Mortgage Calculator
Full monthly housing payment with taxes, insurance, private mortgage insurance, and homeowners association dues, plus a 15- and 30-year comparison.
Taxes, insurance, and extra payments
From these numbers
A $400,000.00 home with $80,000.00 down (20.0%) borrows $320,000.00.
At 6.5% for 30 years, principal and interest is $2,022.62 a month.
Property tax of 1.1% adds $366.67 a month.
$1,500.00 a year of insurance adds $125.00 a month.
No private mortgage insurance, because the down payment is at least 20%.
The monthly housing payment is $2,514.29.
Twelve of those payments come to $30,171.48.
Choosing 15 years instead of 30 raises the first monthly payment by $764.92 and saves $226,382.43 in interest.
/c/mortgage?price=400000&down=80000&rate=6.5&term=30&tax=1.1&insurance=1500&pmi=0.5&hoa=0&extra=0&schedule=yearly
Monthly housing payment
$2,514.29
Principal and interest $2,022.62. No private mortgage insurance โ the down payment is at least 20%.
Loan amount
$320,000.00
Payoff
30 years
Total interest
$408,140.64
Mortgage insurance over the loan
None
This month's housing payment
| 15-year | 30-year (selected) | |
|---|---|---|
| Monthly housing | $3,279.21 | $2,514.29 |
| Principal and interest | $2,787.54 | $2,022.62 |
| Total interest | $181,758.21 | $408,140.64 |
| Payoff | 15 years | 30 years |
Choosing 15 years instead of 30 raises the first monthly payment by $764.92 and saves $226,382.43 in interest.
Remaining balance, 15-year against 30-year
| Year | Housing paid | Principal | Interest | Mortgage insurance | Balance |
|---|---|---|---|---|---|
| 1 | $30,171.48 | $3,576.76 | $20,694.68 | $0.00 | $316,423.24 |
| 2 | $30,171.48 | $3,816.28 | $20,455.16 | $0.00 | $312,606.96 |
| 3 | $30,171.48 | $4,071.88 | $20,199.56 | $0.00 | $308,535.08 |
| 4 | $30,171.48 | $4,344.57 | $19,926.87 | $0.00 | $304,190.51 |
| 5 | $30,171.48 | $4,635.54 | $19,635.90 | $0.00 | $299,554.97 |
| 6 | $30,171.48 | $4,946.00 | $19,325.44 | $0.00 | $294,608.97 |
| 7 | $30,171.48 | $5,277.22 | $18,994.22 | $0.00 | $289,331.75 |
| 8 | $30,171.48 | $5,630.65 | $18,640.79 | $0.00 | $283,701.10 |
| 9 | $30,171.48 | $6,007.75 | $18,263.69 | $0.00 | $277,693.35 |
| 10 | $30,171.48 | $6,410.11 | $17,861.33 | $0.00 | $271,283.24 |
| 11 | $30,171.48 | $6,839.41 | $17,432.03 | $0.00 | $264,443.83 |
| 12 | $30,171.48 | $7,297.46 | $16,973.98 | $0.00 | $257,146.37 |
| 13 | $30,171.48 | $7,786.17 | $16,485.27 | $0.00 | $249,360.20 |
| 14 | $30,171.48 | $8,307.62 | $15,963.82 | $0.00 | $241,052.58 |
| 15 | $30,171.48 | $8,864.02 | $15,407.42 | $0.00 | $232,188.56 |
| 16 | $30,171.48 | $9,457.63 | $14,813.81 | $0.00 | $222,730.93 |
| 17 | $30,171.48 | $10,091.05 | $14,180.39 | $0.00 | $212,639.88 |
| 18 | $30,171.48 | $10,766.86 | $13,504.58 | $0.00 | $201,873.02 |
| 19 | $30,171.48 | $11,487.93 | $12,783.51 | $0.00 | $190,385.09 |
| 20 | $30,171.48 | $12,257.30 | $12,014.14 | $0.00 | $178,127.79 |
| 21 | $30,171.48 | $13,078.20 | $11,193.24 | $0.00 | $165,049.59 |
| 22 | $30,171.48 | $13,954.06 | $10,317.38 | $0.00 | $151,095.53 |
| 23 | $30,171.48 | $14,888.61 | $9,382.83 | $0.00 | $136,206.92 |
| 24 | $30,171.48 | $15,885.71 | $8,385.73 | $0.00 | $120,321.21 |
| 25 | $30,171.48 | $16,949.60 | $7,321.84 | $0.00 | $103,371.61 |
| 26 | $30,171.48 | $18,084.76 | $6,186.68 | $0.00 | $85,286.85 |
| 27 | $30,171.48 | $19,295.92 | $4,975.52 | $0.00 | $65,990.93 |
| 28 | $30,171.48 | $20,588.22 | $3,683.22 | $0.00 | $45,402.71 |
| 29 | $30,171.48 | $21,967.04 | $2,304.40 | $0.00 | $23,435.67 |
| 30 | $30,168.92 | $23,435.67 | $833.21 | $0.00 | $0.00 |
Estimates in USD for a fixed-rate loan. Every amount is rounded to the nearest cent, so a year of equal payments is twelve times the monthly payment. Property tax, insurance, and homeowners association dues stay flat. Private mortgage insurance uses the rate you enter and drops off once the balance reaches 80% of the home price, which requires a down payment under 20%. Principal in the schedule includes extra payments. A lender may round interest differently. This is not a loan offer or financial advice.
Two scenarios
Save the numbers on the form into A and B. Both stay in this browser.
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Learn more
How this calculator works and what to know before using it
What this calculator does
Estimates the full monthly housing payment โ principal, interest, property tax, insurance, private mortgage insurance (PMI), and homeowners association dues (HOA) โ and compares a 15-year term with a 30-year term, including the payoff schedule.
Understanding your result
The monthly housing payment is what you would budget for the loan plus the costs entered above. The schedule shows how extra principal and the shorter term change the payoff.
How to use it
- Enter home price, down payment, interest rate, and term.
- Add property tax, insurance, private mortgage insurance, homeowners association dues, and any extra principal.
- Compare the 15-year and 30-year payments, then read the payoff schedule for the term you selected.
Formula used
Fixed-rate loan payment
M = P ร [r(1+r)โฟ] / [(1+r)โฟ โ 1], rounded to the cent. P is principal, r is the monthly rate, and n is months. Each month's interest is the balance times r, rounded to the cent. Monthly housing adds property tax, insurance, homeowners association dues, and private mortgage insurance.
Source. Principal and interest use the fixed-rate loan payment, rounded to the nearest cent. Each month's interest is the remaining balance times the monthly rate, rounded to the nearest cent, and the last month pays the balance that is left. Property tax, insurance, and homeowners association dues are the amounts entered. Private mortgage insurance is included only when the down payment is under 20 percent, and it stops once the balance reaches 80 percent of the price.
Updated November 1, 2026
Example
A $400,000 home with $80,000 down ($320,000 loan) at 6.5% costs $2,022.62 a month in principal and interest over 30 years. At 1.1% property tax and $1,500 a year of insurance, the housing payment is $2,514.29, and the first year in the schedule is $30,171.48. The same loan over 15 years raises that payment and cuts total interest.
Good to know
- Property tax, insurance, and homeowners association dues are treated as constant amounts.
- Private mortgage insurance is charged only when the down payment is under 20%, and it stops once the balance reaches 80% of the home price.
- A 15-year term usually costs more each month and much less in interest than a 30-year term at the same rate.
Common questions
- What is included in the monthly housing payment?
- Principal and interest, plus the property tax, homeowners insurance, private mortgage insurance, and homeowners association dues you enter. Extra principal is included when you set it, and it reduces the balance faster.
- When does private mortgage insurance drop off?
- Private mortgage insurance is included only if the down payment is under 20% of the price. It stops in the month the remaining balance reaches 80% of the home price. A down payment of 20% or more shows none.
- Why compare 15 years with 30 years?
- The shorter term raises the monthly principal-and-interest payment and reduces the interest paid over the life of the loan. The table uses your price, rate, taxes, insurance, private mortgage insurance, homeowners association dues, and extra payment for both terms.
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