Estimate your total monthly payment, including principal, interest, property tax, homeowners insurance, HOA fees, and PMI, and see a full amortization schedule.
| Year | Interest paid (cum.) | Principal paid | Balance |
|---|
We use the standard amortization formula: M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1). P is your loan amount (price − down payment), r is the monthly rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Property tax, insurance, HOA, and PMI are added on top.
Under the federal Homeowners Protection Act, your servicer must automatically cancel PMI once the loan balance reaches 78% of the original purchase price. You can request cancellation earlier at 80% loan-to-value if you're current on payments.
If your mortgage rate is above the long-term expected return of a diversified portfolio (historically ~7%), a bigger down payment usually wins. Below that, investing typically pulls ahead, but only if you actually invest the difference every month.
A 15-year loan saves enormous interest, often 60–70% less than a 30-year, but the monthly payment is 40–50% higher. Most financial advisors recommend a 30-year fixed with optional extra principal payments for the flexibility.