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Printed August 16, 2026 · https://trycleartally.com/mortgage-calculator
Estimates for educational purposes only — not financial advice. See https://trycleartally.com/disclaimer.
Mortgage Payment Calculator
Work out your full monthly mortgage payment — principal and interest, plus property tax, homeowners insurance and HOA dues — and see the complete amortization schedule behind it.
Reviewed by the ClearTally editorial team · Last updated August 1, 2026 · Methodology & sources
Part of the mortgage calculators collection — 12 tools in the order most people need them.
Today's Rates
Sources: Federal Reserve Economic Data (FRED), Finnhub. For reference only — not a rate quote or investment advice.
Prefilled with today's average 30-yr rate (FRED). Edit freely.
Total monthly payment
$2,558.53
Principal, interest, tax, insurance & HOA
What makes up that payment
- Principal & interest
- $2,058.53
- Property tax
- $366.67
- Homeowners insurance
- $133.33
- Total monthly payment
- $2,558.53
Everything beyond the loan itself adds $500.00 a month — 20% of what you actually pay, and about 24%on top of the loan payment alone. It's the gap between the figure a rate quote shows you and the one that leaves your account.
Loan amount
$320,000
Total interest paid
$421,069
Total of all payments
$741,069
Payoff term
30 yrs
Balance over time
Principal vs. interest
Amortization schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,058.53 | $297.45 | $1,761.07 | $316,537.10 |
| 2 | $2,058.53 | $317.91 | $1,740.61 | $312,836.03 |
| 3 | $2,058.53 | $339.78 | $1,718.75 | $308,880.41 |
| 4 | $2,058.53 | $363.15 | $1,695.38 | $304,652.73 |
| 5 | $2,058.53 | $388.12 | $1,670.40 | $300,134.29 |
| 6 | $2,058.53 | $414.82 | $1,643.71 | $295,305.08 |
| 7 | $2,058.53 | $443.35 | $1,615.18 | $290,143.73 |
| 8 | $2,058.53 | $473.84 | $1,584.69 | $284,627.39 |
| 9 | $2,058.53 | $506.43 | $1,552.10 | $278,731.66 |
| 10 | $2,058.53 | $541.26 | $1,517.27 | $272,430.43 |
| 11 | $2,058.53 | $578.48 | $1,480.04 | $265,695.82 |
| 12 | $2,058.53 | $618.27 | $1,440.25 | $258,498.03 |
| 13 | $2,058.53 | $660.79 | $1,397.73 | $250,805.19 |
| 14 | $2,058.53 | $706.24 | $1,352.28 | $242,583.25 |
| 15 | $2,058.53 | $754.81 | $1,303.71 | $233,795.83 |
| 16 | $2,058.53 | $806.73 | $1,251.80 | $224,404.04 |
| 17 | $2,058.53 | $862.21 | $1,196.31 | $214,366.30 |
| 18 | $2,058.53 | $921.51 | $1,137.01 | $203,638.20 |
| 19 | $2,058.53 | $984.89 | $1,073.63 | $192,172.25 |
| 20 | $2,058.53 | $1,052.63 | $1,005.89 | $179,917.69 |
| 21 | $2,058.53 | $1,125.03 | $933.50 | $166,820.31 |
| 22 | $2,058.53 | $1,202.41 | $856.12 | $152,822.12 |
| 23 | $2,058.53 | $1,285.10 | $773.42 | $137,861.17 |
| 24 | $2,058.53 | $1,373.49 | $685.04 | $121,871.24 |
| 25 | $2,058.53 | $1,467.96 | $590.57 | $104,781.58 |
| 26 | $2,058.53 | $1,568.92 | $489.61 | $86,516.53 |
| 27 | $2,058.53 | $1,676.82 | $381.70 | $66,995.26 |
| 28 | $2,058.53 | $1,792.15 | $266.37 | $46,131.36 |
| 29 | $2,058.53 | $1,915.41 | $143.12 | $23,832.51 |
| 30 | $2,058.53 | $2,047.15 | $11.38 | $0.00 |
Mortgage Payment Worksheet
Total monthly payment (PITI + HOA)
$2,558.53
Yearly amortization summary
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,463 | $21,239 | $316,537 |
| 2 | $3,701 | $21,001 | $312,836 |
| 3 | $3,956 | $20,747 | $308,880 |
| 4 | $4,228 | $20,475 | $304,653 |
| 5 | $4,518 | $20,184 | $300,134 |
| 6 | $4,829 | $19,873 | $295,305 |
| 7 | $5,161 | $19,541 | $290,144 |
| 8 | $5,516 | $19,186 | $284,627 |
| 9 | $5,896 | $18,807 | $278,732 |
| 10 | $6,301 | $18,401 | $272,430 |
| 11 | $6,735 | $17,968 | $265,696 |
| 12 | $7,198 | $17,505 | $258,498 |
| 13 | $7,693 | $17,009 | $250,805 |
| 14 | $8,222 | $16,480 | $242,583 |
| 15 | $8,787 | $15,915 | $233,796 |
| 16 | $9,392 | $15,311 | $224,404 |
| 17 | $10,038 | $14,665 | $214,366 |
| 18 | $10,728 | $13,974 | $203,638 |
| 19 | $11,466 | $13,236 | $192,172 |
| 20 | $12,255 | $12,448 | $179,918 |
| 21 | $13,097 | $11,605 | $166,820 |
| 22 | $13,998 | $10,704 | $152,822 |
| 23 | $14,961 | $9,741 | $137,861 |
| 24 | $15,990 | $8,712 | $121,871 |
| 25 | $17,090 | $7,613 | $104,782 |
| 26 | $18,265 | $6,437 | $86,517 |
| 27 | $19,521 | $5,181 | $66,995 |
| 28 | $20,864 | $3,838 | $46,131 |
| 29 | $22,299 | $2,403 | $23,833 |
| 30 | $23,833 | $870 | $0 |
Calculated using the standard formulas described at https://trycleartally.com/methodology — for educational estimates only, not a quote or financial advice. Verify with your lender or financial institution before making decisions.
What's included in your monthly mortgage payment?
Four things, and only the first is the loan. Principal is the slice that reduces what you owe. Interestis the lender's charge on the balance. Property tax and homeowners insurance are usually collected with the payment and held in escrow, so your servicer pays those bills for you. Condos and planned communities add HOA dues on top, billed separately more often than not.
A fifth line appears only if you put less than 20% down: PMI, private mortgage insurance, which protects the lender rather than you. It's typically 0.3%–1.5% of the loan a year, and unlike the others it stops — automatically once the balance reaches 78% of the purchase price, or earlier if you ask.
The breakdown above splits your figure into those lines as you type. It's worth looking at the escrow share specifically: on a $320,000 loan at 6.5% with a $4,400 tax bill and $1,600 insurance, principal and interest are about $2,022 a month but the real payment is roughly $2,523 — tax and insurance alone add $500, close to a quarter on top of the loan payment. That difference is why a rate quote and a mortgage statement rarely match.
How to calculate your monthly mortgage payment
The loan portion comes from one standard formula, the same one every lender uses:
M = P × [r(1+r)n] / [(1+r)n − 1]
where P is the amount borrowed, r is the monthly interest rate (the annual rate divided by 12), and n is the total number of payments (years × 12).
Doing it by hand: on a $320,000 loan at 6.5% over 30 years, r is 0.065 ÷ 12 = 0.005417 and n is 360. Run those through the formula and M comes out at about $2,022. Then add the escrow pieces — annual property tax ÷ 12, annual insurance ÷ 12, plus monthly HOA — to reach the payment you actually make.
The part that trips people up is that the split inside that $2,022 changes every month even though the total doesn't. Interest is charged on the remaining balance, so early payments are mostly interest and later ones mostly principal. The amortization schedule further down shows the crossover point for your own numbers.
How much does the payment change if the rate or term changes?
More than most people expect, and the two levers pull in opposite directions. Taking the same $320,000 loan over 30 years as the baseline at about $2,022 a month in principal and interest:
- A one-point rate moveis worth roughly $200 a month. At 5.5% the payment is about $1,817; at 7.5% it's about $2,238.
- Shortening to 15 years pushes the payment up to about $2,788 — but cuts total interest from roughly $408,000 to about $181,000, because the balance disappears far faster.
- Borrowing $50,000 lesstakes about $316 off the monthly payment at 6.5%, which is the clearest argument for a larger down payment when you're close to a budget ceiling.
Escrow moves independently of all of that. Property tax follows your assessment, not your loan, so a payment can rise years after closing without the rate changing at all — a common surprise on the first escrow adjustment.
How it works
Your principal & interest payment comes from the standard amortization formula — the same one your lender uses: M = P × [r(1+r)n] / [(1+r)n− 1], where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments. Each payment covers that month's interest first; the rest chips away at the balance, which is why early payments are mostly interest and late ones mostly principal (the schedule below the results shows this year by year).
When you get a mortgage quote or an official Loan Estimate from a lender, the payment it shows is rarely the whole story. Property tax and homeowners insurance are usually collected with the mortgage through an escrow account, and condos or HOA communities add dues on top — so fill in those fields to see the full housing payment, not just the loan. Running your own numbers here first makes it easy to sanity-check a lender's estimate line by line, and to work backward from a payment you're comfortable with to the loan amount it supports.
Example:a $320,000 loan at 6.5% for 30 years is about $2,022/month in principal & interest. Add a $4,400/year tax bill (about 1.1% of a $400,000 price) and $1,600/year insurance and the real monthly cost is roughly $2,523 — close to a quarter more than the loan payment alone.
FAQ
A common lender rule of thumb (the 28/36 rule) says your total housing payment should stay under about 28% of your gross monthly income, and all debt payments combined under 36%. This page works forward from a price to a payment; our home affordability calculator works backward from your income and debts to a maximum price — use both before you commit to a budget.
Principal and interest on the loan, plus 1/12 of your annual property tax bill, 1/12 of your annual homeowners insurance premium, any monthly HOA dues, and — if you're putting less than 20% down — private mortgage insurance. Lenders usually bundle tax and insurance into an escrow account, so a single payment covers all of it. On the default figures here, the non-loan portion is about $500 a month, close to a quarter on top of principal and interest.
A larger down payment reduces your loan amount, which lowers both your monthly payment and total interest paid — borrowing $50,000 less at 6.5% takes about $316 a month off a 30-year loan. Crossing 20% down does something extra: below that threshold a conventional lender adds private mortgage insurance, typically 0.3%–1.5% of the loan a year. Enter a down payment under 20% and a PMI line appears in the breakdown above; at 20% or more it disappears entirely.
A shorter term spreads the same loan over fewer payments, so each one is bigger — but the balance is paid down much faster, so it accrues far less interest. On a $320,000 loan at the same rate, switching from 30 to 15 years roughly doubles how fast you build equity and typically cuts total interest by more than half.
No. The interest rate here is the note rate used to calculate your payment. APR also spreads lender fees and closing costs over the loan term, so it's usually a bit higher than the note rate — it's the better number for comparing two loan offers, but the note rate is the right one for computing the payment.
No — this assumes a standard amortizing loan, where every payment covers the month's interest plus some principal, so the balance steadily falls. An interest-only mortgage lets you pay just the interest for an intro period (often 5–10 years): the payment is lower, but the balance doesn't move until the interest-only window ends and the loan re-amortizes into higher payments. If you're weighing an interest-only offer, the interest portion of the first month shown in the schedule below is a close proxy for that early payment — then budget for the jump when principal kicks in.