Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property taxes, and insurance. Adjust the inputs to explore different scenarios.
Loan Details
$70,000 down · $280,000 loan
Estimated Monthly Payment
Payment Breakdown
Principal vs Interest
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Amortization Schedule
Principal vs Interest Over Time
| Year | Date | Annual Payment | Principal | Interest | Remaining Balance |
|---|---|---|---|---|---|
| 1 | Sep 2027 | $21,793 | $2,984 | $18,809 | $277,016 |
| 2 | Sep 2028 | $21,793 | $3,192 | $18,601 | $273,824 |
| 3 | Sep 2029 | $21,793 | $3,414 | $18,379 | $270,410 |
| 4 | Sep 2030 | $21,793 | $3,652 | $18,141 | $266,758 |
| 5 | Sep 2031 | $21,793 | $3,906 | $17,887 | $262,852 |
| 6 | Sep 2032 | $21,793 | $4,178 | $17,615 | $258,674 |
| 7 | Sep 2033 | $21,793 | $4,469 | $17,324 | $254,205 |
| 8 | Sep 2034 | $21,793 | $4,780 | $17,013 | $249,425 |
| 9 | Sep 2035 | $21,793 | $5,113 | $16,680 | $244,312 |
| 10 | Sep 2036 | $21,793 | $5,469 | $16,324 | $238,843 |
| 11 | Sep 2037 | $21,793 | $5,850 | $15,943 | $232,993 |
| 12 | Sep 2038 | $21,793 | $6,257 | $15,536 | $226,736 |
| 13 | Sep 2039 | $21,793 | $6,693 | $15,100 | $220,043 |
| 14 | Sep 2040 | $21,793 | $7,159 | $14,634 | $212,884 |
| 15 | Sep 2041 | $21,793 | $7,657 | $14,136 | $205,227 |
| 16 | Sep 2042 | $21,793 | $8,190 | $13,603 | $197,037 |
| 17 | Sep 2043 | $21,793 | $8,761 | $13,032 | $188,276 |
| 18 | Sep 2044 | $21,793 | $9,371 | $12,422 | $178,906 |
| 19 | Sep 2045 | $21,793 | $10,023 | $11,770 | $168,882 |
| 20 | Sep 2046 | $21,793 | $10,721 | $11,072 | $158,161 |
| 21 | Sep 2047 | $21,793 | $11,467 | $10,325 | $146,694 |
| 22 | Sep 2048 | $21,793 | $12,266 | $9,527 | $134,428 |
| 23 | Sep 2049 | $21,793 | $13,120 | $8,673 | $121,308 |
| 24 | Sep 2050 | $21,793 | $14,033 | $7,759 | $107,275 |
| 25 | Sep 2051 | $21,793 | $15,011 | $6,782 | $92,264 |
| 26 | Sep 2052 | $21,793 | $16,056 | $5,737 | $76,208 |
| 27 | Sep 2053 | $21,793 | $17,174 | $4,619 | $59,035 |
| 28 | Sep 2054 | $21,793 | $18,369 | $3,423 | $40,665 |
| 29 | Sep 2055 | $21,793 | $19,648 | $2,144 | $21,017 |
| 30 | Sep 2056 | $21,793 | $21,017 | $776 | $0 |
Loan Summary
Total Payments
360
Total Principal
$280,000
Total Interest
$373,787
Total of Payments
$653,787
Understanding Your Amortization Schedule
An amortization schedule is a complete table showing every payment you'll make over the life of your mortgage. It breaks down exactly how much of each payment goes toward principal (paying down your loan balance) versus interest (the cost of borrowing).
How to Read Your Schedule
Each row represents one payment period. In the early years, most of your payment goes toward interest because you owe the full loan amount. As you pay down the principal, the interest portion shrinks and more goes toward principal. This is why the purple bars (principal) grow larger over time while the red bars (interest) shrink.
The remaining balance column shows how much you still owe after each payment. This balance determines next month's interest charge, which is why early payments include so much interest.
Why Interest is Front-Loaded
Mortgage interest is calculated on the remaining balance each month. At the start, you owe the full loan amount, so interest charges are highest. As you pay down the principal, there's less to charge interest on. This isn't a trick by lenders — it's simply how compound interest works mathematically.
The Impact of Extra Payments
Making extra principal payments early in the loan can dramatically reduce your total interest. Even an extra $100/month toward principal in the early years can save tens of thousands in interest and shorten your loan by years. Use the schedule above to see how front-loaded the interest is — extra payments in years 1-10 have the biggest impact.
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Read article →How to Use This Mortgage Calculator
Our free mortgage calculator helps you estimate your monthly house payment including principal, interest, property taxes, and homeowners insurance (often called PITI). Simply enter the home price, your down payment percentage, the interest rate, and loan term to get an instant estimate.
Understanding Your Results
Principal & Interest is the core of your monthly payment. The principal is the amount you borrowed, and interest is what the lender charges for the loan. With a fixed-rate mortgage, this amount stays the same every month, though the split between principal and interest shifts over time (more interest early on, more principal later).
Property Taxvaries widely by location — from under 0.5% of home value in some states to over 2% in others. Check your county assessor's website for local rates. Most lenders collect property tax monthly and pay it on your behalf through an escrow account.
Homeowners Insuranceprotects your investment against damage and liability. Costs depend on your home's value, location, and coverage level. The national average is roughly $1,200–$1,500 per year.
Tips to Lower Your Monthly Payment
- Increase your down payment to reduce the loan amount and potentially avoid PMI (private mortgage insurance, typically required below 20% down)
- Shop for a lower interest rate — even 0.25% can save thousands over the life of the loan
- Choose a longer loan term (30 years vs. 15 years) for lower monthly payments, though you'll pay more interest overall
- Improve your credit score before applying — borrowers with scores above 740 typically qualify for the best rates
- Compare offers from multiple lenders — rates can vary significantly
Current Mortgage Rate Trends (April 2026)
As of April 2026, average 30-year fixed mortgage rates are in the 6.5%–7.0% range. Rates fluctuate based on the Federal Reserve's monetary policy, inflation data, and bond market conditions. Use the rate slider above to see how different rates affect your payment.
Frequently Asked Questions
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs (PITI), and no more than 36% on total debt payments. For example, if you earn $8,000/month, aim for a mortgage payment under $2,240.
What is an amortization schedule?
An amortization schedule is a complete payment-by-payment breakdown of your mortgage showing exactly how much of each payment goes to principal versus interest. Early payments are mostly interest since you owe the full loan amount. Over time, more goes toward principal as your balance decreases.
How does making extra mortgage payments affect my loan?
Extra principal payments reduce your remaining balance, which decreases future interest charges and can shorten your loan term significantly. For example, adding $200/month to principal on a $300,000 mortgage could save over $80,000 in interest and cut 7+ years off a 30-year loan.
What is PMI and when do I need it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home price. PMI typically costs 0.5%–1.5% of the loan amount per year. Once you reach 20% equity, you can request PMI removal.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but significantly less total interest — often saving $100,000+ over the life of the loan. A 30-year mortgage offers lower monthly payments and more financial flexibility. Choose based on your budget and goals.
What credit score do I need for a mortgage?
Conventional mortgages typically require a 620+ credit score, while FHA loans accept scores as low as 580 (or 500 with 10% down). Scores above 740 qualify for the best rates. Each 20-point improvement can meaningfully reduce your rate.
Are property taxes included in my mortgage payment?
Usually, yes. Most lenders collect property taxes and insurance monthly through an escrow account and pay them on your behalf. This calculator includes property tax and insurance in your estimated monthly payment (PITI).