Calculate your monthly mortgage payment including principal, interest, property taxes, homeowner's insurance, and PMI. See a full amortization schedule showing how your balance decreases over time.
Estimated principal and interest only. Does not include property taxes, homeowner's insurance, or PMI.
| Home Price | Down Payment (20%) | Loan Amount | At 6.5% APR | At 7.0% APR | At 7.5% APR |
|---|---|---|---|---|---|
| $250,000 | $50,000 | $200,000 | $1,264/mo | $1,331/mo | $1,398/mo |
| $400,000 | $80,000 | $320,000 | $2,023/mo | $2,129/mo | $2,237/mo |
| $600,000 | $120,000 | $480,000 | $3,034/mo | $3,194/mo | $3,356/mo |
| $800,000 | $160,000 | $640,000 | $4,045/mo | $4,259/mo | $4,474/mo |
| Loan Amount | 30-Year at 7% | 15-Year at 6.5% | Interest Saved |
|---|---|---|---|
| $200,000 | $1,331/mo — $279,160 total interest | $1,742/mo — $113,560 total interest | $165,600 |
| $400,000 | $2,661/mo — $558,320 total interest | $3,485/mo — $227,300 total interest | $331,020 |
Current mortgage rate data: Freddie Mac Primary Mortgage Market Survey. Conforming loan limits: FHFA.gov.
A mortgage payment is calculated using the loan amount, interest rate, and loan term. The formula applies your monthly rate to the remaining balance. Property taxes, homeowner's insurance, HOA fees, and PMI are added on top of principal and interest.
PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It typically costs 0.5%–1.5% of the loan amount per year. Once you reach 20% equity, you can request PMI removal.
A 15-year mortgage has higher monthly payments but you pay significantly less interest over the life of the loan. A 30-year mortgage has lower monthly payments but costs much more in total interest. The 30-year is more common because it is more affordable month-to-month.
Conventional loans typically require 3%–20% down. FHA loans require 3.5% with a credit score of 580+. VA loans (for veterans) and USDA loans (for rural areas) may require no down payment. A 20% down payment eliminates PMI.
Most conventional loans require a minimum credit score of 620. FHA loans accept scores as low as 500 (with 10% down) or 580 (with 3.5% down). A higher credit score qualifies you for better interest rates, potentially saving tens of thousands over the loan term.