Mortgage payment calculator
The monthly payment on a mortgage, the total interest over its life, and what the payment really is once tax and insurance are in it.
$
$
20.0% of the price
%
years
$
$
$
Monthly payment, all in
$2,555.95
$2,022.62 of that is loan principal and interest.
- Loan amount
- $320,000
- Total interest
- $408,142
- Total paid
- $728,142
- Term
- 30 years
Where each year’s payments go
| Year | Interest | Principal | Balance | Split |
|---|---|---|---|---|
| 1 | $20,695 | $3,577 | $316,423 | |
| 2 | $20,455 | $3,816 | $312,607 | |
| 3 | $20,200 | $4,072 | $308,535 | |
| 4 | $19,927 | $4,345 | $304,191 | |
| 5 | $19,636 | $4,636 | $299,555 | |
| 6 | $19,325 | $4,946 | $294,609 | |
| 7 | $18,994 | $5,277 | $289,332 | |
| 8 | $18,641 | $5,631 | $283,701 | |
| 9 | $18,264 | $6,008 | $277,694 | |
| 10 | $17,861 | $6,410 | $271,284 | |
| 11 | $17,432 | $6,839 | $264,444 | |
| 12 | $16,974 | $7,297 | $257,147 | |
| 13 | $16,485 | $7,786 | $249,361 | |
| 14 | $15,964 | $8,308 | $241,053 | |
| 15 | $15,407 | $8,864 | $232,189 | |
| 16 | $14,814 | $9,458 | $222,732 | |
| 17 | $14,180 | $10,091 | $212,641 | |
| 18 | $13,505 | $10,767 | $201,874 | |
| 19 | $12,784 | $11,488 | $190,386 | |
| 20 | $12,014 | $12,257 | $178,129 | |
| 21 | $11,193 | $13,078 | $165,051 | |
| 22 | $10,317 | $13,954 | $151,097 | |
| 23 | $9,383 | $14,888 | $136,208 | |
| 24 | $8,386 | $15,886 | $120,323 | |
| 25 | $7,322 | $16,949 | $103,373 | |
| 26 | $6,187 | $18,085 | $85,289 | |
| 27 | $4,976 | $19,296 | $65,993 | |
| 28 | $3,683 | $20,588 | $45,405 | |
| 29 | $2,305 | $21,967 | $23,438 | |
| 30 | $833 | $23,438 | $0 |
Questions
- Why is so much of an early payment interest?
- Interest is charged on the balance you still owe, and at the start you owe nearly all of it. As the balance falls, the interest portion falls with it and more of each payment goes to principal. On a 30-year loan the crossover typically comes somewhere in the middle of the term.
- What is PMI and when do I pay it?
- Private mortgage insurance is usually required when a down payment is under 20% of the price. It protects the lender, not you, and it typically comes off once you have built enough equity.