Mortgage calculator
Updated Updated for 2026 tax law
Estimate your full monthly mortgage payment — principal, interest, property tax, homeowners insurance, PMI and HOA — and see how extra payments change your payoff date and total interest.
- Principal & interest$2,023
- Property tax$263
- Home insurance$167
Property tax, insurance and HOA are held at today's amounts; in practice they rise over time. Rates and PMI are estimates — your Loan Estimate has the exact figures.
Amortization schedule (360 payments)
| Year | Ends | Paid | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Nov 2027 | $24,271.44 | $3,576.76 | $20,694.68 | $316,423.24 |
| 2 | Nov 2028 | $24,271.44 | $3,816.28 | $20,455.16 | $312,606.96 |
| 3 | Nov 2029 | $24,271.44 | $4,071.88 | $20,199.56 | $308,535.08 |
| 4 | Nov 2030 | $24,271.44 | $4,344.57 | $19,926.87 | $304,190.51 |
| 5 | Nov 2031 | $24,271.44 | $4,635.54 | $19,635.90 | $299,554.97 |
| 6 | Nov 2032 | $24,271.44 | $4,946.00 | $19,325.44 | $294,608.97 |
| 7 | Nov 2033 | $24,271.44 | $5,277.22 | $18,994.22 | $289,331.75 |
| 8 | Nov 2034 | $24,271.44 | $5,630.65 | $18,640.79 | $283,701.10 |
| 9 | Nov 2035 | $24,271.44 | $6,007.75 | $18,263.69 | $277,693.35 |
| 10 | Nov 2036 | $24,271.44 | $6,410.11 | $17,861.33 | $271,283.24 |
| 11 | Nov 2037 | $24,271.44 | $6,839.41 | $17,432.03 | $264,443.83 |
| 12 | Nov 2038 | $24,271.44 | $7,297.46 | $16,973.98 | $257,146.37 |
| 13 | Nov 2039 | $24,271.44 | $7,786.17 | $16,485.27 | $249,360.20 |
| 14 | Nov 2040 | $24,271.44 | $8,307.62 | $15,963.82 | $241,052.58 |
| 15 | Nov 2041 | $24,271.44 | $8,864.02 | $15,407.42 | $232,188.56 |
| 16 | Nov 2042 | $24,271.44 | $9,457.63 | $14,813.81 | $222,730.93 |
| 17 | Nov 2043 | $24,271.44 | $10,091.05 | $14,180.39 | $212,639.88 |
| 18 | Nov 2044 | $24,271.44 | $10,766.86 | $13,504.58 | $201,873.02 |
| 19 | Nov 2045 | $24,271.44 | $11,487.93 | $12,783.51 | $190,385.09 |
| 20 | Nov 2046 | $24,271.44 | $12,257.30 | $12,014.14 | $178,127.79 |
| 21 | Nov 2047 | $24,271.44 | $13,078.20 | $11,193.24 | $165,049.59 |
| 22 | Nov 2048 | $24,271.44 | $13,954.06 | $10,317.38 | $151,095.53 |
| 23 | Nov 2049 | $24,271.44 | $14,888.61 | $9,382.83 | $136,206.92 |
| 24 | Nov 2050 | $24,271.44 | $15,885.71 | $8,385.73 | $120,321.21 |
| 25 | Nov 2051 | $24,271.44 | $16,949.60 | $7,321.84 | $103,371.61 |
| 26 | Nov 2052 | $24,271.44 | $18,084.76 | $6,186.68 | $85,286.85 |
| 27 | Nov 2053 | $24,271.44 | $19,295.92 | $4,975.52 | $65,990.93 |
| 28 | Nov 2054 | $24,271.44 | $20,588.22 | $3,683.22 | $45,402.71 |
| 29 | Nov 2055 | $24,271.44 | $21,967.04 | $2,304.40 | $23,435.67 |
| 30 | Nov 2056 | $24,268.88 | $23,435.67 | $833.21 | $0.00 |
How to use the mortgage calculator
- Enter the home price and your down payment, in dollars or as a percent.
- Enter the interest rate from a lender quote and pick a 30-, 20-, 15- or 10-year term.
- Choose your state to fill in its average property tax rate, then switch to dollars and enter the home's actual tax bill if you know it.
- Add homeowners insurance, HOA dues and a PMI rate — PMI only kicks in when you put down less than 20%.
- Optionally add extra payments (monthly, yearly or a one-time lump sum) to see interest saved and your new payoff date.
- Open the amortization schedule to see every payment by year or month, and download it as a CSV.
How the monthly payment is calculated
P = amount borrowed · i = annual rate ÷ 12 · n = number of monthly payments
Each month: interest = balance × i · principal = M − interest · new balance = balance − principal
PMI per month = loan × PMI rate ÷ 12 (while it applies)
Example: a $400,000 home with 20% down ($320,000 loan) at 6.5% for 30 years has principal and interest of $2,022.62. Add $263.33 of property tax (0.79% a year), $166.67 for insurance and no PMI, for $2,452.62 a month. Over 30 years the interest alone is $408,141 — 128% of the amount borrowed.
Monthly principal & interest by rate (30-year fixed)
| Rate | $200,000 | $300,000 | $400,000 | $500,000 | $750,000 |
|---|---|---|---|---|---|
| 5% | $1,073.64 | $1,610.46 | $2,147.29 | $2,684.11 | $4,026.16 |
| 5.5% | $1,135.58 | $1,703.37 | $2,271.16 | $2,838.95 | $4,258.42 |
| 6% | $1,199.10 | $1,798.65 | $2,398.20 | $2,997.75 | $4,496.63 |
| 6.5% | $1,264.14 | $1,896.20 | $2,528.27 | $3,160.34 | $4,740.51 |
| 7% | $1,330.60 | $1,995.91 | $2,661.21 | $3,326.51 | $4,989.77 |
| 7.5% | $1,398.43 | $2,097.64 | $2,796.86 | $3,496.07 | $5,244.11 |
| 8% | $1,467.53 | $2,201.29 | $2,935.06 | $3,668.82 | $5,503.23 |
15-year vs 30-year mortgage
Fifteen-year loans usually carry a lower rate and cost far less interest, at the price of a much higher payment. On a $300,000 loan:
| 30-year at 6.5% | 15-year at 5.75% | |
|---|---|---|
| Monthly P&I | $1,896.20 | $2,491.23 |
| Total interest | $382,637 | $148,422 |
| Balance after 10 years | $254,329 | $129,638 |
A middle path: take the 30-year loan for its lower required payment and add extra principal when you can — the calculator's extra-payment fields show the effect.
PMI: when you pay it and when it ends
Conventional lenders require private mortgage insurance when you borrow more than 80% of the home's value. It typically costs 0.3%–1.5% of the loan per year, depending on credit score and down payment. The Homeowners Protection Act gives you three exits:
- 80% — on request. Once your balance (including extra payments) reaches 80% of the original value, you can ask in writing to cancel it, if you're current and have a good payment history.
- 78% — automatic. PMI must end on the date your balance is scheduled to reach 78% of the original value under the original amortization schedule.
- Midpoint — final. If you're current, PMI ends at the halfway point of the loan term even if you haven't reached 78%.
With 10% down on a $400,000 home at 6.5%, PMI of $150.00 a month (0.5%) runs for 109 payments — $16,350 in total. FHA loans charge a mortgage insurance premium (MIP) instead, which for most new FHA loans with under 10% down lasts for the life of the loan.
Property tax rates by state
Average effective property tax rate on owner-occupied homes and the yearly tax on a $400,000 home. Your county's rate, assessment rules and exemptions can differ a lot.
| State | Effective rate | Tax on $400k / yr | Per month |
|---|---|---|---|
| Illinois | 1.88% | $7,520 | $627 |
| New Jersey | 1.88% | $7,520 | $627 |
| Connecticut | 1.54% | $6,160 | $513 |
| Vermont | 1.51% | $6,040 | $503 |
| New Hampshire | 1.50% | $6,000 | $500 |
| Nebraska | 1.44% | $5,760 | $480 |
| Texas | 1.40% | $5,600 | $467 |
| Ohio | 1.36% | $5,440 | $453 |
| Iowa | 1.33% | $5,320 | $443 |
| Wisconsin | 1.32% | $5,280 | $440 |
| New York | 1.30% | $5,200 | $433 |
| Pennsylvania | 1.26% | $5,040 | $420 |
| Kansas | 1.21% | $4,840 | $403 |
| Michigan | 1.19% | $4,760 | $397 |
| Rhode Island | 1.12% | $4,480 | $373 |
| Massachusetts | 1.00% | $4,000 | $333 |
| Minnesota | 1.00% | $4,000 | $333 |
| South Dakota | 1.00% | $4,000 | $333 |
| Maine | 0.98% | $3,920 | $327 |
| Alaska | 0.94% | $3,760 | $313 |
| Maryland | 0.92% | $3,680 | $307 |
| North Dakota | 0.92% | $3,680 | $307 |
| Missouri | 0.89% | $3,560 | $297 |
| Oregon | 0.81% | $3,240 | $270 |
| Georgia | 0.79% | $3,160 | $263 |
| Oklahoma | 0.79% | $3,160 | $263 |
| Florida | 0.78% | $3,120 | $260 |
| Virginia | 0.78% | $3,120 | $260 |
| Indiana | 0.76% | $3,040 | $253 |
| Washington | 0.75% | $3,000 | $250 |
| Kentucky | 0.74% | $2,960 | $247 |
| California | 0.70% | $2,800 | $233 |
| North Carolina | 0.66% | $2,640 | $220 |
| New Mexico | 0.63% | $2,520 | $210 |
| Montana | 0.61% | $2,440 | $203 |
| District of Columbia | 0.60% | $2,400 | $200 |
| Mississippi | 0.58% | $2,320 | $193 |
| Arkansas | 0.56% | $2,240 | $187 |
| Louisiana | 0.55% | $2,200 | $183 |
| Delaware | 0.54% | $2,160 | $180 |
| Wyoming | 0.53% | $2,120 | $177 |
| Tennessee | 0.52% | $2,080 | $173 |
| West Virginia | 0.51% | $2,040 | $170 |
| Colorado | 0.50% | $2,000 | $167 |
| Idaho | 0.50% | $2,000 | $167 |
| Nevada | 0.50% | $2,000 | $167 |
| South Carolina | 0.49% | $1,960 | $163 |
| Arizona | 0.48% | $1,920 | $160 |
| Utah | 0.48% | $1,920 | $160 |
| Alabama | 0.37% | $1,480 | $123 |
| Hawaii | 0.29% | $1,160 | $97 |
Source: Tax Foundation, Property Taxes by State and County, 2026 (Census ACS 2024 5-year), Table 2.
Disclaimer: Estimates for information only — not financial, lending or legal advice. Your lender's Loan Estimate and disclosures are the binding numbers. Taxes, insurance and HOA dues usually rise over time; the calculator holds them at today's amounts. Adjustable-rate mortgages are not modeled.
Related tools
Frequently asked questions
What is the monthly payment on a $300,000 mortgage?
At 6.5% for 30 years, principal and interest is $1,896.20 a month; at 7% it's $1,995.91. Property tax, homeowners insurance, PMI and HOA dues come on top, so the full payment is often several hundred dollars higher.
What does PITI mean?
Principal, interest, taxes and insurance — the four parts of a typical mortgage payment. Taxes and insurance are usually collected monthly into an escrow account. PMI and HOA dues are counted as part of your housing payment too.
When does PMI go away?
Under the Homeowners Protection Act you can ask your lender to cancel PMI once your balance reaches 80% of the home's original value, and it must end automatically when the balance is scheduled to reach 78% (or at the loan's midpoint, whichever comes first). On a $400,000 home with 10% down at 6.5% for 30 years, the automatic date is after payment 109 — about 9 years in. FHA mortgage insurance follows different rules.
How much do extra payments save?
Adding $200 a month to a $300,000, 6.5%, 30-year mortgage saves about $103,450 in interest and pays the loan off 6 years 11 months early. Tell your servicer to apply the extra to principal.
Where does the property tax estimate come from?
The calculator starts from your state's average effective rate (tax paid ÷ home value) from Tax Foundation, Property Taxes by State and County, 2026 (Census ACS 2024 5-year). Rates vary widely by county and with homestead exemptions — replace it with the home's actual tax bill from the listing or county assessor.
Your business here? Sponsor this calculator from $19/week. See placements
Estimates for information only — not tax, legal or financial advice.