Year	Principal Paid	Interest Paid	Remaining Balance
1	$4,839.68	$13,400.99	$295,160.32
2	$5,062.01	$13,178.66	$290,098.31
3	$5,294.56	$12,946.11	$284,803.74
4	$5,537.79	$12,702.88	$279,265.95
5	$5,792.20	$12,448.47	$273,473.75
6	$6,058.29	$12,182.38	$267,415.46
7	$6,336.61	$11,904.06	$261,078.85
8	$6,627.71	$11,612.96	$254,451.14
9	$6,932.19	$11,308.48	$247,518.95
10	$7,250.65	$10,990.02	$240,268.30
11	$7,583.74	$10,656.93	$232,684.56
12	$7,932.14	$10,308.53	$224,752.42
13	$8,296.54	$9,944.13	$216,455.88
14	$8,677.68	$9,562.99	$207,778.20
15	$9,076.33	$9,164.34	$198,701.86
16	$9,493.30	$8,747.37	$189,208.57
17	$9,929.42	$8,311.25	$179,279.15
18	$10,385.57	$7,855.10	$168,893.57
19	$10,862.69	$7,377.98	$158,030.89
20	$11,361.72	$6,878.95	$146,669.17
21	$11,883.67	$6,357.00	$134,785.50
22	$12,429.61	$5,811.07	$122,355.89
23	$13,000.62	$5,240.05	$109,355.27
24	$13,597.87	$4,642.81	$95,757.41
25	$14,222.55	$4,018.12	$81,534.86
26	$14,875.93	$3,364.74	$66,658.93
27	$15,559.33	$2,681.34	$51,099.60
28	$16,274.12	$1,966.55	$34,825.48
29	$17,021.75	$1,218.92	$17,803.73
30	$17,803.73	$436.94	$0.00

Mortgage Calculator

Calculate your monthly mortgage payments with our comprehensive calculator. Input loan amount, interest rate, and term to get instant results including principal & interest, property taxes, and insurance.

Key Components of a Mortgage Payment

Your monthly mortgage payment typically consists of four main components, commonly known as PITI:

Principal: The amount you borrowed
Interest: The cost of borrowing money
Property Taxes: Annual taxes assessed by local government
Insurance: Homeowners insurance and possibly PMI

Mortgage Payment Formula

M = P \frac{r(1+r)^n}{(1+r)^n-1}

Where:

M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of payments (years × 12)

Total Monthly Payment

The complete monthly payment including taxes and insurance:

\text{Total Monthly Payment} = M + \frac{\text{Annual Property Tax}}{12} + \frac{\text{Annual Insurance}}{12} + \text{PMI}

Amortization Schedule

The loan amortization shows how each payment is split between principal and interest:

Interest Payment

\text{Interest}_n = \text{Balance}_{n-1} \times r

Principal Payment

\text{Principal}_n = M - \text{Interest}_n

Remaining Balance

\text{Balance}_n = \text{Balance}_{n-1} - \text{Principal}_n

Loan-to-Value (LTV) Ratio

LTV is a key metric used by lenders:

\text{LTV} = \frac{\text{Loan Amount}}{\text{Property Value}} \times 100\%

Annual Percentage Rate (APR)

\text{APR} = \left(\left(1 + \frac{\text{Finance Charges}}{P}\right)^{\frac{1}{n}} - 1\right) \times n

The APR includes both the interest rate and other costs:

Frequently Asked Questions

What's included in a mortgage payment?

The monthly payment typically includes:

Principal and interest (P&I)
Property taxes
Homeowners insurance
Private Mortgage Insurance (PMI) if down payment < 20%

How does down payment affect payments?

Larger down payments reduce:
- Monthly payment amount
- Total interest paid
- Need for PMI
- Interest rate (potentially)

Should I choose 15-year or 30-year mortgage?

Compare the key differences:

Feature	15-Year	30-Year
Monthly Payment	Higher	Lower
Interest Rate	Lower	Higher
Total Interest	Much Less	More
Equity Building	Faster	Slower

What is PMI?

Private Mortgage Insurance (PMI) is required when:

Down payment is less than 20%
Typically costs 0.5% to 1% of loan annually
Can be removed when LTV reaches 78-80%

Tips for Lower Payments

Improve credit score before applying
Make larger down payment to reduce loan amount
Shop multiple lenders for best rates
Consider longer term for lower monthly payments
Pay extra principal when possible to reduce total interest

Share Your Calculation

Save and share your mortgage calculation by copying the URL. The link includes all your inputs for easy reference or comparison.