Mortgage Payment Calculator
Home & Loan Details
20%
Loan Amount
$320,000
Total Interest
$408,142
Payment Breakdown
Principal & Interest
$2,023
Property Tax
$367
Insurance
$150
Loan Balance Over Time
Yearly Amortization
| Year | Principal | Interest | 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 | $277,694 |
| 10 | $6,410 | $17,861 | $271,284 |
| 11 | $6,839 | $17,432 | $264,444 |
| 12 | $7,297 | $16,974 | $257,147 |
| 13 | $7,786 | $16,485 | $249,361 |
| 14 | $8,308 | $15,964 | $241,053 |
| 15 | $8,864 | $15,407 | $232,189 |
| 16 | $9,458 | $14,814 | $222,732 |
| 17 | $10,091 | $14,180 | $212,641 |
| 18 | $10,767 | $13,505 | $201,874 |
| 19 | $11,488 | $12,784 | $190,386 |
| 20 | $12,257 | $12,014 | $178,129 |
| 21 | $13,078 | $11,193 | $165,051 |
| 22 | $13,954 | $10,317 | $151,097 |
| 23 | $14,888 | $9,383 | $136,208 |
| 24 | $15,886 | $8,386 | $120,323 |
| 25 | $16,949 | $7,322 | $103,373 |
| 26 | $18,085 | $6,187 | $85,289 |
| 27 | $19,296 | $4,976 | $65,993 |
| 28 | $20,588 | $3,683 | $45,405 |
| 29 | $21,967 | $2,305 | $23,438 |
| 30 | $23,438 | $833 | $0 |
Mortgage Payment FAQs
How is a monthly mortgage payment calculated?
Your monthly payment combines principal and interest (calculated with the standard amortization formula), plus property taxes, homeowners insurance, and HOA fees if any. This total is often called PITI: Principal, Interest, Taxes, and Insurance.
How much of my payment goes to interest?
In the early years of a mortgage, most of your payment goes to interest. On a 30-year loan at 6.5%, roughly 80% of your first payments are interest. The balance shifts toward principal over time. Check the amortization table to see the exact split each year.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but dramatically less total interest, often less than half. A 30-year mortgage has lower payments and more flexibility. Use the calculator to compare both terms with your numbers.
What is included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance, the four components of a typical monthly mortgage payment. Some homeowners also pay HOA fees and PMI (private mortgage insurance) if their down payment is under 20%.
Methodology
How this calculator works
Built by Andrés Soler · Updated
Formula
- Principal & interest = L × i × (1 + i)^n ÷ ((1 + i)^n − 1), where L is the amount borrowed, i the monthly rate (annual rate ÷ 12) and n the number of months, with L = home price − down payment
- Monthly total = principal & interest + (home price × property-tax rate) ÷ 12 + insurance ÷ 12 + HOA
Assumptions & limits
- Fixed-rate mortgage.
- PMI (usually required with less than 20% down in the U.S.) is not included.
- Property tax and insurance stay constant over the loan.
Educational estimates, not financial advice. Check important decisions with your lender or a licensed advisor.
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