ZYBERMART

Mortgage Calculator

Estimate your monthly mortgage payment including property tax, insurance, PMI and HOA fees, and see how extra payments shorten your loan.

20% of home price
Only charged while your down payment is under 20%.
Paid toward principal every month on top of the regular payment.

Monthly payment

2,547.62

Principal & interest
2,022.62
Property tax
400.00
Home insurance
125.00
PMI
0.00
HOA fees
0.00
Loan amount
320,000.00
Total interest
408,142.36
Paid off in
30 years
Amortization schedule (by year)
YearPrincipalInterestRemaining balance
1 3,576.72 20,694.69 316,423.28
2 3,816.26 20,455.15 312,607.02
3 4,071.84 20,199.57 308,535.17
4 4,344.54 19,926.87 304,190.63
5 4,635.50 19,635.91 299,555.13
6 4,945.95 19,325.46 294,609.18
7 5,277.19 18,994.22 289,331.98
8 5,630.62 18,640.80 283,701.37
9 6,007.71 18,263.70 277,693.66
10 6,410.06 17,861.36 271,283.60
11 6,839.35 17,432.06 264,444.26
12 7,297.39 16,974.02 257,146.86
13 7,786.11 16,485.30 249,360.75
14 8,307.56 15,963.85 241,053.19
15 8,863.94 15,407.48 232,189.25
16 9,457.57 14,813.84 222,731.68
17 10,090.96 14,180.45 212,640.72
18 10,766.77 13,504.64 201,873.95
19 11,487.84 12,783.57 190,386.11
20 12,257.20 12,014.21 178,128.90
21 13,078.09 11,193.32 165,050.81
22 13,953.96 10,317.46 151,096.86
23 14,888.48 9,382.93 136,208.38
24 15,885.59 8,385.83 120,322.79
25 16,949.47 7,321.94 103,373.32
26 18,084.61 6,186.80 85,288.71
27 19,295.77 4,975.64 65,992.94
28 20,588.05 3,683.37 45,404.89
29 21,966.86 2,304.55 23,438.03
30 23,438.03 833.39 0.00

How to use this mortgage calculator

Enter the home price, your down payment, the interest rate and the loan term. The calculator immediately shows your monthly payment and how it splits between principal and interest, property tax, home insurance, PMI and HOA fees. Results update as you type, and the page address updates too, so you can bookmark or share a scenario.

The mortgage payment formula

The principal and interest portion of a fixed-rate mortgage is calculated with the amortization formula:

M = P × r ÷ (1 − (1 + r)−n)

  • M is the monthly principal and interest payment
  • P is the loan amount (home price minus down payment)
  • r is the monthly interest rate (annual rate ÷ 12 ÷ 100)
  • n is the number of monthly payments (years × 12)

Example

A $400,000 home with $80,000 down leaves a $320,000 loan. At 6.5% over 30 years, r = 0.065 ÷ 12 ≈ 0.005417 and n = 360, so the principal and interest payment is about $2,022.62 per month. Add $400 of monthly property tax and $125 of insurance and the total is about $2,547.62.

What makes up your monthly payment

  • Principal: the part that pays down your loan balance. It starts small and grows every month.
  • Interest: the lender's charge on the remaining balance. It is largest at the start of the loan.
  • Property tax and insurance: often collected by the lender through an escrow account.
  • PMI: required by most lenders when you put down less than 20%.
  • HOA fees: paid to a homeowners association, usually separately from the mortgage.

Ways to lower your mortgage payment

  • Put down 20% or more to avoid PMI.
  • Improve your credit score before applying to get a lower rate.
  • Compare offers from several lenders. Even 0.25% makes a real difference over 30 years.
  • Choose a longer term for a lower payment, or a shorter one to pay less interest overall.

Frequently asked questions

How is a monthly mortgage payment calculated?

The principal and interest part uses the standard amortization formula M = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Property tax, insurance, PMI and HOA fees are then added on top.

What is PMI and when does it go away?

Private mortgage insurance (PMI) is usually required when your down payment is less than 20% of the home price. It typically costs 0.3%–1.5% of the loan per year. This calculator stops PMI once your balance falls to 80% of the original home price, which is when you can normally ask your lender to cancel it.

How much do extra payments save?

Every extra dollar goes straight to principal, so the next month's interest is calculated on a smaller balance. Even a small extra monthly payment can take years off a 30-year mortgage and save tens of thousands in interest. Enter an amount in the extra payment field to see your exact savings.

Should I choose a 15-year or 30-year mortgage?

A 15-year loan has higher monthly payments but a lower rate and far less total interest. A 30-year loan keeps payments lower and more flexible. Many people take a 30-year loan and make extra payments when they can, which gives some of the savings of a shorter loan without the commitment.

Does this calculator work for any currency?

Yes. The math is the same in every currency, so you can enter amounts in dollars, euros, pounds, kronor or anything else. Just keep all amounts in the same currency.

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