Loans & Mortgages
Mortgage Calculator
Estimate the full monthly cost of a home loan — principal, interest, property tax, insurance and HOA — then see exactly how the balance falls year by year.
Estimated monthly payment
$2,576.70
$2,101.70 principal & interest · $475.00 tax, insurance & HOA
- Loan amount
- $336,000
- Total interest paid
- $420,612
- Total of payments
- $756,612
- Payoff time
- 30 yr
Principal and interest only
Where your payments go
- Principal — 44%
- Interest — 56%
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| 1 | $3,827 | $21,393 | $332,173 |
| 2 | $4,080 | $21,141 | $328,093 |
| 3 | $4,349 | $20,872 | $323,744 |
| 4 | $4,635 | $20,585 | $319,109 |
| 5 | $4,941 | $20,280 | $314,169 |
| 6 | $5,266 | $19,954 | $308,902 |
| 7 | $5,613 | $19,607 | $303,289 |
| 8 | $5,983 | $19,237 | $297,306 |
| 9 | $6,378 | $18,843 | $290,928 |
| 10 | $6,798 | $18,422 | $284,130 |
| 11 | $7,246 | $17,974 | $276,883 |
| 12 | $7,724 | $17,497 | $269,160 |
| 13 | $8,233 | $16,987 | $260,927 |
| 14 | $8,776 | $16,445 | $252,151 |
| 15 | $9,354 | $15,866 | $242,797 |
| 16 | $9,970 | $15,250 | $232,827 |
| 17 | $10,628 | $14,593 | $222,199 |
| 18 | $11,328 | $13,892 | $210,871 |
| 19 | $12,075 | $13,146 | $198,796 |
| 20 | $12,871 | $12,350 | $185,926 |
| 21 | $13,719 | $11,501 | $172,207 |
| 22 | $14,623 | $10,597 | $157,583 |
| 23 | $15,587 | $9,633 | $141,996 |
| 24 | $16,614 | $8,606 | $125,382 |
| 25 | $17,709 | $7,511 | $107,673 |
| 26 | $18,877 | $6,344 | $88,796 |
| 27 | $20,121 | $5,100 | $68,675 |
| 28 | $21,447 | $3,773 | $47,228 |
| 29 | $22,861 | $2,360 | $24,367 |
| 30 | $24,367 | $853 | $0 |
How this mortgage calculator works
The loan amount is the purchase price minus your down payment. That amount is amortized over the term at the interest rate you enter, producing one fixed principal-and-interest payment. Property tax, insurance and HOA dues are divided by twelve and added on top, which is how most escrowed payments are structured.
Interest each month equals the outstanding balance multiplied by one twelfth of the annual rate. Whatever remains of the payment reduces the balance, so the interest share shrinks every month. Any extra payment you enter is applied entirely to principal, which shortens the term rather than lowering the payment.
Not included: private mortgage insurance, closing costs, points, maintenance and utilities. A down payment below 20% usually triggers PMI, so add that separately when comparing offers.
Frequently asked questions
What does the monthly payment include?
Principal and interest, plus the monthly share of the property tax, home insurance and HOA figures you enter. It excludes mortgage insurance (PMI), closing costs and utilities.
How is the principal and interest figure calculated?
With the standard amortization formula: payment = P × r / (1 − (1 + r)^−n), where P is the loan amount, r the monthly interest rate and n the number of monthly payments.
Does an extra monthly payment really save that much?
Yes. Extra money goes straight to the balance, so you never pay interest on it again. The saving is largest in the early years when the balance is at its highest.
Why is my lender's quote slightly different?
Lenders add fees, PMI, escrow rounding and sometimes a different day-count convention. Treat this result as a close estimate for comparison, not a quote.