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Mortgage Calculator

Calculate your monthly payment, total interest, and full amortization schedule.

Updated June 2026 · Editorial standards

Your details

$
$
%
$
$
%
$
Monthly total
$2,523
PITI + PMI + HOA
P&I payment
$2,023
Total interest
$408,142
Loan amount
$320,000

Monthly payment breakdown

Principal & Interest$2,023
Property tax$400
Home insurance$100
Total monthly$2,523

This 30-year mortgage costs $408,142 in interest — 128% of the $320,000 you're borrowing. Your total monthly payment is $2,523.You'll pay back more in interest than you borrowed. Refinancing or making extra payments can significantly reduce this.

Cumulative principal & interest paid

Principal vs interest

Interest cost rating

Low costVery costly
High100% of principal

Total interest ÷ loan amount. Below 25% is low; above 100% means you pay more in interest than you borrowed.

Amortization schedule

YearPrincipalInterestBalance
Year 1$3,577$20,695$316,423
Year 2$3,816$20,455$312,607
Year 3$4,072$20,200$308,535
Year 4$4,345$19,927$304,191
Year 5$4,636$19,636$299,555
Year 6$4,946$19,325$294,609
Year 7$5,277$18,994$289,332
Year 8$5,631$18,641$283,701
Year 9$6,008$18,264$277,694
Year 10$6,410$17,861$271,284
By the KalkWise Editorial Team Reviewed for accuracy Updated June 2026

What is the mortgage calculator?

In short

A mortgage payment is calculated with M = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan amount, r is the monthly rate, and n is the number of payments. Your total monthly cost also includes property tax, home insurance, PMI (if down payment < 20%), and any HOA fee. On a $320,000 loan at 6.5% for 30 years, P&I is about $2,022/month; add $500 tax/insurance and the full PITI is ~$2,522/month.

This mortgage calculator computes your full monthly cost — principal & interest, property tax, home insurance, PMI (auto-cancels at 20% equity), and HOA — and produces a complete amortization schedule. The monthly breakdown panel shows exactly where each dollar goes. The cumulative chart shows how the loan unwinds over time.

How to use this calculator

  1. 1Enter the home price and down payment (LTV is shown automatically).
  2. 2Set the interest rate and loan term (10–30 years).
  3. 3Add annual property tax and home insurance (check your county assessor + current quotes).
  4. 4Enter your PMI rate — typically 0.5–1.5% annually — if your down payment is under 20%. The calculator shows when PMI drops off.
  5. 5Add a monthly HOA fee if applicable.
  6. 6Read the monthly breakdown panel, then scroll down for the full amortization schedule.

The formula

M=P×r(1+r)n(1+r)n−1
Standard amortization formula finds the level payment that clears principal + interest in exactly n months. PMI = loan amount × pmiRate ÷ 12 (stops when balance ≤ 80% of home price). Total monthly = P&I + tax/12 + insurance/12 + PMI + HOA.
M
— Monthly principal & interest payment
P
— Loan amount (home price − down payment)
r
— Monthly interest rate (annual rate ÷ 12)
n
— Total monthly payments (years × 12)
PMI
— Private Mortgage Insurance — required when LTV > 80%; cancels at 80%
HOA
— Monthly homeowners association fee (condo/community)

Worked example

The scenario

$400,000 home, $60,000 down (15%), 6.5% for 30 years, $4,800 property tax, $1,200 insurance, 0.85% PMI, no HOA.

gives

The result

Loan: $340,000. P&I: $2,149/month. Tax + insurance: $500/month. PMI: ~$241/month (drops off around month 70 when LTV hits 80%). Total monthly: ~$2,890. PMI auto-cancels saving ~$17,300 total.

Common use cases

  • Calculating the true monthly cost of a home before making an offer
  • Seeing the exact month PMI cancels and how much it costs in total
  • Comparing a 15-year vs. 30-year term — total interest savings vs. higher payment
  • Checking whether a larger down payment is worth it to eliminate PMI

Limitations & assumptions

  • PMI rate varies by lender, credit score, and loan type — use your lender's actual quote.
  • Assumes a fixed interest rate; ARMs reset after the initial fixed period.
  • Property tax and insurance are estimates — actual figures vary by location and insurer.
  • Closing costs, HOA special assessments, and maintenance are not modeled.

Frequently asked questions

Private Mortgage Insurance is required by most lenders when your down payment is under 20% (LTV above 80%). It protects the lender, not you. Typical cost: 0.5–1.5% of the loan per year — about $141–$425/month on a $340,000 loan. Under the Homeowners Protection Act, lenders must cancel PMI automatically when your LTV reaches 80% based on the original amortization schedule. You can also request cancellation early by getting a new appraisal that shows 20% equity.

Disclaimer: KalkWise calculators are provided for general informational and educational purposes only and do not constitute financial, investment, tax, or legal advice. Results are estimates based on the figures you enter and the assumptions described above. Actual outcomes will vary. Consult a qualified professional before making financial decisions.