Loan amount
$320,000.00
Mortgage Calculator
Estimate monthly payment, total interest, and total loan cost for a mortgage.
Key Terms (Click to expand)
PMI
Private Mortgage Insurance, often required when down payment is below 20%.
Principal
The original amount you borrow after subtracting down payment from the home price.
Principal + Interest
The core loan payment amount before taxes, insurance, HOA fees, and PMI.
Interest
The borrowing cost charged by the lender, based on your loan balance and rate.
Escrow costs
Property tax and home insurance are often collected monthly as part of your payment.
HOA
Homeowners Association fee, a recurring community fee that may be required for some properties.
Loan term
The total repayment period for the mortgage (for example 15 or 30 years).
Amortization
How each payment is split between interest and principal over the full life of the loan.
Total monthly payment
Principal + interest plus tax, insurance, HOA, and PMI if applicable.
Tool
Principal + interest
$2,022.62
Total monthly payment
$2,572.62
Mortgage detail breakdown
| Monthly taxes | $400.00 |
|---|---|
| Monthly insurance | $150.00 |
| Monthly HOA | $0.00 |
| Monthly PMI | $0.00 |
| Total interest paid | $408,142.36 |
| Total of loan payments | $728,142.36 |
| Total estimated payments (with costs) | $926,142.36 |
Methodology
Monthly principal-and-interest uses the standard fixed-rate amortization formula:
M = P * [r(1 + r)^n] / [(1 + r)^n - 1]
- P = loan amount
- r = monthly interest rate (annual rate / 12)
- n = total number of payments (years * 12)
Worked Example
With a home price of $400,000, down payment of $80,000, and 6.5% over 30 years, estimated monthly payment is $2,572.62.
Assumptions and Limitations
- This estimate assumes a fixed interest rate for the full term.
- Taxes, insurance, HOA, and PMI are treated as constant monthly costs.
- Actual lender offers and escrow adjustments can change your real payment.
FAQ
Does this include taxes and insurance?
Yes. Annual tax and insurance values are converted into monthly costs.
Is PMI automatically estimated?
PMI is optional and should be entered manually if needed.
Is this the exact payment a lender will offer?
No. It is an estimate for planning. Lender terms, fees, and escrow policies can differ.