Mortgage calculator
Estimate your monthly housing payment and see how extra payments affect total interest and payoff time.
Estimated monthly total
$2,555.95
Includes the property tax, insurance, and any extra payments or HOA fees you entered.
- Principal & interest
- $2,022.62
- Property tax
- $366.67
- Homeowners insurance
- $166.67
- Monthly payment
- $2,555.95
- Loan amount
- $320,000
- Total interest
- $408,142
Assumes a fixed-rate conventional loan with no changes in tax, insurance, or HOA fees. Closing costs and maintenance aren't included.
How mortgage payments work
Your monthly total includes the loan payment, property tax, homeowners insurance, and any PMI or HOA fees you enter. Your down payment reduces the amount you borrow.
An example
A $400,000 home with $80,000 down leaves a $320,000 loan. At 6.5% over 30 years, principal and interest are about $2,022.62 a month. With the example tax and insurance amounts, the monthly total is $2,555.95.
Extra payments reduce your balance and total interest. They don't lower the scheduled loan payment.
Costs outside the estimate
Use tax and insurance estimates for the property you're considering. Both can change over time. Closing costs, maintenance, utilities, and changes in property value aren't included.
Mortgage insurance
The calculator includes private mortgage insurance (PMI) when you put less than 20% down on a conventional loan. It estimates PMI ending when the original payment schedule reaches 78% of the home price, halfway through the loan term, or at full payoff, whichever comes first.
You may qualify to cancel PMI earlier by asking your loan servicer. See the CFPB's cancellation requirements. This calculator doesn't cover FHA or other types of mortgage insurance.
Common questions
Track your mortgage in Penny
See your mortgage balance alongside your other accounts.