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Mortgage Calculator

Updated for 2026 rates  ·  Includes PMI, taxes & insurance  ·  FHA, VA & ARM supported
Loan Details
FHA Loan: 3.5% minimum down payment. MIP (Mortgage Insurance Premium) replaces PMI — 1.75% upfront + 0.85%/yr annual.
VA Loan: 0% down available for eligible veterans. VA Funding Fee applies (2.15% first use). No PMI required.
ARM Loan: Lower initial rate, then adjusts periodically. Good if you plan to sell or refinance before the reset period.
↓ 20% down · $70K $280K loan
Home PriceUS avg ~$400K
Down Payment
20% · $70,000
Financing
Interest RateFreddie Mac avg: 7.0%
Loan Term
Mortgage Points0 pts · no change
Taxes & Insurance
Auto-sets property tax
Property TaxAnnual · $292/mo
Homeowners InsuranceAnnual
Extra Monthly Payment
Saving $0 in interest!
Monthly Payment
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Principal · Interest · Tax · Insurance ?PITI = Principal + Interest + Property Tax + Homeowners Insurance. This is your true monthly housing cost — the number lenders compare against your income.
PMI Added: Under 20% down, lenders require Private Mortgage Insurance — —/mo extra. Drops off once you reach 20% equity.
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Principal & Interest
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Property Tax
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Homeowners Insurance
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Total Monthly
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Total Principal
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Total Interest Paid
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Total Principal & Interest
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Loan Amount
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Total Interest Paid
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Total Principal & Interest
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Loan paid off by: —
Loan Origination Fee (0.5–1%)—
Home Appraisal~$500
Title Insurance—
Title & Settlement Fees~$800
Government Recording Fee~$200
Prepaid Items—
Total Estimate—
Biweekly Payments
Pay half your monthly payment every 2 weeks — equals 1 extra payment per year
Interest Saved
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Time Saved
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Add an Extra Payment
Use the Extra Monthly Payment slider on the left to see how much time & money you can save.
Using your current inputs: — rate · — loan
← swipe to compare all terms →
Monthly payment and interest comparison across loan terms from 10 to 30 years
Metric 10 Year 15 Year 20 Year 25 Year 30 Year
Tip: Your current term is highlighted. Green = lowest in each row.
Loan Balance Over Time
Hover to see balance & equity at any year
Balance

Line chart showing your remaining loan balance declining from the full loan amount to zero over the loan term. Exact yearly figures are listed in the amortization table below.

Yearly Principal vs Interest
Principal
Interest

Bar chart showing each year's payment split between principal and interest. Interest makes up most of the payment in early years, shifting toward principal over time. Exact yearly figures are listed in the amortization table below.

Amortization Schedule
Full payment breakdown over the life of the loan
Scroll within the table to see the full schedule — totals stay pinned at the bottom
YearPrincipal PaidInterest PaidTotal PaidBalance
Last updated September 29, 2026 · Reviewed by the Monemint Finance Team · Rates sourced from Freddie Mac's Primary Mortgage Market Survey

How to Get the Most Out of This Calculator

Most mortgage calculators stop at principal and interest. This one goes further — plug in your property tax, insurance, and PMI to see your true monthly cost before you talk to a lender.

How Much Does an Extra Mortgage Payment Actually Save?

On a $280,000 loan at 7.0% over 30 years, an extra $200/month cuts about $114,000 in interest and shaves roughly 7.5 years off the loan. The math compounds quickly because every extra dollar goes straight to principal, so it stops accruing interest for the rest of the loan. Use the Extra Payment slider on the left and the Extra Payment tab will show you the exact numbers for your situation.

What Is the 28/36 Rule for Mortgages?

Most US lenders use the 28/36 rule as a baseline: housing costs (principal, interest, taxes, insurance) shouldn't exceed 28% of gross monthly income, and all debt combined shouldn't exceed 36%. It's a guideline, not a law — but staying inside it gives you real flexibility if your income changes. Our Home Affordability Calculator runs this math automatically with your exact income and debts.

15-Year vs. 30-Year Mortgage: Which Saves You More?

On a $300,000 loan at 7.0%, the 30-year payment is about $1,996/month. The 15-year is $2,696 — roughly $700 more per month. But the 30-year costs around $233,000 more in total interest over the life of the loan. Whether that tradeoff makes sense depends on your income stability and other financial goals. The Compare tab shows the full picture across all five available terms.

What Do "PITI," "PMI," and "Amortization" Actually Mean?

PITI is Principal, Interest, Taxes, and Insurance — the four components lenders add up to get your real monthly housing cost. PMI (Private Mortgage Insurance) is a monthly fee lenders charge on conventional loans with less than 20% down; it exists to protect the lender, not you, and it can be removed once you reach 20% equity. Amortization is the schedule showing how each payment splits between interest and principal — early payments are mostly interest, later ones are mostly principal, even though the total payment stays the same.

FAQ

Common Questions

On a $280,000 loan at 7.0% over 30 years, an extra $100/month saves about $68,000 in interest and finishes the loan roughly 4.4 years early. The savings aren't linear — they compound, so starting early matters more than the amount. Enter your own numbers in the Extra Payment tab to see exactly where you land.
A rough starting point is 3–4x your gross annual income, but that ignores your existing debts, local property taxes, and insurance costs — which vary enormously by market. Our Home Affordability Calculator runs the 28/36 rule with your actual income and debt numbers, which gives you a much more useful answer than any rule of thumb.
It depends on your income stability. The 15-year saves a lot in interest — often $200,000 or more on a typical loan — but the monthly payment is roughly 35% higher. If your income is variable or you carry other high-interest debt, the lower 30-year payment gives you more room to maneuver. The Compare tab shows the exact numbers side by side for your specific loan.
As of late September 2026, the 30-year fixed rate averaged 7.0% per Freddie Mac's Primary Mortgage Market Survey — the highest level of the year, up from about 6.0% in the spring. The 15-year rate typically runs 0.5–0.8 percentage points lower, and credit unions often come in 0.5–1% below big banks. Your actual rate will depend on your credit score, down payment percentage, loan size, and which lenders you shop.
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