Enter your details and click Calculate
Your monthly payment breakdown, amortization schedule, and affordability analysis will appear here.
Calculating your results…
How a Mortgage Calculator Works — And the Formula Behind It
Understanding the math helps you make better decisions. Here's exactly how your monthly payment is calculated and what every variable means.
The Standard Amortization Formula
Every fixed-rate mortgage uses the same formula to calculate your monthly principal and interest payment. Early payments are almost entirely interest; later payments are mostly principal.
Worked Example: $350,000 Home, 20% Down, 6.82%, 30-Year
What Is PMI and When Do You Pay It?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It typically costs 0.5%–1.5% of the loan amount per year and is automatically removed once your LTV reaches 80%.
What Factors Affect Your Rate?
- Credit score: 760+ typically gets the best rates
- Down payment: 20%+ avoids PMI; larger down payments often mean lower rates
- Loan type: VA loans often have the lowest rates
- Loan term: 15-year rates are usually 0.5–0.75% lower
- Debt-to-income ratio: Lenders prefer under 43% of gross income
How Extra Payments Work
Extra payments go entirely toward your principal balance. Even $100–$200/month extra can shave years off a 30-year mortgage and save tens of thousands in interest.
2026 Mortgage Payment Reference Tables
Quick estimates for common loan amounts. Use the calculator above for personalized results.
Monthly P&I by Loan Amount & Rate (30-Year)
| Loan Amount | 5.50% | 6.00% | 6.50% | 6.82% | 7.50% | 8.00% |
|---|---|---|---|---|---|---|
| $150,000 | $852 | $899 | $948 | $980 | $1,049 | $1,101 |
| $200,000 | $1,136 | $1,199 | $1,264 | $1,307 | $1,398 | $1,468 |
| $250,000 | $1,419 | $1,499 | $1,580 | $1,634 | $1,748 | $1,835 |
| $300,000 | $1,703 | $1,799 | $1,896 | $1,960 | $2,097 | $2,201 |
| $350,000 | $1,987 | $2,098 | $2,212 | $2,287 | $2,447 | $2,568 |
| $400,000 | $2,271 | $2,398 | $2,528 | $2,614 | $2,796 | $2,935 |
| $500,000 | $2,839 | $2,998 | $3,160 | $3,267 | $3,496 | $3,668 |
| $750,000 | $4,258 | $4,497 | $4,740 | $4,901 | $5,244 | $5,502 |
| $1,000,000 | $5,678 | $5,996 | $6,321 | $6,534 | $6,992 | $7,337 |
Extra Payment Savings on a $300,000 Loan (6.82%, 30-Year)
| Extra/Month | Years Saved | Interest Saved | Payoff Date | New Term |
|---|---|---|---|---|
| $0 (baseline) | — | — | 2056 | 30 years |
| $100/month | ~3.5 years | ~$47,000 | 2052 | ~26.5 years |
| $200/month | ~6.2 years | ~$82,000 | 2050 | ~23.8 years |
| $300/month | ~8.5 years | ~$109,000 | 2047 | ~21.5 years |
| $500/month | ~12 years | ~$148,000 | 2044 | ~18 years |
| $1,000/month | ~17 years | ~$195,000 | 2039 | ~13 years |
15-Year vs. 30-Year Mortgage Comparison
| Loan Amount | 30-yr (6.82%) | 15-yr (6.14%) | Extra/Month | Interest Saved |
|---|---|---|---|---|
| $200,000 | $1,307 | $1,698 | +$391 | ~$100,000 |
| $300,000 | $1,960 | $2,547 | +$587 | ~$150,000 |
| $400,000 | $2,614 | $3,396 | +$782 | ~$200,000 |
| $500,000 | $3,267 | $4,245 | +$978 | ~$250,000 |
Conventional, FHA, VA, and Jumbo Loans
The loan type you choose affects your interest rate, down payment requirement, PMI, and eligibility.
Conventional Loans
Not government-backed. Require 620+ credit score and as little as 3% down (with PMI). Best rates for 740+ credit and 20%+ down. 2026 conforming limit: $806,500 for most areas.
FHA Loans
Backed by the Federal Housing Administration. Allow credit scores as low as 580 with 3.5% down. Require MIP for the life of the loan if you put down less than 10%.
VA Loans
For eligible veterans and active-duty service members. No down payment, no PMI, and typically the lowest available rates. Require a VA funding fee unless you have a service-connected disability.
Jumbo Loans
Loans above $806,500. Require 700–720+ credit scores, 10–20%+ down, and lower DTI ratios. Rates typically run 0.25–0.5% higher than conforming loans.
Mortgage Calculator — Frequently Asked Questions
Answers to the most common questions about mortgage calculations, PMI, loan terms, and affordability.