Monthly mortgage payment with taxes, insurance, PMI and extra payments.
Quick answer
The principal and interest payment is $2,022.62 a month on a $320,000 loan (20% down). Over 30 years you pay $408,142 in interest. Property tax, insurance and PMI are extra.
| Interest rate | 15-year loan | 30-year loan |
|---|---|---|
| 5.5% | $2,614.67 | $1,816.92 |
| 6.0% | $2,700.34 | $1,918.56 |
| 6.5% | $2,787.54 | $2,022.62 |
| 7.0% | $2,876.25 | $2,128.97 |
| 7.5% | $2,966.44 | $2,237.49 |
These figures are computed with the same formulas as the Mortgage Calculator above. Change the inputs in the tool to see your own result. For a full table, see Mortgage payment chart and EMI per lakh chart.
The Mortgage Calculator estimates your full monthly housing payment, not just principal and interest: it adds property tax, home insurance, private mortgage insurance (PMI) and HOA fees, shows how the total splits in a chart, and works out total interest and your payoff date. Enter an extra monthly payment to see how many months and how much interest it saves, and open the year-by-year schedule to watch the balance fall.
Made for everyone. Typical uses:
A $400,000 home with $80,000 down (20%) at 6.5% for 30 years has a $320,000 loan. Principal and interest are $2,022.62 a month; adding property tax at 1.1% ($366.67) and $1,200 a year of insurance ($100) brings the monthly payment to $2,489.28. Over 30 years the interest alone is about $408,000. An extra $200 a month clears the loan in 281 months instead of 360 and saves about $105,000 of interest.
This is an estimate for a fixed-rate loan. It does not model adjustable rates, points, closing costs, escrow adjustments or rising taxes and insurance, and it assumes PMI stops when the balance reaches 80% of the original price. Your lender's Loan Estimate is the figure to rely on.
Accuracy: Formulas follow standard published methods and are checked against worked reference examples. Results are estimates based on the values you enter and do not replace advice from a qualified professional.
Expert Tip
Lenders usually want your total housing cost below about 28% of gross monthly income, and all debts below about 36% to 43%. Test your target price with taxes and insurance included, not just the loan payment.
People often quote only principal and interest, but the bill you actually pay is larger. A mortgage payment usually has up to five parts: principal, interest, property tax, homeowners insurance and, if your down payment is small, private mortgage insurance (PMI). If the home is in a managed community there may also be an HOA fee. Lenders often collect tax and insurance every month into an escrow account, so they arrive as part of one payment.
On a $400,000 home with $80,000 down (a $320,000 loan at 6.5 percent over 30 years), principal and interest come to $2,022.62 a month. Add property tax at 1.1 percent of the price ($366.67 a month) and $1,200 a year of insurance ($100 a month), and the payment becomes about $2,489. Looking only at principal and interest would understate the real bill by about $467 a month.
A down payment of 20 percent avoids PMI on conventional loans. With less, the lender charges PMI, usually a yearly percentage of the loan, until you have built up enough equity. On the same $400,000 home with only $20,000 down (5 percent), the loan is $380,000 and principal and interest rise to $2,401.86. If PMI costs 0.6 percent a year, that adds $190 a month, and the calculator shows it ending around month 124, about ten years in, when the balance falls to 80 percent of the price.
That is why the calculator asks for the price and the down payment, not just the loan amount: PMI depends on the loan-to-value ratio. A bigger down payment lowers the loan, the interest and the risk of PMI at once, but it also uses cash you may need for closing costs and an emergency fund. Decide how much to put down by comparing what PMI would cost against what the cash could earn or protect elsewhere.
The term is the biggest lever on total interest. For the $320,000 loan, a 30-year mortgage at 6.5 percent costs $2,022.62 a month and $408,142 in interest. A 15-year mortgage usually carries a lower rate; at 5.75 percent it costs $2,657.31 a month, but the interest is only $158,316. The shorter loan costs $634.69 more each month and saves about $249,826 over its life, and you own the home free and clear 15 years sooner.
A 30-year loan keeps the required payment low and gives flexibility. A popular compromise is to take the 30-year loan and pay extra when you can. You keep the safety of the lower required payment but get part of the interest saving. Adding $200 a month to the 30-year example pays the loan off in 281 months instead of 360 and saves about $105,000 of interest.
Lenders look at two ratios. The front-end ratio compares your housing costs with gross income and is often capped near 28 percent. The back-end ratio adds your other debts, such as cars and cards, and is often capped between 36 and 43 percent. Those are guidelines that vary by lender and loan type, not fixed rules.
A practical approach is to work backwards from the monthly amount you are comfortable paying. Enter different prices in the calculator until the total, including tax and insurance, matches that amount. Then check it against your income with the Rent Affordability Calculator, which uses the same income ratios. Remember maintenance: a common rule of thumb sets aside 1 percent of the home value each year for repairs.
Rates move the payment more than most buyers expect. On the $320,000 loan over 30 years, a rate of 5.5 percent gives $1,816.92 a month, 6.5 percent gives $2,022.62 and 7.5 percent gives $2,237.49. A single percentage point is worth about $200 a month, or roughly $75,000 over the loan. That is why comparing lenders, and asking about points that buy the rate down, can be worth an hour of work.
It assumes a fixed rate, a level payment and that PMI stops when the balance reaches 80 percent of the original price. It does not model adjustable rates, interest-only periods, closing costs, escrow shortages, rising taxes or insurance, or local transfer taxes. Use it to compare scenarios and set a budget, then rely on the lender's official estimate. If you are also paying off other debts, the Credit Card Payoff Calculator and the EMI Calculator show how quickly they can be cleared, which improves your debt-to-income ratio before you apply. For more detail on how the payment is built, read how mortgage payments work. For a general loan with no property costs, use the Loan Calculator.
What is really inside a monthly mortgage payment, how the down payment and PMI interact, why 15 and 30 year loans differ so much, and how to budget for the full cost.
How a monthly loan payment is calculated, why early payments are mostly interest, and how a shorter term or an extra payment changes the total cost.
What EMI means, the reducing-balance formula, flat versus reducing rates, and practical ways to cut the interest you pay on a home, car or personal loan.
Reference table with CSV download.
Reference table with CSV download.
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