Financial Calculators
Mortgage Calculator

Mortgage Calculator

Calculate your monthly payment, total property ownership costs, and amortization timeline with options for taxes, PMI, HOA, and early payments with our free mortgage calculator.

Options

Mortgage

Monthly Payment: $1,816.92

Property Tax: $132,000.00

Home Insurance: $39,000.00

HOA Fee: $36,000.00

Other Costs: $150,000.00

Total Out-of-Pocket: $1,011,091.20

House Price: $400,000.00

Interest

Principal

Taxes

0 yr

5 yr

10 yr

15 yr

20 yr

25 yr

30 yr

DATE INTEREST PRINCIPAL ENDING BALANCE
1 Dec 21, 2023 $17,492.41 $4,310.63 $315,689.37
2 Dec 21, 2024 $17,249.26 $4,553.78 $311,135.59
3 Dec 21, 2025 $16,992.39 $4,810.65 $306,324.94
4 Dec 21, 2026 $16,721.03 $5,082.01 $301,242.94
5 Dec 21, 2027 $16,434.37 $5,368.67 $295,874.26
6 Dec 21, 2028 $16,131.53 $5,671.51 $290,202.75
7 Dec 21, 2029 $15,811.61 $5,991.43 $284,211.33
8 Dec 21, 2030 $15,473.65 $6,329.39 $277,881.94
9 Dec 21, 2031 $15,116.62 $6,686.42 $271,195.52
10 Dec 21, 2032 $14,739.46 $7,063.58 $264,131.94
11 Dec 21, 2033 $14,341.01 $7,462.03 $256,669.91
12 Dec 21, 2034 $13,920.10 $7,882.94 $248,786.97
13 Dec 21, 2035 $13,475.44 $8,327.60 $240,459.37
14 Dec 21, 2036 $13,005.70 $8,797.34 $231,662.03
15 Dec 21, 2037 $12,509.46 $9,293.58 $222,368.44
16 Dec 21, 2038 $11,985.23 $9,817.81 $212,550.63
17 Dec 21, 2039 $11,431.42 $10,371.62 $202,179.01
18 Dec 21, 2040 $10,846.38 $10,956.66 $191,222.35
19 Dec 21, 2041 $10,228.34 $11,574.70 $179,647.66
20 Dec 21, 2042 $9,575.44 $12,227.60 $167,420.05
21 Dec 21, 2043 $8,885.70 $12,917.34 $154,502.72
22 Dec 21, 2044 $8,157.07 $13,645.97 $140,856.74
23 Dec 21, 2045 $7,387.32 $14,415.72 $126,441.03
24 Dec 21, 2046 $6,574.17 $15,228.87 $111,212.15
25 Dec 21, 2047 $5,715.14 $16,087.90 $95,124.25
26 Dec 21, 2048 $4,807.65 $16,995.39 $78,128.86
27 Dec 21, 2049 $3,848.98 $17,954.06 $60,174.80
28 Dec 21, 2050 $2,836.23 $18,966.81 $41,207.99
29 Dec 21, 2051 $1,766.35 $20,036.69 $21,171.30
30 Dec 21, 2052 $636.13 $21,166.91 $4.39
DATE INTEREST PRINCIPAL ENDING BALANCE
1 Jan 21, 2023 $1,466.67 $350.25 $319,649.75
2 Feb 21, 2023 $1,465.06 $351.86 $319,297.89
3 Marc 21, 2023 $1,463.45 $353.47 $318,944.42
4 Aprarc 21, 2023 $1,461.83 $355.09 $318,589.33
5 May 21, 2023 $1,460.20 $356.72 $318,232.61
6 Jun 21, 2023 $1,458.57 $358.35 $317,874.25
7 Jul 21, 2023 $1,456.92 $360.00 $317,514.26
8 Aug 21, 2023 $1,455.27 $361.65 $317,152.61
9 Sep 21, 2023 $1,453.62 $363.30 $316,789.31
10 Oct 21, 2023 $1,451.95 $364.97 $316,424.34
11 Nov 21, 2023 $1,450.28 $366.64 $316,057.70
12 Dec 21, 2023 $1,448.60 $368.32 $315,689.37
Year #1 End
13 Jan 21, 2024 $1,446.91 $370.01 $315,319.36
14 Feb 21, 2024 $1,445.21 $371.71 $314,947.66
15 Marc 21, 2024 $1,443.51 $373.41 $314,574.25
16 Aprarc 21, 2024 $1,441.80 $375.12 $314,199.12
17 May 21, 2024 $1,440.08 $376.84 $313,822.28
18 Jun 21, 2024 $1,438.35 $378.57 $313,443.72
19 Jul 21, 2024 $1,436.62 $380.30 $313,063.41
20 Aug 21, 2024 $1,434.87 $382.05 $312,681.37
21 Sep 21, 2024 $1,433.12 $383.80 $312,297.57
22 Oct 21, 2024 $1,431.36 $385.56 $311,912.01
23 Nov 21, 2024 $1,429.60 $387.32 $311,524.69
24 Dec 21, 2024 $1,427.82 $389.10 $311,135.59
Year #2 End
25 Jan 21, 2025 $1,426.04 $390.88 $310,744.71
26 Feb 21, 2025 $1,424.25 $392.67 $310,352.04
27 Marc 21, 2025 $1,422.45 $394.47 $309,957.56
28 Aprarc 21, 2025 $1,420.64 $396.28 $309,561.28
29 May 21, 2025 $1,418.82 $398.10 $309,163.19
30 Jun 21, 2025 $1,417.00 $399.92 $308,763.26
31 Jul 21, 2025 $1,415.16 $401.76 $308,361.51
32 Aug 21, 2025 $1,413.32 $403.60 $307,957.91
33 Sep 21, 2025 $1,411.47 $405.45 $307,552.47
34 Oct 21, 2025 $1,409.62 $407.30 $307,145.16
35 Nov 21, 2025 $1,407.75 $409.17 $306,735.99
36 Dec 21, 2025 $1,405.87 $411.05 $306,324.94
Year #3 End
37 Jan 21, 2026 $1,403.99 $412.93 $305,912.01
38 Feb 21, 2026 $1,402.10 $414.82 $305,497.19
39 Marc 21, 2026 $1,400.20 $416.72 $305,080.46
40 Aprarc 21, 2026 $1,398.29 $418.63 $304,661.83
41 May 21, 2026 $1,396.37 $420.55 $304,241.28
42 Jun 21, 2026 $1,394.44 $422.48 $303,818.80
43 Jul 21, 2026 $1,392.50 $424.42 $303,394.38
44 Aug 21, 2026 $1,390.56 $426.36 $302,968.02
45 Sep 21, 2026 $1,388.60 $428.32 $302,539.70
46 Oct 21, 2026 $1,386.64 $430.28 $302,109.42
47 Nov 21, 2026 $1,384.67 $432.25 $301,677.17
48 Dec 21, 2026 $1,382.69 $434.23 $301,242.94
Year #4 End
49 Jan 21, 2027 $1,380.70 $436.22 $300,806.71
50 Feb 21, 2027 $1,378.70 $438.22 $300,368.49
51 Marc 21, 2027 $1,376.69 $440.23 $299,928.26
52 Aprarc 21, 2027 $1,374.67 $442.25 $299,486.01
53 May 21, 2027 $1,372.64 $444.28 $299,041.73
54 Jun 21, 2027 $1,370.61 $446.31 $298,595.42
55 Jul 21, 2027 $1,368.56 $448.36 $298,147.06
56 Aug 21, 2027 $1,366.51 $450.41 $297,696.65
57 Sep 21, 2027 $1,364.44 $452.48 $297,244.17
58 Oct 21, 2027 $1,362.37 $454.55 $296,789.62
59 Nov 21, 2027 $1,360.29 $456.63 $296,332.99
60 Dec 21, 2027 $1,358.19 $458.73 $295,874.26
Year #5 End
61 Jan 21, 2028 $1,356.09 $460.83 $295,413.43
62 Feb 21, 2028 $1,353.98 $462.94 $294,950.49
63 Marc 21, 2028 $1,351.86 $465.06 $294,485.43
64 Aprarc 21, 2028 $1,349.72 $467.20 $294,018.23
65 May 21, 2028 $1,347.58 $469.34 $293,548.90
66 Jun 21, 2028 $1,345.43 $471.49 $293,077.41
67 Jul 21, 2028 $1,343.27 $473.65 $292,603.76
68 Aug 21, 2028 $1,341.10 $475.82 $292,127.94
69 Sep 21, 2028 $1,338.92 $478.00 $291,649.94
70 Oct 21, 2028 $1,336.73 $480.19 $291,169.75
71 Nov 21, 2028 $1,334.53 $482.39 $290,687.36
72 Dec 21, 2028 $1,332.32 $484.60 $290,202.75
Year #6 End
73 Jan 21, 2029 $1,330.10 $486.82 $289,715.93
74 Feb 21, 2029 $1,327.86 $489.06 $289,226.87
75 Marc 21, 2029 $1,325.62 $491.30 $288,735.58
76 Aprarc 21, 2029 $1,323.37 $493.55 $288,242.03
77 May 21, 2029 $1,321.11 $495.81 $287,746.22
78 Jun 21, 2029 $1,318.84 $498.08 $287,248.14
79 Jul 21, 2029 $1,316.55 $500.37 $286,747.77
80 Aug 21, 2029 $1,314.26 $502.66 $286,245.11
81 Sep 21, 2029 $1,311.96 $504.96 $285,740.15
82 Oct 21, 2029 $1,309.64 $507.28 $285,232.87
83 Nov 21, 2029 $1,307.32 $509.60 $284,723.27
84 Dec 21, 2029 $1,304.98 $511.94 $284,211.33
Year #7 End
85 Jan 21, 2030 $1,302.64 $514.28 $283,697.04
86 Feb 21, 2030 $1,300.28 $516.64 $283,180.40
87 Marc 21, 2030 $1,297.91 $519.01 $282,661.39
88 Aprarc 21, 2030 $1,295.53 $521.39 $282,140.00
89 May 21, 2030 $1,293.14 $523.78 $281,616.22
90 Jun 21, 2030 $1,290.74 $526.18 $281,090.05
91 Jul 21, 2030 $1,288.33 $528.59 $280,561.45
92 Aug 21, 2030 $1,285.91 $531.01 $280,030.44
93 Sep 21, 2030 $1,283.47 $533.45 $279,496.99
94 Oct 21, 2030 $1,281.03 $535.89 $278,961.10
95 Nov 21, 2030 $1,278.57 $538.35 $278,422.75
96 Dec 21, 2030 $1,276.10 $540.82 $277,881.94
Year #8 End
97 Jan 21, 2031 $1,273.63 $543.29 $277,338.64
98 Feb 21, 2031 $1,271.14 $545.78 $276,792.86
99 Marc 21, 2031 $1,268.63 $548.29 $276,244.57
100 Aprarc 21, 2031 $1,266.12 $550.80 $275,693.77
101 May 21, 2031 $1,263.60 $553.32 $275,140.45
102 Jun 21, 2031 $1,261.06 $555.86 $274,584.59
103 Jul 21, 2031 $1,258.51 $558.41 $274,026.18
104 Aug 21, 2031 $1,255.95 $560.97 $273,465.22
105 Sep 21, 2031 $1,253.38 $563.54 $272,901.68
106 Oct 21, 2031 $1,250.80 $566.12 $272,335.56
107 Nov 21, 2031 $1,248.20 $568.72 $271,766.84
108 Dec 21, 2031 $1,245.60 $571.32 $271,195.52
Year #9 End
109 Jan 21, 2032 $1,242.98 $573.94 $270,621.58
110 Feb 21, 2032 $1,240.35 $576.57 $270,045.01
111 Marc 21, 2032 $1,237.71 $579.21 $269,465.80
112 Aprarc 21, 2032 $1,235.05 $581.87 $268,883.93
113 May 21, 2032 $1,232.38 $584.54 $268,299.39
114 Jun 21, 2032 $1,229.71 $587.21 $267,712.18
115 Jul 21, 2032 $1,227.01 $589.91 $267,122.27
116 Aug 21, 2032 $1,224.31 $592.61 $266,529.66
117 Sep 21, 2032 $1,221.59 $595.33 $265,934.34
118 Oct 21, 2032 $1,218.87 $598.05 $265,336.28
119 Nov 21, 2032 $1,216.12 $600.80 $264,735.49
120 Dec 21, 2032 $1,213.37 $603.55 $264,131.94
Year #10 End
121 Jan 21, 2033 $1,210.60 $606.32 $263,525.62
122 Feb 21, 2033 $1,207.83 $609.09 $262,916.53
123 Marc 21, 2033 $1,205.03 $611.89 $262,304.64
124 Aprarc 21, 2033 $1,202.23 $614.69 $261,689.95
125 May 21, 2033 $1,199.41 $617.51 $261,072.44
126 Jun 21, 2033 $1,196.58 $620.34 $260,452.11
127 Jul 21, 2033 $1,193.74 $623.18 $259,828.93
128 Aug 21, 2033 $1,190.88 $626.04 $259,202.89
129 Sep 21, 2033 $1,188.01 $628.91 $258,573.98
130 Oct 21, 2033 $1,185.13 $631.79 $257,942.19
131 Nov 21, 2033 $1,182.24 $634.68 $257,307.51
132 Dec 21, 2033 $1,179.33 $637.59 $256,669.91
Year #11 End
133 Jan 21, 2034 $1,176.40 $640.52 $256,029.40
134 Feb 21, 2034 $1,173.47 $643.45 $255,385.94
135 Marc 21, 2034 $1,170.52 $646.40 $254,739.54
136 Aprarc 21, 2034 $1,167.56 $649.36 $254,090.18
137 May 21, 2034 $1,164.58 $652.34 $253,437.84
138 Jun 21, 2034 $1,161.59 $655.33 $252,782.51
139 Jul 21, 2034 $1,158.59 $658.33 $252,124.18
140 Aug 21, 2034 $1,155.57 $661.35 $251,462.83
141 Sep 21, 2034 $1,152.54 $664.38 $250,798.44
142 Oct 21, 2034 $1,149.49 $667.43 $250,131.02
143 Nov 21, 2034 $1,146.43 $670.49 $249,460.53
144 Dec 21, 2034 $1,143.36 $673.56 $248,786.97
Year #12 End
145 Jan 21, 2035 $1,140.27 $676.65 $248,110.32
146 Feb 21, 2035 $1,137.17 $679.75 $247,430.58
147 Marc 21, 2035 $1,134.06 $682.86 $246,747.71
148 Aprarc 21, 2035 $1,130.93 $685.99 $246,061.72
149 May 21, 2035 $1,127.78 $689.14 $245,372.58
150 Jun 21, 2035 $1,124.62 $692.30 $244,680.29
151 Jul 21, 2035 $1,121.45 $695.47 $243,984.82
152 Aug 21, 2035 $1,118.26 $698.66 $243,286.16
153 Sep 21, 2035 $1,115.06 $701.86 $242,584.30
154 Oct 21, 2035 $1,111.84 $705.08 $241,879.23
155 Nov 21, 2035 $1,108.61 $708.31 $241,170.92
156 Dec 21, 2035 $1,105.37 $711.55 $240,459.37
Year #13 End
157 Jan 21, 2036 $1,102.11 $714.81 $239,744.55
158 Feb 21, 2036 $1,098.83 $718.09 $239,026.46
159 Marc 21, 2036 $1,095.54 $721.38 $238,305.08
160 Aprarc 21, 2036 $1,092.23 $724.69 $237,580.39
161 May 21, 2036 $1,088.91 $728.01 $236,852.38
162 Jun 21, 2036 $1,085.57 $731.35 $236,121.04
163 Jul 21, 2036 $1,082.22 $734.70 $235,386.34
164 Aug 21, 2036 $1,078.85 $738.07 $234,648.27
165 Sep 21, 2036 $1,075.47 $741.45 $233,906.82
166 Oct 21, 2036 $1,072.07 $744.85 $233,161.98
167 Nov 21, 2036 $1,068.66 $748.26 $232,413.72
168 Dec 21, 2036 $1,065.23 $751.69 $231,662.03
Year #14 End
169 Jan 21, 2037 $1,061.78 $755.14 $230,906.89
170 Feb 21, 2037 $1,058.32 $758.60 $230,148.29
171 Marc 21, 2037 $1,054.85 $762.07 $229,386.22
172 Aprarc 21, 2037 $1,051.35 $765.57 $228,620.65
173 May 21, 2037 $1,047.84 $769.08 $227,851.58
174 Jun 21, 2037 $1,044.32 $772.60 $227,078.98
175 Jul 21, 2037 $1,040.78 $776.14 $226,302.84
176 Aug 21, 2037 $1,037.22 $779.70 $225,523.14
177 Sep 21, 2037 $1,033.65 $783.27 $224,739.86
178 Oct 21, 2037 $1,030.06 $786.86 $223,953.00
179 Nov 21, 2037 $1,026.45 $790.47 $223,162.53
180 Dec 21, 2037 $1,022.83 $794.09 $222,368.44
Year #15 End
181 Jan 21, 2038 $1,019.19 $797.73 $221,570.71
182 Feb 21, 2038 $1,015.53 $801.39 $220,769.32
183 Marc 21, 2038 $1,011.86 $805.06 $219,964.26
184 Aprarc 21, 2038 $1,008.17 $808.75 $219,155.51
185 May 21, 2038 $1,004.46 $812.46 $218,343.05
186 Jun 21, 2038 $1,000.74 $816.18 $217,526.87
187 Jul 21, 2038 $997.00 $819.92 $216,706.95
188 Aug 21, 2038 $993.24 $823.68 $215,883.27
189 Sep 21, 2038 $989.46 $827.46 $215,055.82
190 Oct 21, 2038 $985.67 $831.25 $214,224.57
191 Nov 21, 2038 $981.86 $835.06 $213,389.51
192 Dec 21, 2038 $978.04 $838.88 $212,550.63
Year #16 End
193 Jan 21, 2039 $974.19 $842.73 $211,707.90
194 Feb 21, 2039 $970.33 $846.59 $210,861.31
195 Marc 21, 2039 $966.45 $850.47 $210,010.83
196 Aprarc 21, 2039 $962.55 $854.37 $209,156.46
197 May 21, 2039 $958.63 $858.29 $208,298.18
198 Jun 21, 2039 $954.70 $862.22 $207,435.96
199 Jul 21, 2039 $950.75 $866.17 $206,569.78
200 Aug 21, 2039 $946.78 $870.14 $205,699.64
201 Sep 21, 2039 $942.79 $874.13 $204,825.51
202 Oct 21, 2039 $938.78 $878.14 $203,947.38
203 Nov 21, 2039 $934.76 $882.16 $203,065.22
204 Dec 21, 2039 $930.72 $886.20 $202,179.01
Year #17 End
205 Jan 21, 2040 $926.65 $890.27 $201,288.74
206 Feb 21, 2040 $922.57 $894.35 $200,394.40
207 Marc 21, 2040 $918.47 $898.45 $199,495.95
208 Aprarc 21, 2040 $914.36 $902.56 $198,593.39
209 May 21, 2040 $910.22 $906.70 $197,686.69
210 Jun 21, 2040 $906.06 $910.86 $196,775.83
211 Jul 21, 2040 $901.89 $915.03 $195,860.80
212 Aug 21, 2040 $897.70 $919.22 $194,941.58
213 Sep 21, 2040 $893.48 $923.44 $194,018.14
214 Oct 21, 2040 $889.25 $927.67 $193,090.47
215 Nov 21, 2040 $885.00 $931.92 $192,158.55
216 Dec 21, 2040 $880.73 $936.19 $191,222.35
Year #18 End
217 Jan 21, 2041 $876.44 $940.48 $190,281.87
218 Feb 21, 2041 $872.13 $944.79 $189,337.07
219 Marc 21, 2041 $867.79 $949.13 $188,387.95
220 Aprarc 21, 2041 $863.44 $953.48 $187,434.47
221 May 21, 2041 $859.07 $957.85 $186,476.63
222 Jun 21, 2041 $854.68 $962.24 $185,514.39
223 Jul 21, 2041 $850.27 $966.65 $184,547.75
224 Aug 21, 2041 $845.84 $971.08 $183,576.67
225 Sep 21, 2041 $841.39 $975.53 $182,601.15
226 Oct 21, 2041 $836.92 $980.00 $181,621.15
227 Nov 21, 2041 $832.43 $984.49 $180,636.66
228 Dec 21, 2041 $827.92 $989.00 $179,647.66
Year #19 End
229 Jan 21, 2042 $823.39 $993.53 $178,654.12
230 Feb 21, 2042 $818.83 $998.09 $177,656.03
231 Marc 21, 2042 $814.26 $1,002.66 $176,653.37
232 Aprarc 21, 2042 $809.66 $1,007.26 $175,646.11
233 May 21, 2042 $805.04 $1,011.88 $174,634.23
234 Jun 21, 2042 $800.41 $1,016.51 $173,617.72
235 Jul 21, 2042 $795.75 $1,021.17 $172,596.55
236 Aug 21, 2042 $791.07 $1,025.85 $171,570.70
237 Sep 21, 2042 $786.37 $1,030.55 $170,540.14
238 Oct 21, 2042 $781.64 $1,035.28 $169,504.86
239 Nov 21, 2042 $776.90 $1,040.02 $168,464.84
240 Dec 21, 2042 $772.13 $1,044.79 $167,420.05
Year #20 End
241 Jan 21, 2043 $767.34 $1,049.58 $166,370.47
242 Feb 21, 2043 $762.53 $1,054.39 $165,316.09
243 Marc 21, 2043 $757.70 $1,059.22 $164,256.86
244 Aprarc 21, 2043 $752.84 $1,064.08 $163,192.79
245 May 21, 2043 $747.97 $1,068.95 $162,123.84
246 Jun 21, 2043 $743.07 $1,073.85 $161,049.98
247 Jul 21, 2043 $738.15 $1,078.77 $159,971.21
248 Aug 21, 2043 $733.20 $1,083.72 $158,887.49
249 Sep 21, 2043 $728.23 $1,088.69 $157,798.80
250 Oct 21, 2043 $723.24 $1,093.68 $156,705.13
251 Nov 21, 2043 $718.23 $1,098.69 $155,606.44
252 Dec 21, 2043 $713.20 $1,103.72 $154,502.72
Year #21 End
253 Jan 21, 2044 $708.14 $1,108.78 $153,393.93
254 Feb 21, 2044 $703.06 $1,113.86 $152,280.07
255 Marc 21, 2044 $697.95 $1,118.97 $151,161.10
256 Aprarc 21, 2044 $692.82 $1,124.10 $150,037.00
257 May 21, 2044 $687.67 $1,129.25 $148,907.75
258 Jun 21, 2044 $682.49 $1,134.43 $147,773.33
259 Jul 21, 2044 $677.29 $1,139.63 $146,633.70
260 Aug 21, 2044 $672.07 $1,144.85 $145,488.85
261 Sep 21, 2044 $666.82 $1,150.10 $144,338.76
262 Oct 21, 2044 $661.55 $1,155.37 $143,183.39
263 Nov 21, 2044 $656.26 $1,160.66 $142,022.72
264 Dec 21, 2044 $650.94 $1,165.98 $140,856.74
Year #22 End
265 Jan 21, 2045 $645.59 $1,171.33 $139,685.42
266 Feb 21, 2045 $640.22 $1,176.70 $138,508.72
267 Marc 21, 2045 $634.83 $1,182.09 $137,326.63
268 Aprarc 21, 2045 $629.41 $1,187.51 $136,139.13
269 May 21, 2045 $623.97 $1,192.95 $134,946.18
270 Jun 21, 2045 $618.50 $1,198.42 $133,747.76
271 Jul 21, 2045 $613.01 $1,203.91 $132,543.85
272 Aug 21, 2045 $607.49 $1,209.43 $131,334.42
273 Sep 21, 2045 $601.95 $1,214.97 $130,119.45
274 Oct 21, 2045 $596.38 $1,220.54 $128,898.91
275 Nov 21, 2045 $590.79 $1,226.13 $127,672.78
276 Dec 21, 2045 $585.17 $1,231.75 $126,441.03
Year #23 End
277 Jan 21, 2046 $579.52 $1,237.40 $125,203.63
278 Feb 21, 2046 $573.85 $1,243.07 $123,960.56
279 Marc 21, 2046 $568.15 $1,248.77 $122,711.79
280 Aprarc 21, 2046 $562.43 $1,254.49 $121,457.30
281 May 21, 2046 $556.68 $1,260.24 $120,197.06
282 Jun 21, 2046 $550.90 $1,266.02 $118,931.04
283 Jul 21, 2046 $545.10 $1,271.82 $117,659.22
284 Aug 21, 2046 $539.27 $1,277.65 $116,381.57
285 Sep 21, 2046 $533.42 $1,283.50 $115,098.07
286 Oct 21, 2046 $527.53 $1,289.39 $113,808.68
287 Nov 21, 2046 $521.62 $1,295.30 $112,513.39
288 Dec 21, 2046 $515.69 $1,301.23 $111,212.15
Year #24 End
289 Jan 21, 2047 $509.72 $1,307.20 $109,904.96
290 Feb 21, 2047 $503.73 $1,313.19 $108,591.77
291 Marc 21, 2047 $497.71 $1,319.21 $107,272.56
292 Aprarc 21, 2047 $491.67 $1,325.25 $105,947.30
293 May 21, 2047 $485.59 $1,331.33 $104,615.98
294 Jun 21, 2047 $479.49 $1,337.43 $103,278.55
295 Jul 21, 2047 $473.36 $1,343.56 $101,934.99
296 Aug 21, 2047 $467.20 $1,349.72 $100,585.27
297 Sep 21, 2047 $461.02 $1,355.90 $99,229.36
298 Oct 21, 2047 $454.80 $1,362.12 $97,867.25
299 Nov 21, 2047 $448.56 $1,368.36 $96,498.88
300 Dec 21, 2047 $442.29 $1,374.63 $95,124.25
Year #25 End
301 Jan 21, 2048 $435.99 $1,380.93 $93,743.32
302 Feb 21, 2048 $429.66 $1,387.26 $92,356.05
303 Marc 21, 2048 $423.30 $1,393.62 $90,962.43
304 Aprarc 21, 2048 $416.91 $1,400.01 $89,562.42
305 May 21, 2048 $410.49 $1,406.43 $88,156.00
306 Jun 21, 2048 $404.05 $1,412.87 $86,743.13
307 Jul 21, 2048 $397.57 $1,419.35 $85,323.78
308 Aug 21, 2048 $391.07 $1,425.85 $83,897.93
309 Sep 21, 2048 $384.53 $1,432.39 $82,465.54
310 Oct 21, 2048 $377.97 $1,438.95 $81,026.58
311 Nov 21, 2048 $371.37 $1,445.55 $79,581.04
312 Dec 21, 2048 $364.75 $1,452.17 $78,128.86
Year #26 End
313 Jan 21, 2049 $358.09 $1,458.83 $76,670.03
314 Feb 21, 2049 $351.40 $1,465.52 $75,204.52
315 Marc 21, 2049 $344.69 $1,472.23 $73,732.29
316 Aprarc 21, 2049 $337.94 $1,478.98 $72,253.30
317 May 21, 2049 $331.16 $1,485.76 $70,767.55
318 Jun 21, 2049 $324.35 $1,492.57 $69,274.98
319 Jul 21, 2049 $317.51 $1,499.41 $67,775.57
320 Aug 21, 2049 $310.64 $1,506.28 $66,269.29
321 Sep 21, 2049 $303.73 $1,513.19 $64,756.10
322 Oct 21, 2049 $296.80 $1,520.12 $63,235.98
323 Nov 21, 2049 $289.83 $1,527.09 $61,708.89
324 Dec 21, 2049 $282.83 $1,534.09 $60,174.80
Year #27 End
325 Jan 21, 2050 $275.80 $1,541.12 $58,633.68
326 Feb 21, 2050 $268.74 $1,548.18 $57,085.50
327 Marc 21, 2050 $261.64 $1,555.28 $55,530.22
328 Aprarc 21, 2050 $254.51 $1,562.41 $53,967.82
329 May 21, 2050 $247.35 $1,569.57 $52,398.25
330 Jun 21, 2050 $240.16 $1,576.76 $50,821.49
331 Jul 21, 2050 $232.93 $1,583.99 $49,237.50
332 Aug 21, 2050 $225.67 $1,591.25 $47,646.25
333 Sep 21, 2050 $218.38 $1,598.54 $46,047.71
334 Oct 21, 2050 $211.05 $1,605.87 $44,441.84
335 Nov 21, 2050 $203.69 $1,613.23 $42,828.61
336 Dec 21, 2050 $196.30 $1,620.62 $41,207.99
Year #28 End
337 Jan 21, 2051 $188.87 $1,628.05 $39,579.94
338 Feb 21, 2051 $181.41 $1,635.51 $37,944.43
339 Marc 21, 2051 $173.91 $1,643.01 $36,301.42
340 Aprarc 21, 2051 $166.38 $1,650.54 $34,650.88
341 May 21, 2051 $158.82 $1,658.10 $32,992.78
342 Jun 21, 2051 $151.22 $1,665.70 $31,327.08
343 Jul 21, 2051 $143.58 $1,673.34 $29,653.74
344 Aug 21, 2051 $135.91 $1,681.01 $27,972.73
345 Sep 21, 2051 $128.21 $1,688.71 $26,284.02
346 Oct 21, 2051 $120.47 $1,696.45 $24,587.57
347 Nov 21, 2051 $112.69 $1,704.23 $22,883.34
348 Dec 21, 2051 $104.88 $1,712.04 $21,171.30
Year #29 End
349 Jan 21, 2052 $97.04 $1,719.88 $19,451.42
350 Feb 21, 2052 $89.15 $1,727.77 $17,723.65
351 Marc 21, 2052 $81.23 $1,735.69 $15,987.96
352 Aprarc 21, 2052 $73.28 $1,743.64 $14,244.32
353 May 21, 2052 $65.29 $1,751.63 $12,492.69
354 Jun 21, 2052 $57.26 $1,759.66 $10,733.03
355 Jul 21, 2052 $49.19 $1,767.73 $8,965.30
356 Aug 21, 2052 $41.09 $1,775.83 $7,189.47
357 Sep 21, 2052 $32.95 $1,783.97 $5,405.50
358 Oct 21, 2052 $24.78 $1,792.14 $3,613.36
359 Nov 21, 2052 $16.56 $1,800.36 $1,813.00
360 Dec 21, 2052 $8.31 $1,808.61 $4.39
Year #30 End

There was an error with your calculation.

Table of Contents

  1. Mortgages
  2. Components of a Mortgage Calculator
  3. Costs of Owning a Home and Getting a Mortgage
    1. Recurring Expenses
  4. Non-recurring expenses
  5. Repayment Ahead of Schedule and Additional Funds
  6. Strategies for Paying Off Debt Early
    1. Extra payments
    2. Biweekly payment
    3. Refinancing into a shorter term loan
  7. Reasons for paying back a loan early
  8. The downsides of paying off debts early
  9. A brief history of mortgages in the United States

Mortgage Calculator

The Mortgage Calculator is a helpful tool for calculating the monthly payment and other expenditures connected with owning a home. You can include additional fees or an annual percentage increase in the total costs associated with the mortgage. U.S. citizens are the primary target audience for this calculator.

Mortgages

A mortgage is a loan guaranteed by a piece of property, most commonly a house. Lenders define real estate loans as the money borrowed to pay for a property. Buyers who take out a home loan from a lender are often required to pay it back within a certain period, usually 15 or 30 years in the United States. Each month, the buyer pays back the loan. The principal, or original amount borrowed, is a portion of the monthly payment.

Interest is the value paid to the lender for the use of the money. Escrow accounts are sometimes used to offset the costs of property taxes and insurance. Until the last monthly payment is paid, the buyer cannot be regarded as the complete owner of the mortgaged property.

The 30-year fixed-interest loan is a prevalent mortgage type in the United States. In the United States, mortgages are the primary means through which individuals finance home purchases.

Components of a Mortgage Calculator

There are usually several components to a mortgage loan, and our calculator includes them. The loan amount is the sum borrowed from a bank or lender. This amount is equal to the purchase price minus the down payment. The maximum loan amount that can be taken out is usually related to family income or affordability.

The loan term defines when you must repay the loan in full. Fixed-rate mortgages often have terms of 15, 20, or 30 years. Shorter repayment terms, such as 15 or 20 years, often have lower interest rates.

Down payment is the initial payment for the purchase, usually a proportion of the entire cost. Typically, mortgage lenders need a down payment of at least 20% of the total loan amount. In some cases, borrowers can put down 3%.

Borrowers will be compelled to purchase private mortgage insurance (PMI) if their down payment is less than 20%. Borrowers must have this insurance until the loan’s outstanding balance falls below 80% of the home’s initial purchase price. The higher the down payment, the better the interest rate and the more likely the loan will be approved.

The interest rate is the proportion of the loan charged as a borrowing fee.

There are two kinds of mortgages: fixed-rate (FRM) and adjustable-rate (ARM). As the name suggests, the FRM loan’s interest rates are fixed throughout the loan. Only fixed rates are calculated using the calculator above.

With ARMs, interest rates are usually fixed for a certain period, after which they are periodically adjusted based on market indices. ARMs shift some risk to borrowers. Therefore, initial interest rates of ARMs are usually 0.5-2% lower than FRMs with the same loan term.

Mortgage interest rates are usually expressed in annual percentage rate (APR), sometimes called nominal APR or effective APR. This is the interest rate expressed as a periodic rate multiplied by the number of compounding periods in a year. For example, if the mortgage rate is 6% APR, the borrower will have to pay 6% divided by twelve, which is 0.5% interest each month.

Costs of Owning a Home and Getting a Mortgage

Monthly mortgage payments make up most of the financial costs of owning a home. But there are other significant costs to keep in mind. For categorization, these expenses are divided between recurrent and non-recurring costs.

Recurring Expenses

Most recurring expenses persist throughout the life of the mortgage and beyond. Real estate taxes, home insurance, HOA fees, and other costs increase over time as a byproduct of inflation. They are a significant financial factor.

Recurring costs are placed under the “Include Options Below” checkbox in the calculator. The calculator also has additional options for the annual percentage increase in the “More options” section. Their use can lead to more accurate calculations.

Home insurance is a type of insurance that covers a person’s home against various kinds of perils. It protects against lawsuits involving injuries on and off the property. Personal liability coverage can be included in home insurance policies. The cost of house insurance is affected by several variables, including the location, age, condition of the home, and the level of protection desired.

Property taxes. Property owners pay taxes to local governments. Typically, in the United States, property tax is handled by local or county governments. Local property taxes are levied in each of the 50 states. Generally, homeowners in the United States spend around 1.1 percent of the value of their homes on property taxes each year.

HOA charge is a fee levied on a property owned by a homeowner’s association (HOA). This organization maintains and enhances the property and environment of the communities under its jurisdiction. HOA fees are often required for condominiums, townhouses, and specific single-family residences. Annual HOA fees are typically less than 1% of the property value.

Private mortgage insurance (PMI). Private mortgage insurance (PMI) protects the lender when a borrower cannot repay a loan. Lenders in the U.S. often demand that borrowers purchase PMI if the down payment is less than 20 percent of the property’s worth and the loan-to-value ratio (LTV) is lower than 78-80%. Down payment, loan size, and borrower credit influence the cost of private mortgage insurance (PMI). Between 0.3 and 1.9 percent of the loan amount is charged each year.

Additional costs. Annual property maintenance can cost up to 1% of the property’s value. Utilities, house upkeep, and other expenses are included in this cost category.

Non-recurring expenses

The calculator does not include these expenses, but they should not be overlooked.

Initial improvements: Before moving in, some purchasers like to make fundamental improvements to the property. Renovating a home can encompass everything from replacing the flooring and painting the walls to completely redoing the inside or outside. Renovation expenditures may rapidly pile up, but owners have the option of delaying or avoiding them altogether.

Closing costs are the fees incurred after a real estate transaction. A mortgage closing cost in the United States may include the title service fees, attorney fees, property transfer tax, survey fees, recording fees, mortgage application fee, brokerage commission, home warranty, inspection fee, appraisal fee, pro-rata property taxes, pre-paid home insurance, pro-rata interest, pro-rata homeowner association dues, etc.

The buyer usually bears these expenses, although a “credit” might be negotiated with the seller or lender. On a $400,000 transaction, it is not uncommon for a buyer to pay around $10,000 of closing costs.

Miscellaneous: New furnishings, new appliances, repairs, and relocation expenses are one-time costs associated with buying a house.

Repayment Ahead of Schedule and Additional Funds

Borrowers may want to pay off their mortgages sooner rather than later for various reasons, including, but not limited to, lower interest rates, the desire to sell their house, or the ability to refinance. For example, our calculator can consider one-time or regular payments. Borrowers should know the benefits and drawbacks of making extra mortgage payments.

Strategies for Paying Off Debt Early

In addition to final mortgage repayment, there are three main ways to do this. To save money on interest, borrowers use these methods. You can use a combination of these strategies or use them individually.

Extra payments

It is simply an extra payment on top of the monthly payment. In typical long-term mortgages, a large portion of the additional costs goes toward paying off interest, not principal. Any extra charges reduce the loan balance, lowering the interest and allowing the borrower to repay the loan earlier in the long run.

Some people develop the habit of making extra payments every month; others do it when possible. The mortgage calculator has additional parameters for including many extra costs, and it can be helpful to compare the results of a mortgage supplement with and without extra payments.

Biweekly payment

Under the biweekly payment plan, the borrower makes a payment equal to half the typical monthly amount every two weeks. Given that there are 52 weeks in a year, the borrower will make 26 biweekly payments. This equates to 13 full monthly payments per year, rather than the 12 payments made on a standard monthly schedule.

This approach can align well with the budgeting cycle of individuals who are paid on a biweekly basis, as it allows them to synchronize a portion of each paycheck directly towards their mortgage payment. Over the span of a year, this strategy results in one additional monthly payment, which is applied to the principal. This can accelerate the reduction of the principal balance and may result in significant interest savings over the duration of the loan, as well as a potential reduction in the overall term of the mortgage.

Refinancing into a shorter term loan

Refinancing is taking out a new loan to pay off an existing one. Using this strategy, borrowers can shorten the loan term, which usually results in a lower interest rate. This speeds up repayment and saves interest costs. However, the borrower usually makes a larger monthly payment. Also, when refinancing, the borrower will likely have to pay closing costs and fees.

Reasons for paying back a loan early

You can gain the following benefits from making additional payments:

A shorter repayment timeframe: Shortening the repayment period means the repayment will come sooner than the original term specified in the mortgage contract. This causes the borrower to pay off the mortgage faster.

Lower interest costs: Borrowers can save on interest, which is often a significant expense.

Personal fulfillment: The sense of emotional well-being that can come with debt relief. Being debt-free also allows borrowers to spend and invest in other spheres.

The downsides of paying off debts early

Additional payments, on the other hand, come at a cost. Loan applicants should consider the following before making extra payments on their mortgage:

Prepayment penalties: An early repayment penalty is an agreement between the borrower and the mortgage lender that regulates what the borrower can repay and when. The penalty amount is usually expressed as a percentage of the balance owed at the time of prepayment or a certain number of months of accrued interest.

The penalty amount usually decreases until it eventually goes away within five years. A one-time repayment due to the sale of a home is generally not subject to the prepayment penalty.

Locking up the house’s capital: Money invested in a home is money the borrower cannot spend elsewhere. This may eventually force the borrower to take out an additional loan if there is an unforeseen need for cash.

Lost tax deduction: Borrowers in the U.S. can deduct mortgage interest costs from their taxes. Lower interest payments result in a lower deduction. However, only taxpayers who itemize the amount owed (rather than receiving the standard deduction) can take advantage of this benefit.

Opportunity Costs: Prioritizing early mortgage repayment may not always be the optimal financial decision. Given that mortgage rates are often lower than the potential returns from other investments, it's important to weigh the benefits. For instance, using surplus funds to pay off a mortgage carrying a 4% interest rate might not be as beneficial if those same funds could yield a return of 7% or more if invested wisely. The difference in potential earnings represents an opportunity cost that should be carefully considered in financial planning.

A brief history of mortgages in the United States

In the early decades of the 20th century, purchasing a home often meant providing a large down payment and agreeing to a short-term loan, which typically required a significant balloon payment after a period of about three to five years. Such stringent terms meant that homeownership was out of reach for a majority of Americans; historical data suggests that before the 1930s, homeownership rates hovered around 40%.

The onset of the Great Depression saw a drastic increase in foreclosures, with estimates indicating that nearly 25% of mortgage holders lost their homes to foreclosure. This period underscored the need for reform in housing finance.

Responding to this need, the U.S. government took steps in the 1930s to reshape the housing finance system. The creation of the Federal Housing Administration (FHA) and the Federal National Mortgage Association, commonly known as Fannie Mae, marked a turning point. The FHA introduced mortgage insurance, reducing the risk for lenders and thus allowing for longer loan terms and lower down payments, making homeownership more attainable for the average American. Fannie Mae was established to provide a secondary market for mortgages, increasing the availability of funds for lending.

After World War II, these institutions were instrumental in facilitating homeownership for veterans, contributing to a housing boom and sustained growth in homeownership rates. The FHA, in particular, continued to provide critical support to the housing market, especially during economic downturns, helping to stabilize it.

By the early 21st century, a combination of factors led to an all-time high in homeownership, with the rate peaking at 68.1% in 2001. However, this peak was followed by a sharp decline during the financial crisis of 2008. Fannie Mae, severely affected by mortgage defaults, was taken into federal conservatorship to prevent its collapse. After a few years, by 2012, it had recovered to profitability. The FHA also played a significant role in steadying the market by ensuring the availability of mortgage insurance during the crisis.

The Federal Reserve intervened as well, implementing policies aimed at bolstering the market, which helped to restore confidence and stability in mortgage-backed securities. By 2013, these collective efforts had begun to yield a more resilient housing market.

Today, institutions like Fannie Mae and the FHA continue to be foundational to the mortgage industry, providing backing for a substantial portion of mortgages for single-family homes and contributing to the flexibility and accessibility of home financing.