Mortgage Payment Calculator
Estimate your monthly payment including principal, interest, property taxes, and insurance. Adjust the numbers for real-time results.
Your Loan Details
Optional Monthly Costs
Estimated Monthly Payment
$4,791.57/mo
Loan Amount
$600,000
Total Interest Paid
$818,966
Amortization Schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $6,243 | $41,056 | $593,757 |
| 2 | $6,686 | $40,613 | $587,071 |
| 3 | $7,161 | $40,138 | $579,910 |
| 4 | $7,669 | $39,630 | $572,241 |
| 5 | $8,213 | $39,086 | $564,028 |
| 6 | $8,796 | $38,503 | $555,233 |
| 7 | $9,420 | $37,879 | $545,813 |
| 8 | $10,088 | $37,211 | $535,725 |
| 9 | $10,804 | $36,495 | $524,921 |
| 10 | $11,571 | $35,728 | $513,350 |
| 11 | $12,392 | $34,907 | $500,959 |
| 12 | $13,271 | $34,028 | $487,688 |
| 13 | $14,213 | $33,086 | $473,475 |
| 14 | $15,221 | $32,078 | $458,254 |
| 15 | $16,301 | $30,998 | $441,953 |
| 16 | $17,458 | $29,841 | $424,495 |
| 17 | $18,697 | $28,602 | $405,798 |
| 18 | $20,023 | $27,275 | $385,774 |
| 19 | $21,444 | $25,855 | $364,330 |
| 20 | $22,966 | $24,333 | $341,364 |
| 21 | $24,595 | $22,703 | $316,769 |
| 22 | $26,341 | $20,958 | $290,428 |
| 23 | $28,210 | $19,089 | $262,218 |
| 24 | $30,212 | $17,087 | $232,007 |
| 25 | $32,355 | $14,944 | $199,651 |
| 26 | $34,651 | $12,648 | $165,000 |
| 27 | $37,110 | $10,189 | $127,890 |
| 28 | $39,743 | $7,556 | $88,147 |
| 29 | $42,563 | $4,736 | $45,584 |
| 30 | $45,584 | $1,715 | $0 |
Understanding Your Mortgage Payment
Your monthly mortgage payment is made up of several components: principal (the amount you borrowed), interest (the cost of borrowing), property taxes, and homeowners insurance. Together these are often referred to as PITI.
The principal and interest portion is calculated using your loan amount, interest rate, and loan term. A longer term means lower monthly payments but more total interest paid over the life of the loan. A shorter term means higher monthly payments but significant interest savings.
Property taxes and insurance vary by location and property. If your down payment is less than 20%, you may also need private mortgage insurance (PMI), which adds to your monthly cost.
Want a Precise Payment Estimate?
Get Sofia's free First-Time Homebuyer Guide and a personalized payment analysis based on today's rates and programs.
The Complete
Buyer's Guide
By Sofia Mortgage