SumAtlasFull calculator and guide

Your mortgage

The home and the loan
Enter the down payment as
$40,000
Loan term
More optionsOptional. The defaults suit most people; change these if your situation is different.
Enter property tax asOptional
$3,560 a year

Free to use. Your details are not saved to an account.

Your summary

Monthly payment$3,053
Principal and interest$2,456
Property tax$297
Homeowners insurance$150
PMI$150
HOA dues$0

Borrowing $360,000 over 30 years at 7.25% costs $2,456 a month in principal and interest. With property tax, insurance and PMI, your first payment is $3,053. PMI of $150 drops off after 9 years 10 months, taking the payment to $2,903.

Loan $360,00090% loan-to-valuePMI for 9 years 10 monthsPaid off in 30 years

THE COMPLETE PICTURE

Your results in detail

Principal and interest$2,456
Tax and insurance$447
Total interest$524,100
Total of loan payments$884,100
What we assumed
Rate
7.25% fixed for 30 years, charged monthly
Down payment
$40,000 (10.0%)
Property tax
$3,560 a year (0.89% of the price), flat
Insurance
$1,800 a year, flat
PMI
0.5% a year of the loan until the balance reaches 78% of the price
Not included
Closing costs, utilities, repairs and rises in tax or insurance

Not right for you? Change it under More options.

Where your payment goes

Your first month's payment, split into its parts.

Principal and interest$2,456
Property tax$297
Homeowners insurance$150
PMI$150
HOA dues$0

Tax and insurance are usually paid into an escrow account with your mortgage payment, and can rise each year.

Private mortgage insurance

When PMI can stop under the Homeowners Protection Act.

PMI a month$150
You can ask to cancel8 years 8 monthsBalance at 80% of the price
Ends automatically9 years 10 months78% on the original schedule
Total PMI, about$17,700

Your balance over time

How the balance falls and the interest adds up.

BalanceInterest paid so far
End of year 5: you owe $339,764 and have paid $127,114 in interest.
$131k$262k$393k$524k

Drag across the chart, or use the arrow keys, to read any year.

Year-by-year amortization schedule
YearPrincipalInterestBalance at year end
1$3,484$25,986$356,516
2$3,745$25,725$352,770
3$4,026$25,444$348,744
4$4,328$25,142$344,416
5$4,652$24,818$339,764
6$5,001$24,469$334,762
7$5,376$24,094$329,386
8$5,779$23,691$323,607
9$6,212$23,258$317,395
10$6,678$22,792$310,717
11$7,178$22,292$303,539
12$7,717$21,753$295,822
13$8,295$21,175$287,527
14$8,917$20,553$278,611
15$9,585$19,885$269,026
16$10,304$19,166$258,722
17$11,076$18,394$247,646
18$11,906$17,564$235,740
19$12,799$16,671$222,941
20$13,758$15,712$209,183
21$14,789$14,681$194,394
22$15,898$13,572$178,496
23$17,089$12,381$161,407
24$18,370$11,100$143,036
25$19,748$9,723$123,289
26$21,228$8,242$102,061
27$22,819$6,651$79,242
28$24,529$4,941$54,713
29$26,368$3,102$28,345
30$28,345$1,125$0

Paying extra

Small extra payments go straight to principal.

Try an extra payment

Add an amount under More options to see the interest saved and how much sooner you would own your home. Check your loan has no prepayment penalty first.

Less than 20% down

Lenders add PMI to conventional loans until you reach 20% equity. Putting $40,000 more down would remove it. FHA, VA and USDA loans have their own fees instead of PMI.

An estimate, not a loan offer. Your Loan Estimate shows the lender's real figures.

Free Mortgage calculator by SumAtlas. Estimates only, not financial advice.