Mortgage Calculator
Calculate accurate monthly payments including principal, interest, property taxes, home insurance, and PMI with interactive amortization tables.
Mortgage Parameters
$
$400,000
Quick Down Payment
$
20% of home price
6.5%
$
$
$
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Estimated Total Monthly Payment
$2,523/ month
P&I$2,023
Taxes$400
Insurance$100
Monthly Payment Composition
Monthly$2,523
Principal & Interest
80.2%$2,023
Property Taxes
15.9%$400
Homeowners Insurance
4.0%$100
Loan Amount
$320,000
80% financed
Total Interest
$408,142
Over 30 years
Total Loan Cost
$728,142
Principal + Interest
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Mortgage Amortization Schedule
Year-by-year principal reduction and cumulative interest breakdown
| Year | Principal | Interest | Total Payment | Total Interest | Balance |
|---|---|---|---|---|---|
| #1 | $3,577 | $20,695 | $24,271 | $20,695 | $316,423 |
| #2 | $3,816 | $20,455 | $24,271 | $41,150 | $312,607 |
| #3 | $4,072 | $20,200 | $24,271 | $61,349 | $308,535 |
| #4 | $4,345 | $19,927 | $24,271 | $81,276 | $304,191 |
| #5 | $4,636 | $19,636 | $24,271 | $100,912 | $299,555 |
| #6 | $4,946 | $19,325 | $24,271 | $120,238 | $294,609 |
| #7 | $5,277 | $18,994 | $24,271 | $139,232 | $289,332 |
| #8 | $5,631 | $18,641 | $24,271 | $157,873 | $283,701 |
| #9 | $6,008 | $18,264 | $24,271 | $176,136 | $277,694 |
| #10 | $6,410 | $17,861 | $24,271 | $193,998 | $271,284 |
First-Time Homebuyer & Mortgage Guides
Read our guides on 15 vs 30-year terms, removing PMI, and home affordability.
Frequently Asked Mortgage Questions
Frequently Asked Questions
A standard fixed-rate mortgage payment uses the amortization formula: Payment = P * [r(1 + r)^n] / [(1 + r)^n - 1], where P is the loan principal, r is the monthly interest rate (APR / 12), and n is the total number of months (e.g. 360 for 30 years). Total monthly payment also includes escrow items: property taxes, home insurance, and PMI if applicable.