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Estimate your full monthly payment — principal, interest, taxes, insurance, HOA, and PMI. See a complete amortization schedule and understand exactly where your money goes.
Monthly Extras (optional)
Total Monthly Payment
$2,679
Loan Amount
$320,000
Total Interest
$446,428
Total Cost
$766,428
Payoff Year
2056
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 2026 | $3,251 | $22,297 | $316,749 |
| 2027 | $3,486 | $22,062 | $313,264 |
| 2028 | $3,738 | $21,810 | $309,526 |
| 2029 | $4,008 | $21,540 | $305,519 |
| 2030 | $4,297 | $21,250 | $301,221 |
| 2031 | $4,608 | $20,939 | $296,613 |
| 2032 | $4,941 | $20,606 | $291,672 |
| 2033 | $5,298 | $20,249 | $286,373 |
| 2034 | $5,681 | $19,866 | $280,692 |
| 2035 | $6,092 | $19,455 | $274,600 |
| 2036 | $6,533 | $19,015 | $268,067 |
| 2037 | $7,005 | $18,543 | $261,062 |
| 2038 | $7,511 | $18,036 | $253,551 |
| 2039 | $8,054 | $17,493 | $245,497 |
| 2040 | $8,636 | $16,911 | $236,860 |
| 2041 | $9,261 | $16,287 | $227,600 |
| 2042 | $9,930 | $15,617 | $217,669 |
| 2043 | $10,648 | $14,900 | $207,021 |
| 2044 | $11,418 | $14,130 | $195,603 |
| 2045 | $12,243 | $13,304 | $183,360 |
| 2046 | $13,128 | $12,419 | $170,232 |
| 2047 | $14,077 | $11,470 | $156,155 |
| 2048 | $15,095 | $10,453 | $141,060 |
| 2049 | $16,186 | $9,361 | $124,873 |
| 2050 | $17,356 | $8,191 | $107,517 |
| 2051 | $18,611 | $6,937 | $88,906 |
| 2052 | $19,956 | $5,591 | $68,950 |
| 2053 | $21,399 | $4,149 | $47,551 |
| 2054 | $22,946 | $2,602 | $24,605 |
| 2055 | $24,605 | $943 | $0 |
30yr Fixed
Most common US mortgage
20%
Down to avoid PMI
28%
Max PITI of gross income
740+
Credit score for best rates
A full mortgage payment (PITI) covers: Principal (reducing your loan balance), Interest (cost of borrowing), property Taxes (typically 1–2% of home value annually, collected monthly into escrow), and homeowner's Insurance. If your down payment is less than 20%, Private Mortgage Insurance (PMI) is also added until you reach 20% equity.
PMI (Private Mortgage Insurance) protects the lender if you default, required when your down payment is below 20%. It typically costs 0.3%–1.5% of the loan amount per year. To avoid it: put 20%+ down, choose a lender-paid PMI loan (slightly higher rate), or use a piggyback loan (80/10/10). Once you reach 20% equity you can request cancellation — it's automatically removed at 22% by federal law.
A 30-year mortgage has lower monthly payments but costs significantly more in total interest. A 15-year mortgage typically has a lower interest rate and you build equity faster — but your monthly payment is about 40–50% higher. Rule of thumb: if you can comfortably afford the 15-year payment, the interest savings are substantial. If the payment strains your budget, the 30-year with extra principal payments gives you flexibility.
Lenders generally use the 28/36 rule: your monthly housing cost (PITI) should not exceed 28% of gross monthly income, and total debt payments should not exceed 36%. For example, on $80,000/year income ($6,667/mo), a lender targets a max PITI of ~$1,867/mo. Use our Home Affordability Calculator for a personalized estimate.
Use a rate close to current 30-year fixed averages. As of 2024–2025, rates have ranged from 6.5%–7.5% for well-qualified buyers (good credit, 20%+ down). Your actual rate depends on your credit score, down payment, loan type, and lender. Getting pre-approved from 3+ lenders and comparing offers can save tens of thousands over the loan life.