Your monthly mortgage payment has four parts: principal & interest, property tax, homeowners insurance, and — if you put less than 20% down — PMI. Enter your numbers below to see the full payment and a complete amortization schedule. Everything is computed in your browser; nothing is stored.
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| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,346 | $21,816 | $316,654 |
| 2 | $3,582 | $21,580 | $313,072 |
| 3 | $3,835 | $21,327 | $309,237 |
| 4 | $4,107 | $21,055 | $305,130 |
| 5 | $4,397 | $20,765 | $300,733 |
| 6 | $4,708 | $20,454 | $296,025 |
| 7 | $5,041 | $20,121 | $290,985 |
| 8 | $5,397 | $19,765 | $285,588 |
| 9 | $5,778 | $19,384 | $279,810 |
| 10 | $6,187 | $18,975 | $273,623 |
| 11 | $6,624 | $18,538 | $266,999 |
| 12 | $7,092 | $18,069 | $259,906 |
| 13 | $7,594 | $17,568 | $252,312 |
| 14 | $8,131 | $17,031 | $244,182 |
| 15 | $8,705 | $16,457 | $235,476 |
| 16 | $9,321 | $15,841 | $226,155 |
| 17 | $9,980 | $15,182 | $216,176 |
| 18 | $10,685 | $14,477 | $205,490 |
| 19 | $11,441 | $13,721 | $194,050 |
| 20 | $12,249 | $12,913 | $181,800 |
| 21 | $13,115 | $12,047 | $168,685 |
| 22 | $14,042 | $11,119 | $154,642 |
| 23 | $15,035 | $10,127 | $139,607 |
| 24 | $16,098 | $9,064 | $123,509 |
| 25 | $17,236 | $7,926 | $106,273 |
| 26 | $18,455 | $6,707 | $87,819 |
| 27 | $19,759 | $5,403 | $68,060 |
| 28 | $21,156 | $4,006 | $46,904 |
| 29 | $22,651 | $2,511 | $24,252 |
| 30 | $24,252 | $909 | $0 |
Your principal-and-interest payment uses the standard amortization formula from the loan amount, interest rate, and term. Abodemic then adds monthly property tax, homeowners insurance, PMI (if your down payment is under 20%), and any HOA dues to show your full PITI payment.
Private mortgage insurance is required on conventional loans when your down payment is under 20% (loan-to-value above 80%). By law it automatically cancels once your balance reaches 78% of the home's original value, so it's a temporary cost, not permanent.
A 15-year loan has a higher monthly payment but a lower rate and far less total interest. A 30-year loan lowers the monthly payment for more flexibility but costs more over time. Try both terms above to compare the payment and lifetime interest.
Yes — twice over. A larger down payment shrinks the loan (lowering principal and interest) and, once you reach 20% down, removes PMI entirely. Both reduce your monthly payment.
Sources: Freddie Mac Primary Mortgage Market Survey; Consumer Financial Protection Bureau — mortgage basics; Homeowners Protection Act (PMI cancellation).
Estimates for educational purposes only — not a loan offer, financial advice, or a commitment to lend. Actual rates, payments, and terms vary by lender and creditworthiness.