How to use this calculator
- Enter the price and your down payment. The loan is the difference.
- Enter the rate and term from your loan estimate, or today’s average to get a feel for it.
- Add property tax, insurance and HOA dues. They’re often a third of the payment, and lenders include them when they check your debt-to-income ratio.
- Set a PMI rate if you’re putting down less than 20% on a conventional loan. It ranges widely with your credit score and down payment; your lender’s quote is the number to use.
- Try an extra payment to see how much sooner you’d own the home.
How your mortgage payment is calculated
Most lenders collect property tax and insurance with the payment and hold them in an escrow account, so the full monthly payment is often called PITI: principal, interest, taxes and insurance, plus PMI and HOA dues where they apply.
Example: a $400,000 home with 10% down is a $360,000 loan. At 7% for 30 years, principal and interest is $2,395.09. Add $333.33 of property tax (1% a year), $150.00 of insurance and $150.00 of PMI (0.5% a year), and the payment is $3,028.42. Over 30 years you’d pay $502,232 in interest.
Mortgage payments by loan amount and rate
Monthly principal and interest per $100,000 borrowed:
| Rate | 30-year | 20-year | 15-year |
|---|---|---|---|
| 5.5% | $567.79 | $687.89 | $817.08 |
| 6% | $599.55 | $716.43 | $843.86 |
| 6.5% | $632.07 | $745.57 | $871.11 |
| 7% | $665.30 | $775.30 | $898.83 |
| 7.5% | $699.21 | $805.59 | $927.01 |
| 8% | $733.76 | $836.44 | $955.65 |
Monthly principal and interest on common loan amounts, 30-year fixed:
| Loan amount | At 6% | At 6.5% | At 7% | At 7.5% |
|---|---|---|---|---|
| $200,000 | $1,199 | $1,264 | $1,331 | $1,398 |
| $250,000 | $1,499 | $1,580 | $1,663 | $1,748 |
| $300,000 | $1,799 | $1,896 | $1,996 | $2,098 |
| $350,000 | $2,098 | $2,212 | $2,329 | $2,447 |
| $400,000 | $2,398 | $2,528 | $2,661 | $2,797 |
| $500,000 | $2,998 | $3,160 | $3,327 | $3,496 |
| $600,000 | $3,597 | $3,792 | $3,992 | $4,195 |
| $750,000 | $4,497 | $4,741 | $4,990 | $5,244 |
PMI: what it costs and when it ends
Private mortgage insurance protects the lender, not you, on conventional loans with less than 20% down. It’s charged as a yearly percentage of the loan, paid monthly; the rate depends mostly on your credit score and down payment.
- At 80%: you can ask your servicer to cancel PMI once your balance is scheduled to reach, or you’ve paid it down to, 80% of the home’s original value, if you’re current and have a good payment history.
- At 78%: under the Homeowners Protection Act, the servicer must end it automatically when the balance is scheduled to reach 78% of the original value.
- FHA loans charge their own mortgage insurance premium instead, which often lasts for the life of the loan unless you put down at least 10%.
In the example above, PMI of $150.00 a month lasts about 9 years 7 months and costs $17,250 in total. Paying extra principal, or a rise in your home’s value confirmed by an appraisal, can end it sooner.
What extra payments save
Every extra dollar of principal stops interest from being charged on that dollar for the rest of the loan. Adding $200 a month to the example loan pays it off in 23 years 9 months instead of 30 years and saves $123,091 of interest, and PMI ends 37 months sooner.
Before paying extra, make sure you have an emergency fund, you’re getting any 401(k) match, and you don’t carry higher-rate debt, which is usually a better use of the money (the debt payoff calculator shows how fast it clears). Tell your servicer to apply extra money to principal.
15-year vs. 30-year mortgage
On a $360,000 loan at the average rates for the week of October 1, 2026 (6.6% for 15 years, 7.28% for 30):
| Item | 15-year | 30-year |
|---|---|---|
| Monthly principal and interest | $3,156 | $2,463 |
| Total interest | $208,046 | $526,739 |
The 30-year loan gives you a lower required payment and flexibility; you can still pay it down faster when money allows. The 15-year loan builds equity much faster and saves the most interest, if the higher payment fits comfortably.
Current mortgage rates
Freddie Mac’s weekly mortgage rate survey put the average 30-year fixed rate at 7.28% and the 15-year at 6.6% for the week of October 1, 2026, for borrowers with strong credit and 20% down. Your rate depends on your credit score, down payment, loan type and any points you pay, so compare loan estimates from several lenders on the same day. To see the price range these rates allow on your income, use the house affordability calculator.
Frequently asked questions
How is a mortgage payment calculated?
What is the monthly payment on a $300,000 mortgage?
When does PMI go away?
Do I need 20% down to buy a house?
Is a 15-year mortgage better than a 30-year?
How much house can I afford?
Sources
- Primary Mortgage Market Survey — Freddie Mac
- Mortgage rates average 7.28% — Freddie Mac
- When can I remove private mortgage insurance (PMI) from my loan? — Consumer Financial Protection Bureau
- Homeowners Protection Act (PMI Cancellation Act) examination procedures — Consumer Financial Protection Bureau