Mortgage Calculator
Calculate your monthly mortgage payment with principal, interest, taxes, insurance, and PMI breakdown.
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Mortgage Details
Your Monthly Payment
$2,659
/month
Loan Amount
$320,000
Total Interest
$427,185
Total Payment
$957,185
Payoff Date
March 2056
Mortgage Scenarios
First-Time Homebuyer
Typical mortgage for a first-time buyer with 10% down....
20% Down Payment
Standard mortgage with 20% down to avoid PMI....
15-Year Mortgage
Higher payments but massive interest savings with a 15-...
$500K Home
Monthly payment breakdown for a half-million dollar hom...
Refinance Calculator
See if refinancing to a lower rate saves you money....
Extra Payments Impact
See how extra monthly payments shorten your mortgage an...
Starter Home ($250K)
Affordable entry-level home mortgage with modest down p...
High-Cost Area ($750K)
Mortgage for expensive markets like SF, NYC, LA, Seattl...
Understanding Your Mortgage
Principal & Interest (P&I)
Your P&I payment is the core of your mortgage. Early in the loan, most of your payment goes to interest. Over time, more goes to principal. On a $320,000 loan at 6.75%, your first payment is $1,263 interest and $813 principal.
Property Tax & Insurance
Property taxes average 1-2% of home value per year. Homeowners insurance runs $1,500-3,000/year. These are often included in your monthly payment via an escrow account managed by your lender.
Private Mortgage Insurance (PMI)
If your down payment is less than 20%, lenders require PMI, typically $50-200/month. PMI protects the lender, not you. It is automatically removed once you reach 20% equity (22% by law).
15-Year vs 30-Year
A 15-year mortgage has higher monthly payments but dramatically lower total interest. On a $320,000 loan, you save over $200,000 in interest with a 15-year term. The monthly payment is about $700 higher.
Frequently Asked Questions
How much house can I afford?
A common guideline is the 28/36 rule: spend no more than 28% of your gross monthly income on housing costs (mortgage, taxes, insurance) and no more than 36% on total debt. For a $100,000 household income, that means a maximum housing payment of about $2,333/month.
What is a good mortgage interest rate?
Mortgage rates fluctuate based on the economy, your credit score, down payment, and loan type. As of 2026, rates for 30-year fixed mortgages are around 6.5-7.5%. A credit score above 740 typically gets the best rates. Even a 0.5% difference saves tens of thousands over the loan.
Should I make extra mortgage payments?
Extra payments go directly to principal, reducing your balance and total interest. Paying just $200 extra per month on a $300,000 loan at 6.75% saves over $80,000 in interest and pays off the mortgage 6 years early. Make sure your lender applies extra payments to principal, not future payments.