Home · 2026 rules
Mortgage Calculator
Monthly payment, total interest and a full amortization schedule, plus taxes, insurance and PMI, so the number matches your real closing costs.
The short answer
The purchase
Below 20% you will usually pay mortgage insurance.
The loan
US mortgages compound monthly.
Goes straight against principal.
Carrying costs
Total monthly payment
$2,913.46
$2,313.46 principal and interest, plus $600.00 for tax and insurance.
What the house actually costs
Over the whole life of the loan, before tax and insurance.
Down payment: $90,000 (9.8%), Loan principal: $360,000 (39.0%), Interest: $472,845 (51.2%)
- Down payment$90,000
- Loan principal$360,000
- Interest$472,845
Home price
Down payment
20.0% of the price
Amount borrowed
Total interest over the term
360 payments at 6.66%
Total of all payments
What you still owe, year by year
Early payments are mostly interest. The balance falls slowly at first, then quickly.
Hover the chart to read any year.
Show the mathThe payment formula and the full amortization schedule
The payment comes from the standard amortising formula, where i is the periodic rate and n the number of payments:
payment = P × i × (1 + i)ⁿ ÷ ((1 + i)ⁿ − 1) P = $360,000 i = 0.555000% per month n = 360 payments payment = $2,313.46
US mortgages compound monthly, so the periodic rate is simply the annual rate divided by 12.
Year by year, here is how each payment splits.
| Year | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $23,858 | $3,903 | $356,097 |
| 2 | $23,590 | $4,171 | $351,926 |
| 3 | $23,304 | $4,458 | $347,468 |
| 4 | $22,998 | $4,764 | $342,704 |
| 5 | $22,671 | $5,091 | $337,613 |
| 6 | $22,321 | $5,441 | $332,173 |
| 7 | $21,947 | $5,814 | $326,359 |
| 8 | $21,548 | $6,213 | $320,145 |
| 9 | $21,121 | $6,640 | $313,505 |
| 10 | $20,665 | $7,096 | $306,409 |
| 11 | $20,178 | $7,583 | $298,826 |
| 12 | $19,657 | $8,104 | $290,722 |
| 13 | $19,101 | $8,661 | $282,061 |
| 14 | $18,506 | $9,255 | $272,806 |
| 15 | $17,871 | $9,891 | $262,915 |
| 16 | $17,191 | $10,570 | $252,344 |
| 17 | $16,465 | $11,296 | $241,048 |
| 18 | $15,690 | $12,072 | $228,977 |
| 19 | $14,861 | $12,901 | $216,076 |
| 20 | $13,975 | $13,787 | $202,289 |
| 21 | $13,028 | $14,733 | $187,556 |
| 22 | $12,016 | $15,745 | $171,811 |
| 23 | $10,935 | $16,826 | $154,985 |
| 24 | $9,780 | $17,982 | $137,003 |
| 25 | $8,545 | $19,217 | $117,786 |
| 26 | $7,225 | $20,536 | $97,250 |
| 27 | $5,815 | $21,947 | $75,303 |
| 28 | $4,308 | $23,454 | $51,850 |
| 29 | $2,697 | $25,064 | $26,785 |
| 30 | $976 | $26,785 | $0 |
What this does not include
Questions
What people ask
Why is so much of my early payment interest?
Interest is charged on what you still owe, and at the start you owe almost everything. The payment stays the same, so as the balance falls the interest share falls with it and the principal share grows. The crossover on a 30-year loan usually comes somewhere around year 18.
What is PMI and when does it stop?
Private mortgage insurance is charged when you put down less than 20%. It protects the lender, not you. You can usually request cancellation once you reach 20% equity, and it must be removed automatically at 22% under the Homeowners Protection Act.
Does paying extra each month really help?
Yes, and more than people expect, because every extra dollar goes straight against principal and stops accruing interest for the whole remaining term. The calculator shows exactly how many months it removes.
Should I take a 15-year mortgage instead?
The payment is much higher but the total interest is far lower, and 15-year rates are usually a little cheaper. Set the term to 15 and compare the total interest figures. That difference is what the shorter term buys you.
Keep going
Related calculators
Auto Loan Calculator
Monthly payment, total interest and how much of the sticker price turns into interest, including sales tax, trade-in and negative equity.
Compound Interest Calculator
What a starting balance plus regular contributions becomes over time, with the year-by-year table and how much of the total is growth.
United States tax figures for 2026, last reviewed August 1, 2026. Every rate used here is listed with its source on the official rates page.