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Mortgage Calculator

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

Updated July 2026 · Editorial standards

Your total monthly payment
$2,523/mo
Total interest
$408,142
Loan amount
$320,000
P&I$2,023Tax$400Insurance$100

Your details

$
$
%
years

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.

What a hypothetical 0.5-point lower rate would change (6.00% instead of 6.50%)

Monthly P&I payment

$1,919

save $104/mo

Lifetime interest

$370,682

save $37,460

Hypothetical scenario, not a live offer: same loan amount and term, held to full term with no extra payments or refinance — points, closing costs, and refinance fees are not modeled. Even a small rate difference compounds over the full term, which is why comparing quotes from several lenders pays.

Cumulative principal & interest paid

Principal vs interest

Interest cost rating

Low costVery costly
Very costly128% of principal

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

Monthly total
$2,523/mo

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
Published by Hen Machluf Updated July 2026

What is the Mortgage Calculator?

In short

A $320,000 mortgage at 6.5% for 30 years costs $2,023 per month in principal and interest. With this calculator's defaults ($400,000 home, 20% down so no PMI, $4,800 property tax and $1,200 insurance a year), the full monthly payment is $2,523. The 28% housing guideline needs about $108,000 of gross income for that.

This mortgage calculator computes your full monthly cost — principal & interest, property tax, home insurance, PMI (until it ends under the Homeowners Protection Act), 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 you can ask to cancel PMI and when it ends automatically.
  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, charged until the scheduled balance reaches 78% of the home price or the loan reaches its midpoint, whichever is first (you may request cancellation earlier, at 80%). 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%; ends automatically at 78% of the original value or at the loan's midpoint; you can request cancellation 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. Total monthly: ~$2,890. You can ask to cancel PMI from about month 56, when the scheduled balance reaches 80% of the home's original value; it ends automatically around month 75 (78%). PMI paid until then totals ~$18,060, and a granted request at month 56 would save ~$4,580.

Common use cases

  • Calculating the true monthly cost of a home before making an offer
  • Seeing when you can ask to cancel PMI, when it ends automatically, and what 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.
  • PMI timing follows the scheduled balance of a fixed-rate loan with borrower-paid PMI; extra or missed payments, lender-paid PMI, high-risk loans and FHA/VA insurance are not modeled.
  • 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, you can ask your servicer in writing to cancel PMI once your balance is scheduled to reach 80% of the home's original value, if you have a good payment history, are current on your payments, have no second mortgage and the home's value has not declined. The servicer must generally end it automatically when the balance is scheduled to reach 78%, or after the loan's midpoint if that comes first, as long as you are current. Some servicers allow earlier removal under their own standards; FHA and VA loans, lender-paid PMI and some high-risk loans follow different rules.

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.