Payment tool
Mortgage Calculator
A mortgage payment is more than principal and interest. This tool adds the escrow pieces — property tax, homeowners insurance, PMI when your down payment is under 20%, and HOA dues — and shows an amortization summary of where the money goes.
Default rate: 7.03% (Freddie Mac Primary Mortgage Market Survey (PMMS), September 24, 2026). Your quoted rate may differ — override it.
Mortgage payment calculator
Principal & interest plus the parts most calculators skip: taxes, insurance, PMI, and HOA — the number that actually leaves your account.
Your all-in monthly payment
$3,040
$2,402.35 principal & interest · $412.50 tax · $225.00 insurance · escrow is 21% of the payment
Loan amount
$360,000
Total interest over term
$9,589,297
Total of all payments (P&I)
$864,845
Amortization summary
Balance at the end of each year and how payments split between interest and principal. Early on, most of every payment is interest — that's how amortization works.
| Year | Balance | Interest paid | Principal paid | Home equity so far |
|---|---|---|---|---|
| 1 | $356,364 | $25,192 | $3,636 | $93,636 |
| 2 | $352,464 | $50,121 | $7,536 | $97,536 |
| 3 | $348,281 | $74,766 | $11,719 | $101,719 |
| 4 | $343,795 | $99,107 | $16,205 | $106,205 |
| 5 | $338,982 | $123,123 | $21,018 | $111,018 |
| 6 | $333,820 | $146,789 | $26,180 | $116,180 |
| 7 | $328,283 | $170,081 | $31,717 | $121,717 |
| 8 | $322,345 | $192,970 | $37,655 | $127,655 |
| 9 | $315,975 | $215,428 | $44,025 | $134,025 |
| 10 | $309,142 | $237,424 | $50,858 | $140,858 |
| 11 | $301,814 | $258,923 | $58,186 | $148,186 |
| 12 | $293,953 | $279,891 | $66,047 | $156,047 |
| 13 | $285,521 | $300,287 | $74,479 | $164,479 |
| 14 | $276,478 | $320,072 | $83,522 | $173,522 |
| 15 | $266,777 | $339,200 | $93,223 | $183,223 |
First 15 years shown; the remaining years are the same math continued.
Every figure here is formula output from cited defaults (rate, deductions, taxes shown in the assumptions). Planning estimate — not tax or financial advice.
Method notes
- P&I uses the standard amortizing-loan formula. PMI is a flat 0.6% of the loan per year (typical mid-range; actual quotes vary by credit score and LTV) and drops off at 20% equity by convention.
- Rate default: Freddie Mac Primary Mortgage Market Survey (PMMS), September 24, 2026 (www.freddiemac.com/pmms). Your quoted rate may differ — override it.
- Taxes and insurance are % of home value; replace them with your actual quotes when you have them.
- Estimates only — not a loan offer. Your lender's Loan Estimate is the binding number.
Why escrow changes the picture
Payment ads quote principal & interest only. But taxes and insurance are typically 20–40% of a real payment, and PMI can add hundreds more below 20% down. Comparing a P&I-only quote against rent (which includes everything) is the most common mistake in affordability math.
Amortization is also front-loaded: in year one of a 30-year loan, the majority of each payment is interest. That's why extra principal early saves the most interest — and why the year-by-year table above tells a more honest story than the monthly number alone.
FAQ
How do I calculate a mortgage payment with PMI?
The all-in payment is principal & interest plus the escrow lines: property tax, homeowners insurance, HOA dues if any, and PMI when your down payment is under 20%. The calculator computes P&I from the standard amortization formula and adds the rest from your inputs. For the PMI piece itself — the 0.5–1.5%/yr pricing band and the 78% cancellation rule — see PMI, decoded.
What is included in escrow on a mortgage?
Property taxes and homeowners insurance, plus HOA dues where they apply; PMI premiums are often billed through the same escrow account. These lines run 20–40% of a real payment (see the section above) — which is why a P&I-only quote understates the monthly number. Your Loan Estimate lists the exact escrow lines your lender collects.
How do extra payments change my payoff?
An extra amount applied to principal shrinks the balance that accrues interest, which compounds month over month — early extras save the most. The mortgage payoff calculator computes the months and interest saved for your loan, including the exact smaller final payment.
Where to go next
The payment is one side of the decision: check what price fits your budget in the affordability calculator, or model early payoff in the mortgage payoff calculator.