Mortgage Calculator
Principal, interest, taxes, and insurance - all in one payment.
This tool provides estimates for informational purposes only and is not financial or tax advice.
20.0% of home price
Only applies below 20% down
Total monthly payment
$2,539
Loan amount
$320,000
Monthly breakdown
- Principal & interest
- $2,023
- Property tax
- $400
- Home insurance
- $117
- PMI
- $0
Total interest over loan term
$408,142
Total cost over loan term
$994,142
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How this calculator works
This calculator estimates your full monthly housing payment, not just the loan itself. It starts with principal and interest - calculated the same way as a standard amortizing loan, based on your home price minus down payment, rate, and term - then layers on property tax, home insurance, and PMI, each converted to a monthly cost.
PMI (private mortgage insurance) is only applied when your down payment is below 20% of the home price, since that's the usual threshold lenders use. It's calculated as a percentage of the loan amount per year, split into monthly installments.
The total cost over loan term figure multiplies your full monthly payment by the number of months in the loan term, so you can see the real cost of a 30-year loan versus a 15-year one side by side, not just the smaller monthly number.