Mortgage Calculator
Calculate your monthly mortgage payment, total interest, and view amortization schedule. Free mortgage calculator with down payment and PMI options.
Loan Details
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$70,000.00
$280,000.00
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Additional Costs (Optional)
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$
$
$
Monthly Payment
Principal & Interest
$1,769.79
Property Tax
$291.67
Insurance
$116.67
Total Monthly Payment
$2,178.12
Loan Summary
Total of Payments
$637,124.57
Total Interest Paid
$357,124.57
Payoff Date
1/17/2056
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,129.63 | $18,107.85 | $276,870.37 |
| 2 | $3,339.23 | $17,898.26 | $273,531.14 |
| 3 | $3,562.86 | $17,674.62 | $269,968.28 |
| 4 | $3,801.47 | $17,436.01 | $266,166.80 |
| 5 | $4,056.07 | $17,181.42 | $262,110.74 |
Mortgage Tips
A 20% down payment eliminates PMI and can save you thousands over the life of your loan.
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Last updated: January 2026
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Frequently Asked Questions
How is my monthly mortgage payment calculated?
Your monthly mortgage payment is calculated using the formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments. For example, a $300,000 loan at 6% for 30 years: monthly rate = 0.005, payments = 360. The monthly principal and interest payment would be approximately $1,799. Add property taxes, insurance, and PMI for your total monthly payment.
What is PMI and when can I stop paying it?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20% of the home's purchase price. PMI protects the lender if you default on the loan. You can typically request PMI removal when your loan balance reaches 80% of the original home value, and lenders must automatically cancel it when you reach 78%. You can also eliminate PMI earlier by getting a new appraisal if your home has appreciated significantly.
How much does the interest rate affect my total mortgage cost?
Interest rate differences have a massive impact on total cost. On a $300,000, 30-year mortgage: at 5% you'd pay $279,767 in total interest; at 6% you'd pay $347,515; at 7% you'd pay $418,527. That's a $138,760 difference between 5% and 7%. Even a 0.25% rate reduction can save over $15,000 over the life of the loan. This is why shopping for the best rate and improving your credit score before applying is so valuable.
Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but lower interest rates (typically 0.5-0.75% less) and saves substantial interest. For a $300,000 loan: 30-year at 6.5% = $1,896/month, $382,633 total interest; 15-year at 5.75% = $2,490/month, $148,168 total interest. You'd save $234,465 with the 15-year term. Choose 15 years if you can comfortably afford the higher payment; choose 30 years for more flexibility and invest the difference.
What additional costs should I include in my mortgage budget?
Beyond principal and interest, budget for: Property taxes (typically 1-2% of home value annually), homeowner's insurance ($1,000-$3,000+ annually depending on location), PMI if down payment is under 20% (0.5-1% of loan annually), HOA fees if applicable ($200-$500+ monthly), and maintenance/repairs (budget 1-2% of home value yearly). A home with a $1,800 P&I payment might actually cost $2,500-$3,000 monthly when all costs are included.