Home mortgage calculator
This home mortgage calculator gives your monthly payment, and the sections below show how the common home loan types and the buying process affect what you pay.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,682.16 | $22,049.44 | $332,067.84 |
| 2 | $3,932.67 | $21,798.93 | $328,135.17 |
| 3 | $4,200.23 | $21,531.37 | $323,934.94 |
| 4 | $4,485.97 | $21,245.63 | $319,448.97 |
| 5 | $4,791.17 | $20,940.43 | $314,657.80 |
| 6 | $5,117.15 | $20,614.45 | $309,540.65 |
| 7 | $5,465.29 | $20,266.31 | $304,075.36 |
| 8 | $5,837.09 | $19,894.51 | $298,238.27 |
| 9 | $6,234.22 | $19,497.38 | $292,004.05 |
| 10 | $6,658.37 | $19,073.23 | $285,345.68 |
| 11 | $7,111.34 | $18,620.26 | $278,234.34 |
| 12 | $7,595.14 | $18,136.46 | $270,639.20 |
| 13 | $8,111.87 | $17,619.73 | $262,527.33 |
| 14 | $8,663.76 | $17,067.84 | $253,863.57 |
| 15 | $9,253.18 | $16,478.42 | $244,610.39 |
| 16 | $9,882.72 | $15,848.88 | $234,727.67 |
| 17 | $10,555.08 | $15,176.52 | $224,172.59 |
| 18 | $11,273.16 | $14,458.44 | $212,899.43 |
| 19 | $12,040.12 | $13,691.48 | $200,859.31 |
| 20 | $12,859.25 | $12,872.35 | $188,000.06 |
| 21 | $13,734.12 | $11,997.48 | $174,265.94 |
| 22 | $14,668.50 | $11,063.10 | $159,597.44 |
| 23 | $15,666.45 | $10,065.15 | $143,930.99 |
| 24 | $16,732.29 | $8,999.31 | $127,198.70 |
| 25 | $17,870.64 | $7,860.96 | $109,328.06 |
| 26 | $19,086.47 | $6,645.13 | $90,241.59 |
| 27 | $20,384.97 | $5,346.63 | $69,856.62 |
| 28 | $21,771.83 | $3,959.77 | $48,084.79 |
| 29 | $23,253.04 | $2,478.56 | $24,831.75 |
| 30 | $24,831.75 | $896.56 | $0.00 |
Which home loan fits you
A conventional loan is the standard choice and can drop mortgage insurance once you have enough equity. An FHA loan lets you buy with a small down payment and a lower credit score but carries mortgage insurance that may last the life of the loan. A VA loan, for eligible service members and veterans, can have no down payment and no monthly mortgage insurance. Try the FHA and VA calculators on this site to compare.
From pre-approval to closing
A typical purchase runs in order: check your credit, get pre-approved, find a home, make an offer, lock a rate, complete the appraisal and underwriting, and close. Expect closing costs of roughly 2% to 5% of the price on top of your down payment. Ask for a loan estimate from several lenders on the same day so you can compare them fairly.
$335,750 loan: 15-year vs 30-year
On a $335,750 mortgage, a 30-year loan at 6.6% costs $2,144.30 a month in principal and interest and $436,195 in total interest. A 15-year loan at a rate about 0.6 points lower costs $2,833.25 a month, $688.95 more, but cuts the interest to $174,235, saving $261,960. 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 6% | $3,727.51 | $111,552 | $447,302 |
| 15-year at 6% | $2,833.25 | $174,235 | $509,985 |
| 20-year at 6% | $2,405.42 | $241,550 | $577,300 |
| 30-year at 6.6% | $2,144.30 | $436,195 | $771,945 |
What each 6.6% ± 1 point does to the payment
A one-point change in your mortgage rate moves the payment on $335,750 by roughly $226.35 a month and the lifetime interest by about $81,484 over 30 years. That is why it pays to compare several lenders on the same day.
| Rate | Principal & interest | Total interest | Difference vs 6.6% |
|---|---|---|---|
| 5.6% | $1,927.47 | $358,140 | −$78,055 |
| 6.1% | $2,034.63 | $396,714 | −$39,481 |
| 6.6% | $2,144.30 | $436,195 | +$0 |
| 7.1% | $2,256.35 | $476,533 | +$40,338 |
| 7.6% | $2,370.65 | $517,678 | +$81,484 |
Down payment and PMI on a $395,000 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% ($19,750) | $375,250 | $187.63 | $3,125.24 |
| 10% ($39,500) | $355,500 | $177.75 | $2,989.22 |
| 20% ($79,000) | $316,000 | $0.00 | $2,559.20 |
What income does a $395,000 home need?
Lenders often look at a front-end ratio of about 28% of gross income for housing costs. A total payment of $2,853.22 implies a gross income near $122,000 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: $22,049 of interest against $3,682 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 | $314,658 | $21,092 | $80,342 |
| 10 years | $285,346 | $50,404 | $109,654 |
| 15 years | $244,610 | $91,140 | $150,390 |
| 20 years | $188,000 | $147,750 | $207,000 |
Frequently asked questions
What credit score do I need for a mortgage?
Conventional loans commonly want around 620 or higher, FHA loans accept lower scores, and the best rates go to scores above about 740.
How much should I put down on a home?
Twenty percent avoids PMI, but many buyers put down 3% to 10% and pay mortgage insurance until they build equity.
What is the monthly payment on a $335,750 mortgage?
At 6.6% over 30 years, principal and interest on $335,750 is $2,144.30. With the estimated tax, insurance, HOA and PMI above, the total comes to about $2,853.22 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.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.