Enter a home price, down payment and rate to see your full monthly mortgage payment — principal and interest plus property tax, homeowners insurance, PMI and HOA dues — and how much interest you will pay over the life of the loan.
How the monthly payment is calculated
Principal and interest use the standard amortization formula: M = P × r(1+r)n / ((1+r)n − 1), where P is the loan amount, r the monthly rate (APR ÷ 12) and n the number of payments. Property tax, insurance, PMI and HOA are then added on top, because most lenders collect them in the same monthly bill through escrow.
Monthly payment by home price
20% down, 6.25% fixed for 30 years, 1.1% property tax and $1,800/yr insurance.
| Home price | Loan amount | Principal & interest | Total monthly | Total interest |
|---|---|---|---|---|
| $300,000 | $240,000 | $1,477.72 | $1,902.72 | $291,980 |
| $400,000 | $320,000 | $1,970.30 | $2,486.96 | $389,306 |
| $500,000 | $400,000 | $2,462.87 | $3,071.20 | $486,633 |
| $750,000 | $600,000 | $3,694.30 | $4,531.80 | $729,949 |
How the rate changes a $320,000 loan
| Rate | 30-year payment | 15-year payment | 30-year total interest |
|---|---|---|---|
| 5.5% | $1,816.92 | $2,614.67 | $334,093 |
| 6% | $1,918.56 | $2,700.34 | $370,682 |
| 6.5% | $2,022.62 | $2,787.54 | $408,142 |
| 7% | $2,128.97 | $2,876.25 | $446,428 |
| 7.5% | $2,237.49 | $2,966.44 | $485,495 |
Every half-point of rate moves the payment by roughly $100 a month on a $320,000 loan. A 15-year term costs more each month but saves more than half of the total interest.
Frequently asked questions
How much house can I afford?
When do I have to pay PMI?
Does this include closing costs?
Related calculators
Estimates only. Your actual rate, taxes, insurance and PMI depend on your lender, credit score and location.
