Mortgage Payment & Amortization Estimator
Total monthly payment plus a full amortization schedule.
Open the Interactive CalculatorHow It's Calculated
Monthly P&I = L × [r(1+r)n] / [(1+r)n − 1], where L is loan amount, r is monthly interest rate, n is number of payments.
PMI ≈ 0.5% of loan amount annually when down payment is below 20%.
Example
Example: a $450,000 home with 20% down ($360,000 loan) at 6.5% over 30 years has a principal & interest payment of about $2,275/month. Adding property tax, insurance, and HOA brings the total closer to $2,900/month.
Frequently Asked Questions
What is PMI and when does it go away?
Private Mortgage Insurance protects the lender when your down payment is under 20%. It can typically be removed once you reach 20% equity.
Does a 15-year term really save that much?
Yes — shorter terms carry lower rates and dramatically less total interest, though the monthly payment is higher.