Mortgage payment
Full monthly payment, PMI drop-off and the payoff effect of extra principal.
Share or save these exact numbers. The link keeps every input, so whoever opens it sees the same result and can change any number to compare options.
Loan
The price of the home you are thinking of buying.
The part of the price you pay in cash up front, as a percentage. 20% of a $250,000 home is $50,000. Putting down less than 20% usually adds a monthly mortgage insurance charge.
The yearly cost of the loan, as a percentage of what you owe. Use a current quote from a lender, because rates change often.
How many years you have to pay the loan back. A 30-year loan has smaller monthly payments; a 15-year loan has bigger payments but costs far less interest overall.
Monthly extras
Yearly property tax as a percentage of the price. It varies a lot by county, often between 1% and 2%. Use your local rate.
What you pay each year to insure the home, in dollars. Get a quote from an insurance company.
A monthly fee some communities charge for shared upkeep such as landscaping, roofs or amenities. Enter 0 if there is none.
The yearly cost of private mortgage insurance as a percentage of the loan. It applies when you put down less than 20%, and is often between 0.3% and 1.5%. A lender can quote it.
Pay it off faster
An optional extra amount you pay toward the loan balance each month on top of the regular payment. Even a small amount can save years of interest.
Total monthly payment
$2,980
Principal and interest $2,275
Deal check
Rules-based reviewPayment snapshot
How this payment works and where small changes pay off.
- A lender using a 28% housing ratio would want gross income near $127,733 a year for this payment. Many people prefer to stay below that.
- Over the full term you would pay $459,160 in interest, about 1.28× the amount borrowed. Early on, 85% of each payment is interest.
- With 10% down you pay about $180 a month in PMI until roughly 7 yrs 11 mo in. A larger down payment removes it.
- Adding just $200 a month would save about $108,917 in interest and finish 6 yrs 1 mo sooner.
What would change the answer
- →Keep a cash reserve after closing: many advisors suggest several months of total payments, since repairs and vacancies hit right after you buy.
Terms used:PITIPMI (private mortgage insurance)PMI drop-offAmortizationPrincipal and interest (P&I)Housing ratio (front-end ratio)
An estimate from your inputs, not financial, tax or legal advice. Verify every number with real comps, quotes and the source records.
- Loan amount
- $360,000
- Principal & interest
- $2,275
- Property tax
- $400
- Insurance
- $125
- PMI
- $180
- Total
- $2,980
$459,160
Total interest (no extra)
30 yrs
Payoff time
$0
Interest saved by extra
0 mo
Time saved
| Interest | Principal | Balance | |
|---|---|---|---|
| Year 1 | $23,282 | $4,024 | $355,976 |
| Year 5 | $22,090 | $5,215 | $337,000 |
| Year 10 | $20,094 | $7,211 | $305,194 |
| Year 15 | $17,333 | $9,972 | $261,213 |
| Year 20 | $13,516 | $13,789 | $200,395 |
| Year 25 | $8,237 | $19,068 | $116,295 |
| Year 30 | $938 | $26,368 | $0 |
What this means
In year one, about 85% of your principal-and-interest payments go to interest. That share shrinks every year as the balance falls.
With under 20% down you pay PMI of $180 a month. At the normal schedule it falls off in about 7 yrs 11 mo, when the balance reaches 80% of the price. Lenders' removal rules vary.
For education and planning only. Results are estimates based on the numbers you enter and are not financial, tax, legal or lending advice. Loan rules, rates and taxes vary, so confirm details with a licensed professional.
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