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The number a friend quotes is often just principal and interest. The amount that leaves your account is higher when the servicer also collects property tax and homeowners insurance.
Those bills are not part of the loan. Paying them with the mortgage does not buy down the interest. This example is a $400,000 home with 20% down and the example rate. Swap in the tax bill for the house you are actually looking at.
Written for Equidwell and last checked in October 2026. We build the calculators on this site. We are not a lender, and this page is not advice for your loan.
6.75% is an example rate so the calculator has a starting point. It is not a live market quote. Enter the rate from a loan estimate.
Down payment
$80,000.00 down. Loan amount $320,000.00.
Example starting rate, not a live quote.
Loan term
Placeholder until you enter the home's tax bill.
PMI is $0 in this estimate because the down payment is at least 20% of the price.
Estimated monthly payment
Principal, interest, taxes, insurance, PMI, and HOA
$2,558.84
The estimated monthly payment is $2,558.84. Principal and interest are $2,075.51, property tax is $333.33, insurance is $150.00.
Taxes, insurance, HOA, and PMI are held flat in this model. A real PMI bill can end after the balance falls, and taxes or insurance can change. The interest total assumes the rate stays fixed and you pay the scheduled amount.
Same price, down payment, and rate. The lowest total interest is labeled in words. A shorter term usually raises the monthly principal-and-interest payment.
| Term | Monthly principal and interest | Total interest | Payoff |
|---|---|---|---|
| 15 years | $2,831.71 | $189,708Lowest interest | September 2041 |
| 20 years | $2,433.16 | $263,961 | September 2046 |
| 30 years — selected | $2,075.51 | $427,188 | September 2056 |
Schedule view
| Year | Principal | Interest | Total paid | Ending balance |
|---|---|---|---|---|
| 1 | $3,410.35 | $21,495.77 | $24,906.12 | $316,589.65 |
| 2 | $3,647.80 | $21,258.32 | $24,906.12 | $312,941.85 |
| 3 | $3,901.78 | $21,004.34 | $24,906.12 | $309,040.07 |
| 4 | $4,173.46 | $20,732.66 | $24,906.12 | $304,866.61 |
| 5 | $4,464.06 | $20,442.06 | $24,906.12 | $300,402.55 |
| 6 | $4,774.89 | $20,131.23 | $24,906.12 | $295,627.66 |
| 7 | $5,107.35 | $19,798.77 | $24,906.12 | $290,520.31 |
| 8 | $5,462.97 | $19,443.15 | $24,906.12 | $285,057.34 |
| 9 | $5,843.34 | $19,062.78 | $24,906.12 | $279,214.00 |
| 10 | $6,250.19 | $18,655.93 | $24,906.12 | $272,963.81 |
| 11 | $6,685.37 | $18,220.75 | $24,906.12 | $266,278.44 |
| 12 | $7,150.87 | $17,755.25 | $24,906.12 | $259,127.57 |
| 13 | $7,648.76 | $17,257.36 | $24,906.12 | $251,478.81 |
| 14 | $8,181.33 | $16,724.79 | $24,906.12 | $243,297.48 |
| 15 | $8,750.99 | $16,155.13 | $24,906.12 | $234,546.49 |
| 16 | $9,360.29 | $15,545.83 | $24,906.12 | $225,186.20 |
| 17 | $10,012.03 | $14,894.09 | $24,906.12 | $215,174.17 |
| 18 | $10,709.16 | $14,196.96 | $24,906.12 | $204,465.01 |
| 19 | $11,454.81 | $13,451.31 | $24,906.12 | $193,010.20 |
| 20 | $12,252.41 | $12,653.71 | $24,906.12 | $180,757.79 |
| 21 | $13,105.49 | $11,800.63 | $24,906.12 | $167,652.30 |
| 22 | $14,018.00 | $10,888.12 | $24,906.12 | $153,634.30 |
| 23 | $14,994.04 | $9,912.08 | $24,906.12 | $138,640.26 |
| 24 | $16,038.06 | $8,868.06 | $24,906.12 | $122,602.20 |
| 25 | $17,154.75 | $7,751.37 | $24,906.12 | $105,447.45 |
| 26 | $18,349.18 | $6,556.94 | $24,906.12 | $87,098.27 |
| 27 | $19,626.80 | $5,279.32 | $24,906.12 | $67,471.47 |
| 28 | $20,993.37 | $3,912.75 | $24,906.12 | $46,478.10 |
| 29 | $22,455.11 | $2,451.01 | $24,906.12 | $24,022.99 |
| 30 | $24,022.99 | $887.50 | $24,910.49 | $0.00 |
Save these inputs
Saving keeps the numbers on this device only. You can use the calculator without saving.
| What is included | Monthly amount |
|---|---|
| Principal and interest only | $2,075.51 |
| Plus example property tax | $2,408.84 |
| Plus example tax and insurance | $2,558.84 |
Association fees are a third housing cost. They are not in the table. Insurance of $1,800 a year is a placeholder, and a 1% tax rate will not match every county.
Principal and interest are not always the complete housing payment. Property taxes, homeowners insurance, PMI when the loan is above 80% of the price, and HOA fees can all sit on top of that payment. Replace the placeholders with the bills for the property. The PMI calculator and the closing cost calculator cover two of those extra costs. This site is not a lender, and these figures are not a loan offer.
No. The loan payment is principal and interest. Tax and insurance are separate bills. Some servicers collect them with the mortgage and hold them in escrow.
Property tax and insurance follow the house and the insurer, not a national mortgage formula. Replace the 1% tax rate and the $1,800 insurance placeholder with local figures.
Edit the tax, insurance, and HOA fields.
Estimate cash due before the first monthly payment.
The affordability estimate includes tax and insurance.
Longer guides on these topics are linked from the guides library.