Most mortgage calculators show you principal and interest and call it a day. Your real payment includes property taxes, homeowners insurance, PMI if your down payment is under 20%, and HOA dues if you have them. This one shows you all of it.
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Early on, almost your entire payment is interest. The crossover, where principal exceeds interest, happens later than most people expect — usually past the loan's halfway point.
Adjust to see how a constant monthly overpayment changes everything.
What you'll pay in principal, what you'll pay in interest, and what you'll still owe at the end of each year. The crossover row — where you pay more principal than interest for the first time — is highlighted in gold.
| Year | Principal paid | Interest paid | Total paid this year | Balance remaining |
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The rate you'll be quoted depends entirely on the lender. Compare today's rates from eight major U.S. lenders, with editorial notes on who each one is good for.
PITI stands for principal, interest, taxes, and insurance — the four standard components of your monthly mortgage payment. Most calculators only show you P&I, which is roughly 75% of the real number. Property taxes and homeowners insurance often add $300–$600 a month on top of P&I; in high-tax states, they can add more than the P&I itself.
Private mortgage insurance is added to your payment whenever your down payment is under 20% — typically 0.5% to 1.5% of the loan annually. It comes off automatically when your loan-to-value reaches 78% of the original purchase price, and you can request removal at 80% if your home has held its value. With a 10% down payment, you're typically looking at 5–7 years of PMI before it drops.
An amortizing loan front-loads the interest. On a 30-year mortgage, your first payment is usually around 80% interest, 20% principal. The crossover — where each payment is more principal than interest — typically happens between year 17 and year 21. This is why every dollar of extra principal in the early years has dramatically outsized effects on total interest paid.
Traditional underwriting guidance says your housing costs (PITI) should be no more than 28% of gross monthly income, and total debt payments no more than 36%. Lenders today routinely approve buyers up to 43% — the legal limit for "qualified mortgages." That doesn't mean borrowing 43% is wise. The gap between what a lender approves and what you should actually borrow is often a $400–$1,000 monthly cushion that protects you from the next emergency.
A 15-year loan saves enormous amounts of interest — typically $150,000+ on a $400,000 mortgage compared to a 30. The monthly payment is also dramatically higher, often 40–50% more than the 30-year equivalent. The honest answer: take the 30-year if your income is volatile or if you'd otherwise invest the difference at a higher expected return; take the 15-year if you have stable income, want guaranteed forced savings, and value being debt-free sooner.
Closing costs (typically 2–5% of the loan amount, paid upfront), maintenance and repairs (rule of thumb: 1% of home value per year), utilities, and the opportunity cost of your down payment sitting in home equity instead of an index fund. The full economic cost of homeownership is meaningfully higher than the monthly payment alone. Plan for it.
This calculator produces estimates based on the inputs you provide and standard amortization math. It does not account for variable property tax assessments, insurance rate changes, escrow account adjustments, prepayment penalties, or the many other factors that affect a real mortgage. It is for educational purposes only and is not personalized financial advice. Always verify numbers with your lender before making any decision based on a calculator output.