Mortgages
Mortgage Calculator
Estimate your total monthly mortgage payment — principal, interest, property taxes, home insurance, PMI, and HOA fees. Adjust the home price, down payment, rate, and term to see how each choice changes your payment and the total interest you'll pay over the life of the loan.
20% or more avoids private mortgage insurance (PMI).
Charged on the loan amount while your loan-to-value is above 80%.
Total monthly payment
$2,572.62
- Principal & interest
- $2,022.62
- Property tax
- $400.00
- Home insurance
- $150.00
- Loan amount
- $320,000
- Total interest over the loan
- $408,141
Amortization by year
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,577 | $20,695 | $316,423 |
| 2 | $3,816 | $20,455 | $312,607 |
| 3 | $4,072 | $20,200 | $308,535 |
| 4 | $4,345 | $19,927 | $304,191 |
| 5 | $4,636 | $19,636 | $299,555 |
| 6 | $4,946 | $19,325 | $294,609 |
| 7 | $5,277 | $18,994 | $289,332 |
| 8 | $5,631 | $18,641 | $283,701 |
| 9 | $6,008 | $18,264 | $277,693 |
| 10 | $6,410 | $17,861 | $271,283 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,146 |
| 13 | $7,786 | $16,485 | $249,360 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,731 |
| 17 | $10,091 | $14,180 | $212,640 |
| 18 | $10,767 | $13,505 | $201,873 |
| 19 | $11,488 | $12,784 | $190,385 |
| 20 | $12,257 | $12,014 | $178,128 |
| 21 | $13,078 | $11,193 | $165,050 |
| 22 | $13,954 | $10,317 | $151,096 |
| 23 | $14,889 | $9,383 | $136,207 |
| 24 | $15,886 | $8,386 | $120,321 |
| 25 | $16,950 | $7,322 | $103,372 |
| 26 | $18,085 | $6,187 | $85,287 |
| 27 | $19,296 | $4,976 | $65,991 |
| 28 | $20,588 | $3,683 | $45,403 |
| 29 | $21,967 | $2,304 | $23,436 |
| 30 | $23,436 | $833 | $0 |
How this calculator works
Principal and interest come from the standard fully-amortizing loan formula (the same math lenders and Excel's PMT function use). All amounts are computed in exact cents; the final payment absorbs rounding so the schedule sums precisely to your loan amount.
PMI is estimated as an annual percentage of the loan amount, applied while loan-to-value exceeds 80%. Property tax and insurance are your yearly inputs divided by twelve — actual escrow payments can vary slightly as your servicer trues up the account.
This tool provides educational estimates, not a loan offer. Your actual rate and costs depend on your credit profile, location, lender fees, and market conditions.
Try an example
Frequently asked questions
How is a monthly mortgage payment calculated?
The principal-and-interest portion uses the standard amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate, and n the number of monthly payments. Property taxes, home insurance, PMI, and HOA fees are then added to get your full monthly housing cost.
What is PMI and when do I have to pay it?
Private mortgage insurance protects the lender when your down payment is below 20% of the home price. It typically costs 0.2%–1.5% of the loan amount per year and can be removed once you reach 20% equity — this calculator applies it automatically whenever your loan-to-value ratio is above 80%.
How much house can I afford?
A common guideline is to keep your total housing payment below 28% of your gross monthly income, and all debt payments below 36%. Lenders will compute both ratios. Use the payment this calculator produces and compare it to your monthly income to sanity-check a price range.
Should I choose a 15-year or 30-year term?
A 15-year loan carries a higher monthly payment but a lower rate and far less total interest — often less than half. A 30-year loan maximizes flexibility with a lower required payment; you can still pay it like a 15-year loan when cash flow allows. Compare both terms here before deciding.
Does this calculator include property taxes and insurance?
Yes. Enter your yearly property tax and home insurance amounts and the calculator spreads them monthly, the way an escrow account would. Local taxes vary widely — your county assessor's website lists the exact rate for your area.
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Disclaimer: DayCents provides this calculator for educational purposes only. Results are estimates based on your inputs and the stated assumptions — they are not financial advice, a quote, or an offer of credit. Consult a qualified financial professional before making major money decisions.