House payment calculator
This house payment calculator shows your monthly mortgage payment, and the table below adds maintenance and utilities to show what owning the house really costs each month.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $3,990.25 | $23,087.51 | $353,009.75 |
| 2 | $4,257.48 | $22,820.28 | $348,752.27 |
| 3 | $4,542.62 | $22,535.14 | $344,209.65 |
| 4 | $4,846.83 | $22,230.93 | $339,362.82 |
| 5 | $5,171.43 | $21,906.33 | $334,191.39 |
| 6 | $5,517.78 | $21,559.98 | $328,673.61 |
| 7 | $5,887.31 | $21,190.45 | $322,786.30 |
| 8 | $6,281.58 | $20,796.18 | $316,504.72 |
| 9 | $6,702.31 | $20,375.45 | $309,802.41 |
| 10 | $7,151.16 | $19,926.60 | $302,651.25 |
| 11 | $7,630.06 | $19,447.70 | $295,021.19 |
| 12 | $8,141.09 | $18,936.67 | $286,880.10 |
| 13 | $8,686.30 | $18,391.46 | $278,193.80 |
| 14 | $9,268.04 | $17,809.72 | $268,925.76 |
| 15 | $9,888.75 | $17,189.01 | $259,037.01 |
| 16 | $10,551.02 | $16,526.74 | $248,485.99 |
| 17 | $11,257.62 | $15,820.14 | $237,228.37 |
| 18 | $12,011.58 | $15,066.18 | $225,216.79 |
| 19 | $12,816.01 | $14,261.75 | $212,400.78 |
| 20 | $13,674.34 | $13,403.42 | $198,726.44 |
| 21 | $14,590.10 | $12,487.66 | $184,136.34 |
| 22 | $15,567.24 | $11,510.52 | $168,569.10 |
| 23 | $16,609.81 | $10,467.95 | $151,959.29 |
| 24 | $17,722.22 | $9,355.54 | $134,237.07 |
| 25 | $18,909.09 | $8,168.67 | $115,327.98 |
| 26 | $20,175.46 | $6,902.30 | $95,152.52 |
| 27 | $21,526.66 | $5,551.10 | $73,625.86 |
| 28 | $22,968.33 | $4,109.43 | $50,657.53 |
| 29 | $24,506.57 | $2,571.19 | $26,150.96 |
| 30 | $26,150.96 | $929.94 | $0.00 |
The payment is not the whole cost
The mortgage payment covers the loan, taxes and insurance. Owning a house also means maintenance and repairs, commonly budgeted at about 1% of the home’s value a year, plus utilities, which vary by climate and size. A house that looks affordable on the mortgage alone can be tight once these are counted.
Using the number
Compare the total with what you pay now to rent. The difference, not just the mortgage payment, tells you whether buying fits your budget. If the figure is higher than you want, adjust the price, the down payment or the term.
$357,000 loan: 15-year vs 30-year
On a $357,000 mortgage, a 30-year loan at 6.5% costs $2,256.48 a month in principal and interest and $455,336 in total interest. A 15-year loan at a rate about 0.6 points lower costs $2,993.32 a month, $736.84 more, but cuts the interest to $181,796, saving $273,539. 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 5.9% | $3,945.53 | $116,463 | $473,463 |
| 15-year at 5.9% | $2,993.32 | $181,796 | $538,796 |
| 20-year at 5.9% | $2,537.11 | $251,905 | $608,905 |
| 30-year at 6.5% | $2,256.48 | $455,336 | $812,336 |
What each 6.5% ± 1 point does to the payment
A one-point change in your mortgage rate moves the payment on $357,000 by roughly $239.72 a month and the lifetime interest by about $86,290 over 30 years. That is why it pays to compare several lenders on the same day.
| Rate | Principal & interest | Total interest | Difference vs 6.5% |
|---|---|---|---|
| 5.5% | $2,027.01 | $372,721 | −$82,615 |
| 6% | $2,140.40 | $413,539 | −$41,797 |
| 6.5% | $2,256.48 | $455,336 | +$0 |
| 7% | $2,375.13 | $498,047 | +$42,711 |
| 7.5% | $2,496.20 | $541,626 | +$86,290 |
Down payment and PMI on a $420,000 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% ($21,000) | $399,000 | $199.50 | $3,283.12 |
| 10% ($42,000) | $378,000 | $189.00 | $3,139.89 |
| 20% ($84,000) | $336,000 | $0.00 | $2,685.42 |
Monthly cost of owning this house
Beyond the $2,996.65 mortgage payment, a rule-of-thumb 1% of the price a year for maintenance adds $350.00 a month, and utilities in a house of this size might add around $280. Your own utility bills may be higher or lower.
| Item | Per month |
|---|---|
| Principal & interest | $2,256.48 |
| Property tax | $420.00 |
| Home insurance | $141.67 |
| HOA | $0.00 |
| PMI | $178.50 |
| Maintenance (1% a year) | $350.00 |
| Utilities (estimate) | $280.00 |
| Total cost of owning | $3,626.65 |
What income does a $420,000 home need?
Lenders often look at a front-end ratio of about 28% of gross income for housing costs. A total payment of $2,996.65 implies a gross income near $128,000 a year, and lenders also weigh your other debts, which usually must keep total payments under about 36% to 43% of income.
In the first year, $23,088 of your payments goes to interest and only $3,990 to principal, so equity builds slowly at first.
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 | $334,191 | $22,809 | $85,809 |
| 10 years | $302,651 | $54,349 | $117,349 |
| 15 years | $259,037 | $97,963 | $160,963 |
| 20 years | $198,726 | $158,274 | $221,274 |
Frequently asked questions
How much should I budget for house maintenance?
A common guideline is 1% of the home’s value a year, more for older homes.
Does the payment change over time?
On a fixed-rate loan the principal and interest stay the same, but property tax and insurance can change, and so can maintenance costs.
What is the monthly payment on a $357,000 mortgage?
At 6.5% over 30 years, principal and interest on $357,000 is $2,256.48. With the estimated tax, insurance, HOA and PMI above, the total comes to about $2,996.65 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.