Mortgage Calculator
Estimate your monthly mortgage payment with a full PITI breakdown — principal, interest, property tax, home insurance, PMI, and HOA — plus total interest, payoff date, and an amortization schedule. Add extra principal to see how much faster you can be debt-free.
$400.0K
$80,000 · 20.0% down
Not needed at 20%+ down
Monthly payment breakdown
Total cost of the loan (principal + interest): $728,142.
| Year | Principal | Interest | Extra | PMI | Balance |
|---|---|---|---|---|---|
| 2026 | $2,058 | $12,100 | — | — | $317,942 |
| 2027 | $3,715 | $20,557 | — | — | $314,227 |
| 2028 | $3,963 | $20,308 | — | — | $310,264 |
| 2029 | $4,229 | $20,043 | — | — | $306,035 |
| 2030 | $4,512 | $19,759 | — | — | $301,523 |
| 2031 | $4,814 | $19,457 | — | — | $296,709 |
| 2032 | $5,137 | $19,135 | — | — | $291,572 |
| 2033 | $5,481 | $18,791 | — | — | $286,092 |
| 2034 | $5,848 | $18,424 | — | — | $280,244 |
| 2035 | $6,239 | $18,032 | — | — | $274,005 |
| 2036 | $6,657 | $17,614 | — | — | $267,348 |
| 2037 | $7,103 | $17,168 | — | — | $260,245 |
| 2038 | $7,579 | $16,693 | — | — | $252,666 |
| 2039 | $8,086 | $16,185 | — | — | $244,580 |
| 2040 | $8,628 | $15,644 | — | — | $235,953 |
| 2041 | $9,206 | $15,066 | — | — | $226,747 |
| 2042 | $9,822 | $14,449 | — | — | $216,925 |
| 2043 | $10,480 | $13,792 | — | — | $206,445 |
| 2044 | $11,182 | $13,090 | — | — | $195,263 |
| 2045 | $11,931 | $12,341 | — | — | $183,333 |
| 2046 | $12,730 | $11,542 | — | — | $170,603 |
| 2047 | $13,582 | $10,689 | — | — | $157,021 |
| 2048 | $14,492 | $9,780 | — | — | $142,529 |
| 2049 | $15,462 | $8,809 | — | — | $127,067 |
| 2050 | $16,498 | $7,774 | — | — | $110,569 |
| 2051 | $17,603 | $6,669 | — | — | $92,967 |
| 2052 | $18,782 | $5,490 | — | — | $74,185 |
| 2053 | $20,039 | $4,232 | — | — | $54,146 |
| 2054 | $21,381 | $2,890 | — | — | $32,764 |
| 2055 | $22,813 | $1,458 | — | — | $9,951 |
| 2056 | $9,951 | $162 | — | — | $0 |
Estimates only. Actual payments depend on your lender, exact property-tax assessment, insurance quote, PMI rate, and closing costs. Confirm figures with your lender or a licensed financial advisor before making decisions.
TL;DR
Your monthly mortgage payment has more parts than just the loan. The core is principal & interest, calculated as M = P × r × (1+r)n ÷ ((1+r)n − 1), where P is the amount borrowed, r is the monthly rate, and n is the number of months. On top of that sits PITI — property Tax, home Insurance, and often PMI and HOA dues. Put 20% down and you skip PMI entirely. Use the calculator above for your exact numbers, or scan the per-$100k table below for a quick estimate.
Monthly principal & interest per $100,000 borrowed
This is the single most useful shortcut in home buying. Find your rate, pick a term, then multiply by how many hundred-thousands you are borrowing. Borrowing $320,000 at 6.5% on a 30-year loan? That is 3.2 × $632 = about $2,022/month in principal and interest. Figures are rounded to the dollar and exclude taxes, insurance, and PMI.
| Interest rate | 30-year P&I | 15-year P&I |
|---|---|---|
| 5.0% | $537 | $791 |
| 5.5% | $568 | $817 |
| 6.0% | $600 | $844 |
| 6.5% | $632 | $871 |
| 7.0% | $665 | $899 |
| 7.5% | $699 | $927 |
| 8.0% | $734 | $956 |
Notice the 15-year column is only modestly higher per month but pays off in half the time — the interest savings are enormous (see the FAQ on 15- vs 30-year loans).
How the mortgage payment is calculated
A fixed-rate mortgage is an amortizing loan: every month you pay the same principal-and-interest amount, but the split shifts. Early on, most of the payment is interest; later, most is principal. The monthly principal & interest comes from the standard amortization formula:
- P = loan amount = home price minus down payment.
- r = monthly interest rate = annual rate ÷ 12 ÷ 100 (so 6% becomes 0.005).
- n = number of payments = term in years × 12 (a 30-year loan is 360 payments).
- If the rate is 0%, the formula reduces to M = P ÷ n.
Your full monthly payment, known as PITI, adds the monthly share of property tax (annual ÷ 12), home insurance (annual ÷ 12), PMI, and any HOA dues. Lenders collect taxes and insurance in an escrow account, which is why they are bundled into one monthly figure.
The 20%-down rule and when PMI disappears
Private mortgage insurance (PMI) protects the lender, not you, and you pay for it whenever your down payment is under 20%. It typically costs 0.3%–1.5% of the loan per year, billed monthly. Here is how down payment maps to PMI on a $400,000 home:
| Down payment | Loan amount | PMI? |
|---|---|---|
| 3% ($12,000) | $388,000 | Yes — until 20% equity |
| 5% ($20,000) | $380,000 | Yes — until 20% equity |
| 10% ($40,000) | $360,000 | Yes — until 20% equity |
| 15% ($60,000) | $340,000 | Yes — until 20% equity |
| 20% ($80,000) | $320,000 | No PMI |
Under US law (the Homeowners Protection Act), your lender must automatically cancel PMI once your loan balance reaches 78% of the original home value, and you can request cancellation at 80% (20% equity). The calculator above drops PMI automatically at the 80% loan-to-value point so your later payments reflect reality. In the UK, Canada, and Australia the equivalent (LMI in Australia, CMHC in Canada) works differently, but the 20%-deposit threshold to avoid it is a common theme.
How much income do you need? The 28/36 rule
Lenders use the 28/36 rule: your total housing payment (PITI) should stay under 28% of gross monthly income, and all debt payments (housing plus car loans, student loans, credit cards) under 36%. Working backwards, here is the rough gross annual income needed to comfortably carry a given monthly PITI under the 28% front-end limit:
| Monthly PITI | Income needed (28% rule) | Rough home price |
|---|---|---|
| $1,500 | ~$64,000/yr | ~$230,000 |
| $2,000 | ~$86,000/yr | ~$310,000 |
| $2,500 | ~$107,000/yr | ~$390,000 |
| $3,000 | ~$129,000/yr | ~$470,000 |
| $3,500 | ~$150,000/yr | ~$540,000 |
Home-price column assumes a 30-year loan near 6.5%, 20% down, and roughly $600/month for taxes and insurance. Your real numbers vary with rate, location, and debts — use these as a sanity check, not a pre-approval.
Frequently asked questions
What is the monthly payment on a $400,000 mortgage?
It depends on your rate, term, and down payment. With 20% down ($80,000) you borrow $320,000. At 6.5% over 30 years that is about $2,023/month in principal and interest, or roughly $2,600–$2,700 once you add typical property tax and insurance (PITI). At 7% it is about $2,129 in P&I. Drop to a 15-year term at 6.5% and P&I jumps to about $2,788, but you pay far less interest overall. Enter your exact figures in the calculator above.
What is PMI and when does it stop?
PMI (private mortgage insurance) is a monthly fee lenders charge when your down payment is under 20%. It protects the lender if you default — it does not protect you. It usually costs 0.3%–1.5% of the loan per year. Under US law it cancels automatically once your balance reaches 78% of the original home value, and you can request removal at 80% (20% equity). On a 30-year loan with 10% down near 6.5%, that is typically around year 9–11, sooner if you pay extra principal.
Should I get a 15-year or 30-year mortgage?
A 30-year loan has lower monthly payments and more flexibility; a 15-year loan has a slightly higher payment but a lower rate and dramatically less total interest. On a $320,000 loan at 6.5%, a 30-year costs about $408,000 in interest over its life, while a 15-year (often at a lower rate) costs roughly $180,000–$200,000 — less than half. Choose 15-year if the higher payment fits comfortably under the 28/36 rule; otherwise take the 30-year and add extra principal when you can.
How much should I put down on a house?
20% is the classic target because it avoids PMI and lowers your payment, but it is not mandatory. Conventional loans allow as little as 3% down, FHA loans 3.5%. Putting less down lets you buy sooner but adds PMI and more interest. A middle path — 10%–15% — is common. Run both scenarios in the calculator: compare the monthly payment with PMI at 10% down against the payment at 20% down to see what the extra cash actually saves you.
Does paying extra principal really help?
Yes, significantly — because extra principal skips all the future interest that money would have accrued. On a $320,000 loan at 6.5% over 30 years, paying just $200 extra each month pays the loan off about 6.5 years early and saves roughly $105,000 in interest. The earlier in the loan you do it, the more you save. Enter an extra monthly amount in the calculator and it will show your exact interest saved and months shaved off.
What is included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of a typical escrowed mortgage payment. Principal and interest pay down the loan; taxes are your property tax (collected monthly into escrow); insurance is your homeowners policy. Many lenders also fold in PMI (if you put under 20% down) and you separately owe HOA dues if your property has them. This calculator breaks all of these out so you see exactly where each dollar goes.