Mortgage Calculator
Loan Details
Purchase
$
%
Loan Terms
years
%
Escrow & Fees
% / year
$ / year
$ / month
PMI
Extra Payments
$/ month
Monthly Payment
$2,522.62
Total Monthly Payment
P&I: $2,022.62
Taxes: $400.00
Insurance: $100.00
Loan Amount
$320,000.00
Down Payment
$80,000.00 (20.0%)
Total Interest
$408,142.36
Payoff Date
Sep 2055
Principal vs Interest
How it works: Payment formula uses standard fixed-rate amortization (monthly compounding). Taxes, insurance, PMI, and HOA are converted to monthly amounts and added to the P&I result for a realistic housing payment. PMI is charged only while LTV > 80% and automatically drops once you reach that threshold. Extra payments reduce principal each month and shorten the term; the payoff month and total interest are recalculated.