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Mortgage calculator

Calculate your monthly mortgage payment, the principal and interest breakdown, and how much you can save with extra payments.

Espacio publicitario
Total monthly payment
1,154.83
Principal + interest
954.83
Taxes, insurance and other
200
Loan amount
200,000
Down payment
50,000

You'll pay a total of 143,739.01 in interest. The total cost of the loan (principal + interest) will be approximately 343,739, and you'll pay off the mortgage in about 30 years.

Total principal paid
200,000
Total interest paid
143,739.01
YearPrincipalInterestRemaining balance
Year 000200,000
Year 13,522.077,935.89196,477.93
Year 27,187.6415,728.29192,812.36
Year 311,002.5523,371.35188,997.45
Year 414,972.8830,858.99185,027.12
Year 519,104.9738,184.86180,895.03
Year 623,405.4145,342.39176,594.59
Year 727,881.0652,324.71172,118.94
Year 832,539.0559,124.69167,460.95
Year 937,386.8165,734.89162,613.19
Year 1042,432.0872,147.59157,567.92
Year 1147,682.978,354.74152,317.1
Year 1253,147.6584,347.95146,852.35
Year 1358,835.0490,118.53141,164.96
Year 1464,754.1495,657.4135,245.86
Year 1570,914.4100,955.11129,085.6
Year 1677,325.64106,001.84122,674.36
Year 1783,998.07110,787.37116,001.93
Year 1890,942.36115,301.05109,057.64
Year 1998,169.56119,531.81101,830.44
Year 20105,691.22123,468.1394,308.78
Year 21113,519.31127,09886,480.69
Year 22121,666.34130,408.9478,333.66
Year 23130,145.28133,387.9669,854.72
Year 24138,969.68136,021.5361,030.32
Year 25148,153.59138,295.5951,846.41
Year 26157,711.67140,195.4842,288.33
Year 27167,659.16141,705.9632,340.84
Year 28178,011.92142,811.1621,988.08
Year 29188,786.47143,494.5711,213.53
Year 30200,000143,739.010
Espacio publicitario

How the mortgage payment is calculated

The loan amount is the home price minus the down payment. The monthly principal and interest payment is calculated using the standard amortization formula, which keeps the payment constant over the whole term:

payment = loan × monthly rate ÷ (1 − (1 + monthly rate)⁻ⁿ)

Each month, part of the payment covers interest on the remaining balance and the rest pays down principal. Early in the loan, most of the payment is interest; over time, the principal share increases. If you add extra monthly payments, they're applied directly to the outstanding principal, which shortens the total term and reduces the interest paid.

month's interest = remaining balance × monthly rate

Property tax, home insurance, PMI (private mortgage insurance, required when the down payment is below 20%) and HOA fees are added on top of the principal and interest payment to get the total monthly payment, where applicable.

total payment = payment (principal + interest) + tax ÷ 12 + insurance ÷ 12 + PMI ÷ 12 + HOA

Worked example

For a $250,000 home, with a 20% down payment ($50,000), a $200,000 loan over 30 years and a 4% rate, the principal and interest payment is around $955/month. Adding $125/month in taxes and $75/month in home insurance, the total monthly payment is around $1,155. Over the 30 years, you'll pay about $143,700 in interest.

Frequently asked questions

What is PMI and when does it apply?
PMI (private mortgage insurance) protects the lender when the down payment is below 20% of the home price. It's automatically removed once the remaining balance drops below 80% of the home's original value.
How do extra payments affect the loan term?
Any extra monthly payment is subtracted directly from the outstanding principal, not from interest. This reduces the balance faster, shortens the actual loan term, and lowers the total interest paid over the life of the mortgage.
Why is more interest paid than principal at the start?
Interest is calculated each month on the remaining balance, which is at its highest at the start of the loan. As the balance drops, the interest portion of each payment decreases and the principal portion increases, even though the total payment stays the same.
Does this calculator include real taxes and insurance?
The property tax, home insurance, PMI and HOA amounts are estimates you enter. Actual values depend on your location, the home's assessed value and your insurance policy, so it's worth confirming them with your lender or advisor.

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