Mortgage Calculator
Your full monthly payment with property tax, homeowners insurance, PMI and HOA, plus what extra payments would save.
- Principal & interest$2,022.62
- Property tax$366.67
- Home insurance$125.00
You'll pay $408,141 in interest over 30 years.
Pay it off faster
What paying extra would save, compared with paying only the regular amount. Pick one to try it.
What extra payments would save
| If you pay | You save | Mortgage-free | Extra paid in total |
|---|
Set a payoff goal
Estimates. "You save" is interest, plus PMI where it applies. Extra payments go straight to principal; the regular payment stays the same. Ask your lender how to make them without a prepayment penalty.
Balance over time
Amortization schedule
How your mortgage payment is worked out
Most US mortgage payments have four parts, often called PITI: principal (paying down the loan), interest, property taxes and homeowners insurance. Lenders usually collect the tax and insurance monthly in an escrow account and pay the bills for you. If you put down less than 20%, most conventional loans add private mortgage insurance (PMI), and condos and many neighborhoods charge HOA fees on top.
Principal and interest stay the same every month on a fixed-rate loan. Early on, most of each payment is interest; over time more of it goes to principal, which is why the balance falls slowly at first and faster later.
Frequently asked questions
What is PMI and when does it go away?
Private mortgage insurance protects the lender when you put down less than 20% on a conventional loan. It usually costs 0.3% to 1.5% of the loan a year. Lenders must cancel it automatically once your balance reaches 78% of the home's original value, and you can ask to cancel it at 80%. Extra payments get you there sooner.
How much do extra payments save?
Every extra dollar goes straight to principal, so you pay interest on a smaller balance from then on. On a 30-year loan, even a modest extra amount each month can cut years off the loan and save tens of thousands of dollars in interest. Add an amount under "Extra payments" to see your own numbers.
15-year or 30-year mortgage?
A 15-year mortgage has a higher monthly payment but usually a lower rate and far less total interest. A 30-year mortgage keeps the monthly payment lower, which leaves more room in your budget. Switch the loan term above to compare them.
How much is property tax?
It depends on your state and county, from about 0.3% to over 2% of the home's value a year; around 1% is typical. Your county assessor's website or the home's listing shows the actual amount.
Estimates for illustration only, not a loan offer. Your actual rate, taxes, insurance and PMI depend on the lender, your credit and the property. LoanQuantum is not a lender.
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