US Mortgage Calculator
Estimate your full monthly payment — principal, interest, taxes, and insurance (PITI) — plus total interest over the life of the loan and a year-by-year amortization schedule.
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Loan-to-value: 80.0%
Amortization schedule
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $24,271 | $20,695 | $3,577 | $316,423 |
| 2 | $24,271 | $20,455 | $3,816 | $312,607 |
| 3 | $24,271 | $20,200 | $4,072 | $308,535 |
| 4 | $24,271 | $19,927 | $4,345 | $304,191 |
| 5 | $24,271 | $19,636 | $4,636 | $299,555 |
| 6 | $24,271 | $19,325 | $4,946 | $294,609 |
| 7 | $24,271 | $18,994 | $5,277 | $289,332 |
| 8 | $24,271 | $18,641 | $5,631 | $283,701 |
| 9 | $24,271 | $18,264 | $6,008 | $277,693 |
| 10 | $24,271 | $17,861 | $6,410 | $271,283 |
How is the monthly payment worked out?
Repayment mortgages use the standard amortisation formula M = P · r(1+r)n / ((1+r)n − 1), where P is the amount borrowed, r the monthly interest rate (annual rate ÷ 12), and nthe total number of monthly payments. Each payment first covers that month's interest; the remainder reduces the balance, which is why early payments are mostly interest and later ones mostly principal.
Worked example
Buying a $400,000 home with $80,000 down means borrowing $320,000. Over 30 years at 6.5%, principal and interest come to $2,022.62 a month — $2,572.62 once typical property taxes and insurance are escrowed in — with $408,141 of total interest over the life of the loan.
Frequently asked questions
How is a monthly mortgage payment calculated?
Lenders use the standard amortization formula M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly interest rate, and n the number of monthly payments. A $300,000 loan at 6.5% over 30 years works out to $1,896.20 a month in principal and interest.
What does PITI mean?
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of a typical monthly housing payment. Property taxes and homeowners insurance are usually collected monthly into escrow, so they belong in any realistic monthly budget figure.
How much of my payment goes to interest?
Early on, most of it. On a 30-year loan the first payments are mostly interest because the balance is still large; the split shifts toward principal over time. The amortization schedule on this page shows the exact interest/principal split for every year.
Does this include PMI or HOA fees?
Not yet. Private mortgage insurance (typically required below 20% down) and HOA dues would add to the monthly figure shown. The calculator covers principal, interest, property taxes, and home insurance.