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For a $400,000.00 home with 10% down, a 6.5% rate and a 30-year term, the monthly payment is $2,972.11: $2,275.44 principal and interest, $366.67 property tax (1.1% of the price a year), $150.00 homeowners insurance and $180.00 PMI. PMI stops after month 109, when the scheduled balance reaches 78% of the original value, and the payment then drops to $2,792.11. Enter the price, down payment (dollars or percent), term, rate, property tax, insurance, HOA dues and PMI rate to get your own monthly total, the loan amount, total interest, the payoff month and an amortization schedule with a yearly summary and a month-by-month view. Principal and interest use the standard fixed-rate formula, computed exactly in cents. This is an estimate for planning, not financial advice.

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PMI is charged through month 109, when the scheduled balance reaches 78% of the original value.

Monthly payment $2,972.11

$2,275.44 principal and interest on a $360,000.00 loan, $459,164.00 total interest over 30 years.

Loan amount
$360,000.00
Loan-to-value
90%
Principal & interest
$2,275.44
Property tax
$366.67
Homeowners insurance
$150.00
PMI
$180.00
HOA
$0.00
Total monthly payment
$2,972.11
PMI ends
After month 109 (9 years 1 month)
Payment after PMI ends
$2,792.11
Total interest
$459,164.00
Payoff
Month 360 (30 years)

An estimate for planning, not financial advice. Your lender’s figures will differ.

Amortization schedule

Yearly totals of the principal and interest loan, plus PMI paid. Open the monthly view for every payment (at most 600).

YearPrincipalInterestPMIEnd balance
1$4,023.74$23,281.54$2,160.00$355,976.26
2$4,293.23$23,012.05$2,160.00$351,683.03
3$4,580.74$22,724.54$2,160.00$347,102.29
4$4,887.54$22,417.74$2,160.00$342,214.75
5$5,214.86$22,090.42$2,160.00$336,999.89
6$5,564.10$21,741.18$2,160.00$331,435.79
7$5,936.74$21,368.54$2,160.00$325,499.05
8$6,334.36$20,970.92$2,160.00$319,164.69
9$6,758.56$20,546.72$2,160.00$312,406.13
10$7,211.21$20,094.07$180.00$305,194.92
11$7,694.13$19,611.15$0.00$297,500.79
12$8,209.45$19,095.83$0.00$289,291.34
13$8,759.24$18,546.04$0.00$280,532.10
14$9,345.86$17,959.42$0.00$271,186.24
15$9,971.76$17,333.52$0.00$261,214.48
16$10,639.61$16,665.67$0.00$250,574.87
17$11,352.15$15,953.13$0.00$239,222.72
18$12,112.44$15,192.84$0.00$227,110.28
19$12,923.61$14,381.67$0.00$214,186.67
20$13,789.13$13,516.15$0.00$200,397.54
21$14,712.62$12,592.66$0.00$185,684.92
22$15,697.96$11,607.32$0.00$169,986.96
23$16,749.29$10,555.99$0.00$153,237.67
24$17,871.02$9,434.26$0.00$135,366.65
25$19,067.87$8,237.41$0.00$116,298.78
26$20,344.87$6,960.41$0.00$95,953.91
27$21,707.41$5,597.87$0.00$74,246.50
28$23,161.19$4,144.09$0.00$51,085.31
29$24,712.34$2,592.94$0.00$26,372.97
30$26,372.97$937.91$0.00$0.00
Monthly view
MonthPrincipalInterestPMIBalance
1$325.44$1,950.00$180.00$359,674.56
2$327.20$1,948.24$180.00$359,347.36
3$328.98$1,946.46$180.00$359,018.38
4$330.76$1,944.68$180.00$358,687.62
5$332.55$1,942.89$180.00$358,355.07
6$334.35$1,941.09$180.00$358,020.72
7$336.16$1,939.28$180.00$357,684.56
8$337.98$1,937.46$180.00$357,346.58
9$339.81$1,935.63$180.00$357,006.77
10$341.65$1,933.79$180.00$356,665.12
11$343.50$1,931.94$180.00$356,321.62
12$345.36$1,930.08$180.00$355,976.26
13$347.24$1,928.20$180.00$355,629.02
14$349.12$1,926.32$180.00$355,279.90
15$351.01$1,924.43$180.00$354,928.89
16$352.91$1,922.53$180.00$354,575.98
17$354.82$1,920.62$180.00$354,221.16
18$356.74$1,918.70$180.00$353,864.42
19$358.67$1,916.77$180.00$353,505.75
20$360.62$1,914.82$180.00$353,145.13
21$362.57$1,912.87$180.00$352,782.56
22$364.53$1,910.91$180.00$352,418.03
23$366.51$1,908.93$180.00$352,051.52
24$368.49$1,906.95$180.00$351,683.03
25$370.49$1,904.95$180.00$351,312.54
26$372.50$1,902.94$180.00$350,940.04
27$374.51$1,900.93$180.00$350,565.53
28$376.54$1,898.90$180.00$350,188.99
29$378.58$1,896.86$180.00$349,810.41
30$380.63$1,894.81$180.00$349,429.78
31$382.70$1,892.74$180.00$349,047.08
32$384.77$1,890.67$180.00$348,662.31
33$386.85$1,888.59$180.00$348,275.46
34$388.95$1,886.49$180.00$347,886.51
35$391.05$1,884.39$180.00$347,495.46
36$393.17$1,882.27$180.00$347,102.29
37$395.30$1,880.14$180.00$346,706.99
38$397.44$1,878.00$180.00$346,309.55
39$399.60$1,875.84$180.00$345,909.95
40$401.76$1,873.68$180.00$345,508.19
41$403.94$1,871.50$180.00$345,104.25
42$406.13$1,869.31$180.00$344,698.12
43$408.33$1,867.11$180.00$344,289.79
44$410.54$1,864.90$180.00$343,879.25
45$412.76$1,862.68$180.00$343,466.49
46$415.00$1,860.44$180.00$343,051.49
47$417.24$1,858.20$180.00$342,634.25
48$419.50$1,855.94$180.00$342,214.75
49$421.78$1,853.66$180.00$341,792.97
50$424.06$1,851.38$180.00$341,368.91
51$426.36$1,849.08$180.00$340,942.55
52$428.67$1,846.77$180.00$340,513.88
53$430.99$1,844.45$180.00$340,082.89
54$433.32$1,842.12$180.00$339,649.57
55$435.67$1,839.77$180.00$339,213.90
56$438.03$1,837.41$180.00$338,775.87
57$440.40$1,835.04$180.00$338,335.47
58$442.79$1,832.65$180.00$337,892.68
59$445.19$1,830.25$180.00$337,447.49
60$447.60$1,827.84$180.00$336,999.89
61$450.02$1,825.42$180.00$336,549.87
62$452.46$1,822.98$180.00$336,097.41
63$454.91$1,820.53$180.00$335,642.50
64$457.38$1,818.06$180.00$335,185.12
65$459.85$1,815.59$180.00$334,725.27
66$462.34$1,813.10$180.00$334,262.93
67$464.85$1,810.59$180.00$333,798.08
68$467.37$1,808.07$180.00$333,330.71
69$469.90$1,805.54$180.00$332,860.81
70$472.44$1,803.00$180.00$332,388.37
71$475.00$1,800.44$180.00$331,913.37
72$477.58$1,797.86$180.00$331,435.79
73$480.16$1,795.28$180.00$330,955.63
74$482.76$1,792.68$180.00$330,472.87
75$485.38$1,790.06$180.00$329,987.49
76$488.01$1,787.43$180.00$329,499.48
77$490.65$1,784.79$180.00$329,008.83
78$493.31$1,782.13$180.00$328,515.52
79$495.98$1,779.46$180.00$328,019.54
80$498.67$1,776.77$180.00$327,520.87
81$501.37$1,774.07$180.00$327,019.50
82$504.08$1,771.36$180.00$326,515.42
83$506.81$1,768.63$180.00$326,008.61
84$509.56$1,765.88$180.00$325,499.05
85$512.32$1,763.12$180.00$324,986.73
86$515.10$1,760.34$180.00$324,471.63
87$517.89$1,757.55$180.00$323,953.74
88$520.69$1,754.75$180.00$323,433.05
89$523.51$1,751.93$180.00$322,909.54
90$526.35$1,749.09$180.00$322,383.19
91$529.20$1,746.24$180.00$321,853.99
92$532.06$1,743.38$180.00$321,321.93
93$534.95$1,740.49$180.00$320,786.98
94$537.84$1,737.60$180.00$320,249.14
95$540.76$1,734.68$180.00$319,708.38
96$543.69$1,731.75$180.00$319,164.69
97$546.63$1,728.81$180.00$318,618.06
98$549.59$1,725.85$180.00$318,068.47
99$552.57$1,722.87$180.00$317,515.90
100$555.56$1,719.88$180.00$316,960.34
101$558.57$1,716.87$180.00$316,401.77
102$561.60$1,713.84$180.00$315,840.17
103$564.64$1,710.80$180.00$315,275.53
104$567.70$1,707.74$180.00$314,707.83
105$570.77$1,704.67$180.00$314,137.06
106$573.86$1,701.58$180.00$313,563.20
107$576.97$1,698.47$180.00$312,986.23
108$580.10$1,695.34$180.00$312,406.13
109$583.24$1,692.20$180.00$311,822.89
110$586.40$1,689.04$0.00$311,236.49
111$589.58$1,685.86$0.00$310,646.91
112$592.77$1,682.67$0.00$310,054.14
113$595.98$1,679.46$0.00$309,458.16
114$599.21$1,676.23$0.00$308,858.95
115$602.45$1,672.99$0.00$308,256.50
116$605.72$1,669.72$0.00$307,650.78
117$609.00$1,666.44$0.00$307,041.78
118$612.30$1,663.14$0.00$306,429.48
119$615.61$1,659.83$0.00$305,813.87
120$618.95$1,656.49$0.00$305,194.92
121$622.30$1,653.14$0.00$304,572.62
122$625.67$1,649.77$0.00$303,946.95
123$629.06$1,646.38$0.00$303,317.89
124$632.47$1,642.97$0.00$302,685.42
125$635.89$1,639.55$0.00$302,049.53
126$639.34$1,636.10$0.00$301,410.19
127$642.80$1,632.64$0.00$300,767.39
128$646.28$1,629.16$0.00$300,121.11
129$649.78$1,625.66$0.00$299,471.33
130$653.30$1,622.14$0.00$298,818.03
131$656.84$1,618.60$0.00$298,161.19
132$660.40$1,615.04$0.00$297,500.79
133$663.98$1,611.46$0.00$296,836.81
134$667.57$1,607.87$0.00$296,169.24
135$671.19$1,604.25$0.00$295,498.05
136$674.83$1,600.61$0.00$294,823.22
137$678.48$1,596.96$0.00$294,144.74
138$682.16$1,593.28$0.00$293,462.58
139$685.85$1,589.59$0.00$292,776.73
140$689.57$1,585.87$0.00$292,087.16
141$693.30$1,582.14$0.00$291,393.86
142$697.06$1,578.38$0.00$290,696.80
143$700.83$1,574.61$0.00$289,995.97
144$704.63$1,570.81$0.00$289,291.34
145$708.45$1,566.99$0.00$288,582.89
146$712.28$1,563.16$0.00$287,870.61
147$716.14$1,559.30$0.00$287,154.47
148$720.02$1,555.42$0.00$286,434.45
149$723.92$1,551.52$0.00$285,710.53
150$727.84$1,547.60$0.00$284,982.69
151$731.78$1,543.66$0.00$284,250.91
152$735.75$1,539.69$0.00$283,515.16
153$739.73$1,535.71$0.00$282,775.43
154$743.74$1,531.70$0.00$282,031.69
155$747.77$1,527.67$0.00$281,283.92
156$751.82$1,523.62$0.00$280,532.10
157$755.89$1,519.55$0.00$279,776.21
158$759.99$1,515.45$0.00$279,016.22
159$764.10$1,511.34$0.00$278,252.12
160$768.24$1,507.20$0.00$277,483.88
161$772.40$1,503.04$0.00$276,711.48
162$776.59$1,498.85$0.00$275,934.89
163$780.79$1,494.65$0.00$275,154.10
164$785.02$1,490.42$0.00$274,369.08
165$789.27$1,486.17$0.00$273,579.81
166$793.55$1,481.89$0.00$272,786.26
167$797.85$1,477.59$0.00$271,988.41
168$802.17$1,473.27$0.00$271,186.24
169$806.51$1,468.93$0.00$270,379.73
170$810.88$1,464.56$0.00$269,568.85
171$815.28$1,460.16$0.00$268,753.57
172$819.69$1,455.75$0.00$267,933.88
173$824.13$1,451.31$0.00$267,109.75
174$828.60$1,446.84$0.00$266,281.15
175$833.08$1,442.36$0.00$265,448.07
176$837.60$1,437.84$0.00$264,610.47
177$842.13$1,433.31$0.00$263,768.34
178$846.69$1,428.75$0.00$262,921.65
179$851.28$1,424.16$0.00$262,070.37
180$855.89$1,419.55$0.00$261,214.48
181$860.53$1,414.91$0.00$260,353.95
182$865.19$1,410.25$0.00$259,488.76
183$869.88$1,405.56$0.00$258,618.88
184$874.59$1,400.85$0.00$257,744.29
185$879.33$1,396.11$0.00$256,864.96
186$884.09$1,391.35$0.00$255,980.87
187$888.88$1,386.56$0.00$255,091.99
188$893.69$1,381.75$0.00$254,198.30
189$898.53$1,376.91$0.00$253,299.77
190$903.40$1,372.04$0.00$252,396.37
191$908.29$1,367.15$0.00$251,488.08
192$913.21$1,362.23$0.00$250,574.87
193$918.16$1,357.28$0.00$249,656.71
194$923.13$1,352.31$0.00$248,733.58
195$928.13$1,347.31$0.00$247,805.45
196$933.16$1,342.28$0.00$246,872.29
197$938.22$1,337.22$0.00$245,934.07
198$943.30$1,332.14$0.00$244,990.77
199$948.41$1,327.03$0.00$244,042.36
200$953.54$1,321.90$0.00$243,088.82
201$958.71$1,316.73$0.00$242,130.11
202$963.90$1,311.54$0.00$241,166.21
203$969.12$1,306.32$0.00$240,197.09
204$974.37$1,301.07$0.00$239,222.72
205$979.65$1,295.79$0.00$238,243.07
206$984.96$1,290.48$0.00$237,258.11
207$990.29$1,285.15$0.00$236,267.82
208$995.66$1,279.78$0.00$235,272.16
209$1,001.05$1,274.39$0.00$234,271.11
210$1,006.47$1,268.97$0.00$233,264.64
211$1,011.92$1,263.52$0.00$232,252.72
212$1,017.40$1,258.04$0.00$231,235.32
213$1,022.92$1,252.52$0.00$230,212.40
214$1,028.46$1,246.98$0.00$229,183.94
215$1,034.03$1,241.41$0.00$228,149.91
216$1,039.63$1,235.81$0.00$227,110.28
217$1,045.26$1,230.18$0.00$226,065.02
218$1,050.92$1,224.52$0.00$225,014.10
219$1,056.61$1,218.83$0.00$223,957.49
220$1,062.34$1,213.10$0.00$222,895.15
221$1,068.09$1,207.35$0.00$221,827.06
222$1,073.88$1,201.56$0.00$220,753.18
223$1,079.69$1,195.75$0.00$219,673.49
224$1,085.54$1,189.90$0.00$218,587.95
225$1,091.42$1,184.02$0.00$217,496.53
226$1,097.33$1,178.11$0.00$216,399.20
227$1,103.28$1,172.16$0.00$215,295.92
228$1,109.25$1,166.19$0.00$214,186.67
229$1,115.26$1,160.18$0.00$213,071.41
230$1,121.30$1,154.14$0.00$211,950.11
231$1,127.38$1,148.06$0.00$210,822.73
232$1,133.48$1,141.96$0.00$209,689.25
233$1,139.62$1,135.82$0.00$208,549.63
234$1,145.80$1,129.64$0.00$207,403.83
235$1,152.00$1,123.44$0.00$206,251.83
236$1,158.24$1,117.20$0.00$205,093.59
237$1,164.52$1,110.92$0.00$203,929.07
238$1,170.82$1,104.62$0.00$202,758.25
239$1,177.17$1,098.27$0.00$201,581.08
240$1,183.54$1,091.90$0.00$200,397.54
241$1,189.95$1,085.49$0.00$199,207.59
242$1,196.40$1,079.04$0.00$198,011.19
243$1,202.88$1,072.56$0.00$196,808.31
244$1,209.39$1,066.05$0.00$195,598.92
245$1,215.95$1,059.49$0.00$194,382.97
246$1,222.53$1,052.91$0.00$193,160.44
247$1,229.15$1,046.29$0.00$191,931.29
248$1,235.81$1,039.63$0.00$190,695.48
249$1,242.51$1,032.93$0.00$189,452.97
250$1,249.24$1,026.20$0.00$188,203.73
251$1,256.00$1,019.44$0.00$186,947.73
252$1,262.81$1,012.63$0.00$185,684.92
253$1,269.65$1,005.79$0.00$184,415.27
254$1,276.52$998.92$0.00$183,138.75
255$1,283.44$992.00$0.00$181,855.31
256$1,290.39$985.05$0.00$180,564.92
257$1,297.38$978.06$0.00$179,267.54
258$1,304.41$971.03$0.00$177,963.13
259$1,311.47$963.97$0.00$176,651.66
260$1,318.58$956.86$0.00$175,333.08
261$1,325.72$949.72$0.00$174,007.36
262$1,332.90$942.54$0.00$172,674.46
263$1,340.12$935.32$0.00$171,334.34
264$1,347.38$928.06$0.00$169,986.96
265$1,354.68$920.76$0.00$168,632.28
266$1,362.02$913.42$0.00$167,270.26
267$1,369.39$906.05$0.00$165,900.87
268$1,376.81$898.63$0.00$164,524.06
269$1,384.27$891.17$0.00$163,139.79
270$1,391.77$883.67$0.00$161,748.02
271$1,399.30$876.14$0.00$160,348.72
272$1,406.88$868.56$0.00$158,941.84
273$1,414.51$860.93$0.00$157,527.33
274$1,422.17$853.27$0.00$156,105.16
275$1,429.87$845.57$0.00$154,675.29
276$1,437.62$837.82$0.00$153,237.67
277$1,445.40$830.04$0.00$151,792.27
278$1,453.23$822.21$0.00$150,339.04
279$1,461.10$814.34$0.00$148,877.94
280$1,469.02$806.42$0.00$147,408.92
281$1,476.98$798.46$0.00$145,931.94
282$1,484.98$790.46$0.00$144,446.96
283$1,493.02$782.42$0.00$142,953.94
284$1,501.11$774.33$0.00$141,452.83
285$1,509.24$766.20$0.00$139,943.59
286$1,517.41$758.03$0.00$138,426.18
287$1,525.63$749.81$0.00$136,900.55
288$1,533.90$741.54$0.00$135,366.65
289$1,542.20$733.24$0.00$133,824.45
290$1,550.56$724.88$0.00$132,273.89
291$1,558.96$716.48$0.00$130,714.93
292$1,567.40$708.04$0.00$129,147.53
293$1,575.89$699.55$0.00$127,571.64
294$1,584.43$691.01$0.00$125,987.21
295$1,593.01$682.43$0.00$124,394.20
296$1,601.64$673.80$0.00$122,792.56
297$1,610.31$665.13$0.00$121,182.25
298$1,619.04$656.40$0.00$119,563.21
299$1,627.81$647.63$0.00$117,935.40
300$1,636.62$638.82$0.00$116,298.78
301$1,645.49$629.95$0.00$114,653.29
302$1,654.40$621.04$0.00$112,998.89
303$1,663.36$612.08$0.00$111,335.53
304$1,672.37$603.07$0.00$109,663.16
305$1,681.43$594.01$0.00$107,981.73
306$1,690.54$584.90$0.00$106,291.19
307$1,699.70$575.74$0.00$104,591.49
308$1,708.90$566.54$0.00$102,882.59
309$1,718.16$557.28$0.00$101,164.43
310$1,727.47$547.97$0.00$99,436.96
311$1,736.82$538.62$0.00$97,700.14
312$1,746.23$529.21$0.00$95,953.91
313$1,755.69$519.75$0.00$94,198.22
314$1,765.20$510.24$0.00$92,433.02
315$1,774.76$500.68$0.00$90,658.26
316$1,784.37$491.07$0.00$88,873.89
317$1,794.04$481.40$0.00$87,079.85
318$1,803.76$471.68$0.00$85,276.09
319$1,813.53$461.91$0.00$83,462.56
320$1,823.35$452.09$0.00$81,639.21
321$1,833.23$442.21$0.00$79,805.98
322$1,843.16$432.28$0.00$77,962.82
323$1,853.14$422.30$0.00$76,109.68
324$1,863.18$412.26$0.00$74,246.50
325$1,873.27$402.17$0.00$72,373.23
326$1,883.42$392.02$0.00$70,489.81
327$1,893.62$381.82$0.00$68,596.19
328$1,903.88$371.56$0.00$66,692.31
329$1,914.19$361.25$0.00$64,778.12
330$1,924.56$350.88$0.00$62,853.56
331$1,934.98$340.46$0.00$60,918.58
332$1,945.46$329.98$0.00$58,973.12
333$1,956.00$319.44$0.00$57,017.12
334$1,966.60$308.84$0.00$55,050.52
335$1,977.25$298.19$0.00$53,073.27
336$1,987.96$287.48$0.00$51,085.31
337$1,998.73$276.71$0.00$49,086.58
338$2,009.55$265.89$0.00$47,077.03
339$2,020.44$255.00$0.00$45,056.59
340$2,031.38$244.06$0.00$43,025.21
341$2,042.39$233.05$0.00$40,982.82
342$2,053.45$221.99$0.00$38,929.37
343$2,064.57$210.87$0.00$36,864.80
344$2,075.76$199.68$0.00$34,789.04
345$2,087.00$188.44$0.00$32,702.04
346$2,098.30$177.14$0.00$30,603.74
347$2,109.67$165.77$0.00$28,494.07
348$2,121.10$154.34$0.00$26,372.97
349$2,132.59$142.85$0.00$24,240.38
350$2,144.14$131.30$0.00$22,096.24
351$2,155.75$119.69$0.00$19,940.49
352$2,167.43$108.01$0.00$17,773.06
353$2,179.17$96.27$0.00$15,593.89
354$2,190.97$84.47$0.00$13,402.92
355$2,202.84$72.60$0.00$11,200.08
356$2,214.77$60.67$0.00$8,985.31
357$2,226.77$48.67$0.00$6,758.54
358$2,238.83$36.61$0.00$4,519.71
359$2,250.96$24.48$0.00$2,268.75
360$2,268.75$12.29$0.00$0.00

Principal and interest on $360,000.00 by rate and term

Each cell is the monthly principal-and-interest payment, rounded to the cent. Tax, insurance, HOA and PMI are added on top.
Rate15 years20 years30 years
5.5%$2,941.50$2,476.39$2,044.04
6%$3,037.88$2,579.15$2,158.38
6.5%$3,135.99$2,684.06$2,275.44
7%$3,235.78$2,791.08$2,395.09
7.5%$3,337.24$2,900.14$2,517.17

PMI by down payment on the $400,000.00 example

A 0.6% PMI rate, 6.5% interest and a 30-year term. PMI applies only when the down payment is under 20%.
Down paymentLoan amountMonthly PMIPMI ends afterTotal monthly payment
5%$380,000.00$190.00Month 135 (11 years 3 months)$3,108.53
10%$360,000.00$180.00Month 109 (9 years 1 month)$2,972.11
15%$340,000.00$170.00Month 75 (6 years 3 months)$2,835.70
19%$324,000.00$162.00Month 38 (3 years 2 months)$2,726.57
20%$320,000.00$0.00No PMI$2,539.29

How to calculate a monthly mortgage payment with taxes, insurance and PMI

  1. Enter the home price and down payment. The example is a $400,000.00 home with 10% down, a $360,000.00 loan. Switch the down payment between a dollar amount and a percent of the price.
  2. Choose the term and interest rate. Pick 15, 20 or 30 years, or a custom number of years (up to 50), and enter the annual rate such as 6.5.
  3. Add property tax, insurance and HOA. Enter property tax as a yearly dollar amount or a percent of the price, homeowners insurance per year and HOA dues per month. The example has $366.67 a month of tax and $150.00 of insurance.
  4. Set the PMI rate. PMI applies only when you put down less than 20%. Enter the yearly rate your lender quotes, often around 0.3% to 1.5% of the loan; the example uses 0.6%. Enter 0 if you have none, for instance a non-conventional loan.
  5. Read the total and when PMI ends. The example costs $2,972.11 a month, and $2,792.11 once PMI ends after month 109. The results also show the loan amount, total interest of $459,164.00 and the payoff month.
  6. Try extra principal. Enter an extra monthly amount. With $200.00 extra, the example is paid off by month 287 (23 years 11 months) and saves $108,918.75 in interest.

Frequently asked questions

What does a monthly mortgage payment include?
PITI is principal, interest, property tax and homeowners insurance. This calculator adds PMI when it applies and any HOA dues. For a $400,000.00 home with 10% down, a 6.5% rate and a 30-year term: $2,275.44 + $366.67 + $150.00 + $180.00 PMI = $2,972.11.
When does PMI drop off?
Under the Homeowners Protection Act, you can ask your servicer to cancel PMI once your balance is scheduled to reach 80% of the home’s original value, and your servicer must terminate it automatically when the balance is scheduled to reach 78% of the original value (if you are current on payments), or at the loan’s midpoint at the latest. This calculator ends PMI at the 78% point of the original schedule. For the example that is after month 109.
Do extra payments end PMI sooner?
Not automatically. The automatic termination date is based on the original amortization schedule, so extra principal does not move it. Extra payments can reach 80% sooner, though, and then you can ask your servicer to cancel. With $200.00 extra a month the example reaches 80% by month 64 instead of month 109.
What is original value?
It is generally the lower of the purchase price and the appraised value when you took the loan (the appraisal at the time of a refinance). This calculator uses the home price you enter.
How is the PMI amount calculated?
Monthly PMI is the PMI rate times the original loan amount, divided by 12. For $360,000.00 at 0.6% that is $180.00 a month. Real PMI rates depend on your credit score and down payment, and your lender’s quote may be structured differently.
Is there PMI with a 20% down payment?
No. PMI is for conventional loans where the down payment is under 20% of the price. With 20% down on the example, the loan is $320,000.00 and the monthly payment is $2,539.29 with no PMI. FHA, VA and USDA loans have their own mortgage insurance or fees with different rules, which this calculator does not model.
How much does a shorter term change the payment?
A 15-year term on the same example has $3,135.99 of principal and interest instead of $2,275.44, but total interest falls from $459,164.00 to $204,477.16 and PMI ends after month 37.
Are the taxes and insurance exact?
No. Property tax and insurance are your own estimates divided into 12 equal months. Real escrow amounts change with assessments, tax rates and insurance renewals, so your payment will move over time.
Is anything I type stored or sent?
No. The calculation runs in your browser and nothing you enter leaves your device.

How it works

Principal and interest use the same exact, cent-accurate engine as the loan calculator: the monthly rate is the annual rate divided by 12 as an exact fraction, the payment is M = P·r / (1 − (1+r)^−n) rounded to the cent once, and each month’s interest is the balance times r rounded half up, with the final payment set so the balance ends at exactly zero. The loan is the home price minus the down payment. Property tax (a dollar amount or a percent of the price per year) and homeowners insurance are divided by 12 and rounded to the cent; HOA dues are monthly. PMI applies when the loan is more than 80% of the home price and a PMI rate above zero is entered: each month costs the PMI rate times the original loan amount divided by 12. PMI is charged through the first month in which the scheduled balance, from the original schedule without extra payments, is at or below 78% of the home price, or through the midpoint of the term if that comes first, following the Homeowners Protection Act’s automatic termination rule. When you add extra principal, the schedule and payoff month use it, but the PMI end month does not move; the results show the month you could ask to cancel at 80%. The schedule is limited to 600 months. Payments are assumed monthly in arrears with no fees or closing costs, and real lenders may round or structure PMI and escrow differently. This is an estimate for planning and not financial advice. Everything runs in your browser and nothing you type is sent anywhere.

Sources

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