GlenCalc

Mortgage calculator

Enter the home price, down payment and rate. You get the full monthly payment (principal and interest plus taxes, insurance, PMI and HOA dues), the amortization schedule, and what an extra payment each month saves.

Below 20%, conventional loans usually add private mortgage insurance (PMI).

As a percentage of the home price. Varies widely by county, from under 0.5% to over 2%.

Applied only when the down payment is under 20%. Typically 0.3 to 1.5% of the loan a year.

Your answer

Monthly payment$2,539.28$2,022.62 principal and interest
Total interest$408,142.36
Loan amount$320,000.00
Principal and interest$2,022.62
Property tax$366.67
Insurance$150.00
PMI$0.00
Paid off in30 years
Yearly amortization schedule
YearInterestPrincipalBalance
1$20,694.69$3,576.72$316,423.28
2$20,455.15$3,816.26$312,607.02
3$20,199.57$4,071.84$308,535.17
4$19,926.87$4,344.54$304,190.63
5$19,635.91$4,635.50$299,555.13
6$19,325.46$4,945.95$294,609.18
7$18,994.22$5,277.19$289,331.98
8$18,640.80$5,630.62$283,701.37
9$18,263.70$6,007.71$277,693.66
10$17,861.36$6,410.06$271,283.60
11$17,432.06$6,839.35$264,444.26
12$16,974.02$7,297.39$257,146.86
13$16,485.30$7,786.11$249,360.75
14$15,963.85$8,307.56$241,053.19
15$15,407.48$8,863.94$232,189.25
16$14,813.84$9,457.57$222,731.68
17$14,180.45$10,090.96$212,640.72
18$13,504.64$10,766.77$201,873.95
19$12,783.57$11,487.84$190,386.11
20$12,014.21$12,257.20$178,128.90
21$11,193.32$13,078.09$165,050.81
22$10,317.46$13,953.96$151,096.86
23$9,382.93$14,888.48$136,208.38
24$8,385.83$15,885.59$120,322.79
25$7,321.94$16,949.47$103,373.32
26$6,186.80$18,084.61$85,288.71
27$4,975.64$19,295.77$65,992.94
28$3,683.37$20,588.05$45,404.89
29$2,304.55$21,966.86$23,438.03
30$833.39$23,438.03$0.00

Worked out in your browser. Nothing you type is sent to a server.

How we worked it out

Updated as you change the numbers.

  1. Loan = $400,000.00 − 20% down = $320,000.00.
  2. Principal and interest = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1) with r = 6.5% ÷ 12 and n = 360: $2,022.62.
  3. Tax $366.67 + insurance $150.00 + PMI $0.00 + HOA $0.00 brings the monthly total to $2,539.28.

Method and assumptions

Principal and interest use the standard amortization formula for a fixed-rate loan with monthly payments. Property tax, insurance and PMI are spread evenly over 12 months, the way a lender’s escrow account collects them.

Extra principal is applied after each regular payment, which shortens the loan; the regular payment stays the same. PMI is shown for as long as the down payment is under 20%; in practice it can be removed once you reach 20% equity.

Questions

What is the payment on a $320,000 mortgage at 6.5% for 30 years?

$2,022.62 a month for principal and interest. Taxes and insurance come on top.

Sources

Method and figures checked on . Every worked answer on this page is covered by an automated test. Found a mistake? Tell us.

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