10-year mortgage calculator
This 10-year mortgage calculator shows the payment, total interest and schedule for a 10-year fixed-rate mortgage.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $24,206.97 | $18,232.35 | $295,793.03 |
| 2 | $25,674.43 | $16,764.89 | $270,118.60 |
| 3 | $27,230.88 | $15,208.44 | $242,887.72 |
| 4 | $28,881.66 | $13,557.66 | $214,006.06 |
| 5 | $30,632.51 | $11,806.81 | $183,373.55 |
| 6 | $32,489.51 | $9,949.81 | $150,884.04 |
| 7 | $34,459.07 | $7,980.25 | $116,424.97 |
| 8 | $36,548.05 | $5,891.27 | $79,876.92 |
| 9 | $38,763.67 | $3,675.65 | $41,113.25 |
| 10 | $41,113.25 | $1,325.72 | $0.00 |
Who chooses a 10-year mortgage
A 10-year loan has the highest payment and the lowest interest. It suits high earners, people near retirement or buyers refinancing a nearly paid-off home who want to be debt-free fast. The payment must stay comfortable even if income dips, because it is hard to downsize a fixed obligation.
10-year facts for a $320,000 loan
At 5.9%, a 10-year loan on $320,000 costs $3,536.61 a month. Interest totals $104,393, or 33% of the loan, and half the principal is repaid after about 5.8 years.
$320,000 loan: 15-year vs 30-year
On a $320,000 mortgage, a 30-year loan at 5.9% costs $1,898.04 a month in principal and interest and $363,291 in total interest. A 15-year loan at a rate about 0.6 points lower costs $2,580.83 a month, $682.79 more, but cuts the interest to $144,549, saving $218,742. The right choice depends on whether the higher payment fits your budget with room to spare.
| Loan | Principal & interest | Total interest | Total paid |
|---|---|---|---|
| 10-year at 5.3% | $3,441.21 | $92,946 | $412,946 |
| 15-year at 5.3% | $2,580.83 | $144,549 | $464,549 |
| 20-year at 5.3% | $2,165.25 | $199,660 | $519,660 |
| 30-year at 5.9% | $1,898.04 | $363,291 | $683,291 |
What each 5.9% ± 1 point does to the payment
A one-point change in your mortgage rate moves the payment on $320,000 by roughly $162.39 a month and the lifetime interest by about $19,487 over 10 years. That is why it pays to compare several lenders on the same day.
| Rate | Principal & interest | Total interest | Difference vs 5.9% |
|---|---|---|---|
| 4.9% | $3,378.48 | $85,417 | −$18,976 |
| 5.4% | $3,457.01 | $94,841 | −$9,552 |
| 5.9% | $3,536.61 | $104,393 | +$0 |
| 6.4% | $3,617.27 | $114,073 | +$9,680 |
| 6.9% | $3,699.00 | $123,880 | +$19,487 |
Down payment and PMI on a $400,000 home
With less than 20% down, lenders charge private mortgage insurance (PMI), commonly 0.3% to 1.5% of the loan per year. This page assumes 0.6%. PMI usually ends when you reach 80% of the home's original value, which you can reach sooner with extra payments.
| Down payment | Loan amount | PMI / month | Total monthly payment |
|---|---|---|---|
| 5% ($20,000) | $380,000 | $190.00 | $4,881.39 |
| 10% ($40,000) | $360,000 | $180.00 | $4,650.35 |
| 20% ($80,000) | $320,000 | $0.00 | $4,028.28 |
What income does a $400,000 home need?
Lenders often look at a front-end ratio of about 28% of gross income for housing costs. A total payment of $4,028.28 implies a gross income near $173,000 a year, and lenders also weigh your other debts, which usually must keep total payments under about 36% to 43% of income.
Year one is interest-heavy: $18,232 of interest against $24,207 of principal repaid, which is why extra payments early on have the most effect.
How fast you build equity
Equity here is the home price minus the loan balance, assuming the price stays flat. Appreciation, if any, would add to it.
| After | Loan balance | Principal repaid | Equity (flat value) |
|---|---|---|---|
| 5 years | $183,374 | $136,626 | $216,626 |
Frequently asked questions
What is the monthly payment on a $320,000 mortgage?
At 5.9% over 10 years, principal and interest on $320,000 is $3,536.61. With the estimated tax, insurance, HOA and PMI above, the total comes to about $4,028.28 a month.
What is included in a monthly mortgage payment?
Principal and interest are the loan itself. Many lenders also collect property tax and homeowners insurance in escrow, and charge PMI if your down payment is under 20%. HOA dues are paid separately.
How can I pay off my mortgage faster?
Add extra principal each month, make one extra payment a year, or refinance to a shorter term. Use the extra payment field above to see the interest you would save.
Are these numbers a loan offer?
No. They are estimates from standard formulas. Your lender’s quote can differ because of fees, rounding, escrow and your credit profile.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.