57
Principal vs. Interest
15-Year vs. 30-Year Comparison
Uses your entered home price, down payment, and interest rate. The P&I comparison excludes taxes, insurance, PMI, and HOA and keeps the same rate for both terms.
| Term | Monthly P&I | Total Interest | P&I Paid |
|---|---|---|---|
| 15 years | $2,439.10 | $159,038 | $439,038 |
| 30 years | $1,769.79 | $357,125 | $637,125 |
Biweekly Payment Impact
Modeled as adding 1/12 of the regular P&I payment each month, which approximates 26 half-payments per year.
- Equivalent extra/month
- $147.48
- Payoff estimate
- 24 yr 2 mo
- Time saved
- 5 yr 10 mo
- Interest saved
- $81,439
PMI Removal Estimate
Your down payment is at least 20%, so conventional PMI is usually not required. Lender rules can still vary by loan program.
Common Home Price Examples
P&I estimates use your current rate, term, and down payment percentage; taxes, insurance, PMI, and HOA are excluded for a clean comparison.
| Home Price | Down Payment | Loan Amount | Monthly P&I |
|---|---|---|---|
| $250,000 | $50,000 | $200,000 | $1,264.14 |
| $350,000 | $70,000 | $280,000 | $1,769.79 |
| $500,000 | $100,000 | $400,000 | $2,528.27 |
| $750,000 | $150,000 | $600,000 | $3,792.41 |
Mortgage Amortization Schedule
| # | P&I Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,769.79 | $253.12 | $1,516.67 | $279,746.88 |
| 2 | $1,769.79 | $254.49 | $1,515.30 | $279,492.38 |
| 3 | $1,769.79 | $255.87 | $1,513.92 | $279,236.51 |
| 4 | $1,769.79 | $257.26 | $1,512.53 | $278,979.25 |
| 5 | $1,769.79 | $258.65 | $1,511.14 | $278,720.60 |
| 6 | $1,769.79 | $260.05 | $1,509.74 | $278,460.54 |
| 7 | $1,769.79 | $261.46 | $1,508.33 | $278,199.08 |
| 8 | $1,769.79 | $262.88 | $1,506.91 | $277,936.20 |
| 9 | $1,769.79 | $264.30 | $1,505.49 | $277,671.90 |
| 10 | $1,769.79 | $265.73 | $1,504.06 | $277,406.16 |
| 11 | $1,769.79 | $267.17 | $1,502.62 | $277,138.99 |
| 12 | $1,769.79 | $268.62 | $1,501.17 | $276,870.37 |
| 13 | $1,769.79 | $270.08 | $1,499.71 | $276,600.29 |
| 14 | $1,769.79 | $271.54 | $1,498.25 | $276,328.75 |
| 15 | $1,769.79 | $273.01 | $1,496.78 | $276,055.74 |
| 16 | $1,769.79 | $274.49 | $1,495.30 | $275,781.26 |
| 17 | $1,769.79 | $275.98 | $1,493.82 | $275,505.28 |
| 18 | $1,769.79 | $277.47 | $1,492.32 | $275,227.81 |
| 19 | $1,769.79 | $278.97 | $1,490.82 | $274,948.84 |
| 20 | $1,769.79 | $280.48 | $1,489.31 | $274,668.35 |
| 21 | $1,769.79 | $282.00 | $1,487.79 | $274,386.35 |
| 22 | $1,769.79 | $283.53 | $1,486.26 | $274,102.82 |
| 23 | $1,769.79 | $285.07 | $1,484.72 | $273,817.75 |
| 24 | $1,769.79 | $286.61 | $1,483.18 | $273,531.14 |
Mortgage Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n − 1]. P = principal loan amount (home price minus down payment). r = monthly interest rate (annual rate ÷ 12). n = total number of monthly payments (years × 12). This gives you the principal and interest (P&I) portion of your payment. Add property tax, homeowners insurance, PMI, and HOA fees for the full PITI payment.
15-Year vs. 30-Year Mortgage Comparison
A 15-year mortgage typically carries a lower interest rate (often 0.5–0.75% less than a 30-year) and you pay dramatically less total interest — often less than half. However, the monthly payment is roughly 40–50% higher. A 30-year mortgage has lower monthly payments, which frees up cash flow for other financial goals. Use this calculator to run both scenarios with your actual numbers to see the true trade-off.
How to Lower Your Monthly Mortgage Payment
Make a larger down payment to reduce your principal. Improve your credit score before applying — even a 20-point improvement can lower your rate. Choose a longer loan term (30 vs. 15 years) to spread payments out. Shop at least 3–5 lenders for competitive rates. Buy mortgage discount points at closing to permanently lower your rate (one point = 1% of loan amount = roughly 0.25% rate reduction). Put down 20% to eliminate PMI.
Understanding the Full Cost of Homeownership
Your mortgage payment is just one component of homeownership costs. Property tax varies widely by location — often $200–600/month on a $300,000 home. Homeowners insurance typically runs $100–200/month. HOA fees range from $0 to $1,000+/month depending on the community. Maintenance and repairs average 1–2% of home value per year. Use the full PITI view in this calculator to understand your true monthly commitment before making an offer.
Biweekly Payments: A Simple Way to Pay Off Faster
Instead of 12 monthly payments per year, biweekly payments (every two weeks) result in 26 half-payments — equivalent to 13 full monthly payments annually. That extra payment goes entirely toward principal. On a $300,000 30-year loan at 6.5%, switching to biweekly payments can save over $40,000 in interest and shave about 4–5 years off the loan. Many lenders offer biweekly payment programs; alternatively, just add 1/12 of your monthly payment as extra principal each month to achieve the same result.
When Can You Remove PMI?
By federal law (Homeowners Protection Act), lenders must automatically cancel PMI when your loan balance reaches 78% of the original purchase price based on your scheduled payments. You can request earlier cancellation when your balance drops to 80% — which you can reach faster by making extra principal payments. On a $240,000 loan on a $300,000 home (80% LTV at purchase), PMI applies from day one. At 0.8% PMI rate, that is about $160/month. Paying an extra $200/month could eliminate PMI several years early, saving thousands. FHA loans have different rules — MIP (mortgage insurance premium) often cannot be removed without refinancing.
Frequently Asked Questions
- Your principal and interest payment uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments (years × 12).
- PITI stands for Principal, Interest, Taxes, and Insurance — the four components that make up a complete monthly mortgage payment. Some payments also include PMI (private mortgage insurance) and HOA fees. This calculator lets you add all of these to see your true total monthly housing cost.
- Private Mortgage Insurance (PMI) is typically required when your down payment is less than 20% of the home price. PMI usually costs 0.5–1.5% of the original loan amount per year, which works out to roughly $40–125 per month on a $100,000 loan. PMI can generally be removed once you reach 20% equity.
- Mortgage rates change daily and vary by loan type, term, credit score, down payment, and lender. Check current rates with multiple lenders and use this calculator to compare payment scenarios at different rates.
- Amortization is the process of paying off a loan through regular fixed payments. Each payment covers interest first, then reduces the principal balance. Early in the loan, most of each payment is interest; near the end, most goes to principal.
- Extra monthly payments go entirely toward principal, reducing your balance faster and lowering total interest paid. On a $300,000 30-year loan at 6.5%, adding $200/month extra can save tens of thousands in interest and pay off the loan years earlier.