Enter a home price, down payment, interest rate and loan term to estimate principal and interest, property taxes, homeowners insurance, PMI and HOA costs. You can also review estimated total interest and an amortization schedule.
Adjust the numbers below and calculate a new estimate.
See how principal and interest may change as the mortgage balance declines. The table below summarizes the loan by year.
| Year | Beginning Balance | Principal Paid | Interest Paid | Estimated PMI | Ending Balance |
|---|
| Payment | Payment Amount | Principal | Interest | Estimated PMI | Remaining Balance |
|---|
A standard fixed-rate mortgage uses the loan amount, monthly interest rate and number of monthly payments to determine the scheduled principal and interest payment.
Your actual monthly housing cost may be higher because homeowners often pay property taxes, homeowners insurance, mortgage insurance and HOA dues in addition to principal and interest.
The loan amount is generally the purchase price minus the down payment. A larger down payment reduces the amount borrowed and may also reduce or eliminate the need for private mortgage insurance on some conventional loans.
The interest rate affects how much interest accrues on the unpaid balance. A longer loan term may lower the required monthly principal-and-interest payment, but it can increase the total interest paid over the life of the loan.
Property taxes and homeowners insurance vary by location and property. HOA dues apply only when the property is part of an association that charges them. These costs are not part of the mortgage principal itself, but they can significantly affect the amount you pay each month.
PMI calculations are estimates only. This calculator stops estimated PMI when the scheduled loan balance reaches approximately 80% of the original home price. Actual mortgage insurance rules, cancellation requirements and premiums vary by loan and lender.
Use related LoanMathWorks calculators to answer more specific home financing questions.
Yes. Enter annual property taxes and annual homeowners insurance and LoanMathWorks converts each amount into an estimated monthly cost.
Principal is the portion of the payment that reduces the outstanding loan balance. Interest is the cost charged for borrowing the money. The proportion applied to each generally changes over the life of an amortizing fixed-rate mortgage.
This calculator estimates PMI when the initial down payment is below 20% and a PMI rate greater than zero is entered. The calculator stops the estimated PMI charge when the scheduled balance reaches approximately 80% of the original home value. Actual mortgage insurance requirements can differ.
Generally, yes. A larger down payment reduces the amount financed. This can reduce the scheduled principal-and-interest payment and may also affect mortgage insurance requirements.
Actual lender calculations may include different tax estimates, insurance premiums, mortgage insurance rules, escrow requirements, fees, loan-specific rounding and other costs. LoanMathWorks results are estimates for comparison and educational purposes.
Yes. The annual table summarizes principal, interest and ending balance for each year. You can also open the full monthly schedule to see each estimated payment individually.