Mortgage calculator
Your full monthly housing payment, not just principal and interest. Includes property tax, insurance, PMI and HOA dues, shows the month PMI drops off, and what extra payments save.
Quick answer: A $400,000 home with 20% down at today's 7.24% Freddie Mac 30-year average costs about $2,619 a month: $2,181 principal and interest, and the rest property tax and insurance at U.S. average rates.
By John Crane, MBA & the Editorial Team · Updated for the 2026 tax year. How we check our numbers
Monthly payment, month 1
$2,856.67
Principal and interest $2,317.09 plus escrow and fees
| Principal & interest | $2,317.09 | 81.1% |
|---|---|---|
| Property tax | $389.58 | 13.6% |
| Home insurance | $150.00 | 5.3% |
- Loan amount
- $340,000
- Total interest
- $494,157
- Total of P&I + PMI
- $834,157
- Payoff
- Oct 2056
- PMI drops off
- Not required
- PMI paid in total
- $0
Over the life of the loan
Amortization schedule
30 years · 360 payments| Year | Principal | Interest | PMI | Interest to date | Ending balance |
|---|---|---|---|---|---|
| 01 to Oct 2027 | $3,297.07 | $24,508.01 | - | $24,508.01 | $336,702.93 |
| 02 to Oct 2028 | $3,543.86 | $24,261.22 | - | $48,769.23 | $333,159.07 |
| 03 to Oct 2029 | $3,809.11 | $23,995.97 | - | $72,765.20 | $329,349.96 |
| 04 to Oct 2030 | $4,094.23 | $23,710.85 | - | $96,476.05 | $325,255.73 |
| 05 to Oct 2031 | $4,400.69 | $23,404.39 | - | $119,880.44 | $320,855.04 |
| 06 to Oct 2032 | $4,730.09 | $23,074.99 | - | $142,955.43 | $316,124.95 |
| 07 to Oct 2033 | $5,084.16 | $22,720.92 | - | $165,676.35 | $311,040.79 |
| 08 to Oct 2034 | $5,464.70 | $22,340.38 | - | $188,016.73 | $305,576.09 |
| 09 to Oct 2035 | $5,873.75 | $21,931.33 | - | $209,948.06 | $299,702.34 |
| 10 to Oct 2036 | $6,313.41 | $21,491.67 | - | $231,439.73 | $293,388.93 |
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How this is calculated
Monthly principal and interest
M = P × r / (1 − (1 + r)^−n)
P is the loan amount, r the annual rate divided by 12, and n the number of monthly payments. Each month's interest is the remaining balance times r, rounded to the cent the way lenders bill.
Private mortgage insurance
Charged when the loan exceeds 80% of the home's price. Under the Homeowners Protection Act, PMI ends automatically when the balance is scheduled to reach 78% of the original value on the original payment schedule, and no later than the loan's midpoint. You can ask to cancel once your actual balance reaches 80%; extra payments bring that request date forward, which the calculator shows.
Escrow items
Property tax is the annual rate times the price, split over 12 months. Insurance and HOA dues are entered directly. Actual escrow amounts are set by your lender and county assessor.
Sources
Related guides
- How much house can I afford? The 28/36 rule, explainedHow the 28/36 rule turns your income and debts into a home price, what lenders allow, and how rates, taxes and your down payment change the answer.
- When does PMI go away?The 80% and 78% rules for ending PMI, how long it takes, how extra payments and appraisals speed it up, and how FHA mortgage insurance differs.
- Is refinancing worth it? How to find your break-evenHow to weigh closing costs against monthly savings, when a lower rate does not pay off, and how term, cash-out and time in the home change the answer.
- How mortgage amortization worksWhy early mortgage payments are mostly interest, the year principal overtakes interest, and how much extra payments save on a typical loan.
- FHA vs conventional loans: which costs less?FHA and conventional mortgages compared on down payment, credit score, mortgage insurance and total cost, and where each one comes out ahead.
Questions
What is included in a monthly mortgage payment?
Principal and interest on the loan, plus usually property tax and homeowners insurance collected into escrow. Loans with less than 20% down add private mortgage insurance, and some properties add HOA dues.
When does PMI go away?
On a conventional loan, PMI ends automatically when your balance is scheduled to reach 78% of the home's original value. You can request removal once your balance reaches 80%. Extra principal payments bring the 80% request date forward, but the automatic 78% date follows the original schedule, so you need to ask. See our guide on when PMI goes away.
How much do extra payments save?
Every extra dollar goes straight to principal, so it stops accruing interest for the rest of the loan. Enter an amount under Prepayment to see the exact interest saved and how many months it removes.