Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, taxes, insurance, and PMI. See the full amortization schedule.
Loan Details
$350,000
20% ($70,000)
6.5%
1.2% ($4,200/yr)
$1,200/yr
Your Estimated Monthly Payment
$2,219.79
per month
Monthly Payment Breakdown
Principal & Interest
$1,769.79Property Tax
$350.00Home Insurance
$100.00Loan Summary
Loan Amount
$280,000
Down Payment
$70,000
Total Interest Paid
$357,125
Total Cost of Loan
$637,125
How This Calculator Works
Principal & Interest (P&I) formula:
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
Where P = loan amount, r = monthly interest rate (annual rate ÷ 12), n = total number of payments (years × 12).
Your total monthly payment (PITI) adds property tax, homeowners insurance, and PMI (if down payment < 20%) on top of P&I. PMI is estimated at 0.5% of the loan amount annually and can be removed once you reach 20% equity.
Total interest paid = (Monthly P&I × total payments) − loan amount. This is why a 30-year mortgage at 6.5% on a $300,000 loan costs over $380,000 in total payments — more than double the original loan.