Mortgage calculator
The payment the bank advertises is principal and interest only. What actually leaves your account each month also includes property tax, home insurance, the HOA fee if there is one, and PMI when the down payment is under 20%. This calculator shows the full payment and tells you whether it fits your income.
Only applies when the down payment is under 20%.
- Loan amount
- $315,000
- Total interest
- $401,765
- Property tax
- $350.00
- Insurance
- $125.00
- PMI
- $131.25
What your payment is made of
How much house can I afford?
28/36 rule: housing should stay under 28% of gross income and total debt under 36%.
Yearly summary
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $23,892 | $20,371 | $3,521 | $311,479 |
| 2 | $23,892 | $20,136 | $3,757 | $307,723 |
| 3 | $23,892 | $19,884 | $4,008 | $303,714 |
| 4 | $23,892 | $19,616 | $4,277 | $299,438 |
| 5 | $23,892 | $19,329 | $4,563 | $294,875 |
| 6 | $23,892 | $19,023 | $4,869 | $290,006 |
| 7 | $23,892 | $18,697 | $5,195 | $284,811 |
| 8 | $23,892 | $18,350 | $5,543 | $279,269 |
| 9 | $23,892 | $17,978 | $5,914 | $273,355 |
| 10 | $23,892 | $17,582 | $6,310 | $267,045 |
| 11 | $23,892 | $17,160 | $6,732 | $260,312 |
| 12 | $23,892 | $16,709 | $7,183 | $253,129 |
| 13 | $23,892 | $16,228 | $7,664 | $245,464 |
| 14 | $23,892 | $15,714 | $8,178 | $237,287 |
| 15 | $23,892 | $15,167 | $8,725 | $228,561 |
| 16 | $23,892 | $14,582 | $9,310 | $219,251 |
| 17 | $23,892 | $13,959 | $9,933 | $209,318 |
| 18 | $23,892 | $13,294 | $10,599 | $198,720 |
| 19 | $23,892 | $12,584 | $11,308 | $187,411 |
| 20 | $23,892 | $11,826 | $12,066 | $175,346 |
| 21 | $23,892 | $11,018 | $12,874 | $162,472 |
| 22 | $23,892 | $10,156 | $13,736 | $148,736 |
| 23 | $23,892 | $9,236 | $14,656 | $134,080 |
| 24 | $23,892 | $8,255 | $15,637 | $118,443 |
| 25 | $23,892 | $7,208 | $16,685 | $101,758 |
| 26 | $23,892 | $6,090 | $17,802 | $83,956 |
| 27 | $23,892 | $4,898 | $18,994 | $64,962 |
| 28 | $23,892 | $3,626 | $20,266 | $44,695 |
| 29 | $23,892 | $2,269 | $21,624 | $23,072 |
| 30 | $23,892 | $820 | $23,072 | $0 |
Save this calculation and follow your plan
In the Boosteate app your cards, loans and banks connect on their own: you will see the real APR, the minimum payment and a plan to get out of debt with your numbers, not examples.
Join the waitlistHow it is calculated
Principal and interest use the amortization formula over 15, 20 or 30 years. Property tax and insurance are divided by 12. PMI (private mortgage insurance) is estimated as a yearly percentage of the loan and only applies when the loan exceeds 80% of the value.
The 28/36 rule lenders use: the housing payment should not exceed 28% of gross monthly income, and all debts together (housing, car, cards, loans) should not exceed 36%. The calculator applies whichever is tighter.
The yearly summary shows how much of each payment goes to interest versus principal: in a 30‑year mortgage the first years are almost all interest.
Frequently asked questions
What is PMI and how do I avoid it?
Insurance that protects the lender if you stop paying, required on conventional loans with less than 20% down. It costs 0.3%–1.5% of the loan per year. It goes away once you reach 20% equity (you can request removal) or automatically at 22%.
15 or 30 years?
At 15 years the payment is quite a bit higher but you pay less than half the total interest and the rate is usually lower. At 30 years the payment is comfortable and you can prepay whenever you want. Try both above with your numbers.
How do I estimate property tax?
Multiply the home value by your county’s effective rate (in the US it ranges from 0.3% to 2.5% a year). The listing or the county website usually shows last year’s tax.
Is the 28/36 maximum what I should spend?
It is the ceiling lenders typically accept, not a recommendation. Many households are more comfortable under 25%, especially with variable income such as self‑employment.
These calculators are educational estimates based on the numbers you enter; they are not a credit offer nor financial, legal or tax advice. Reference rates are reviewed yearly.