Principal & interest
$2,023
Property tax
$400
Home insurance
$150
HOA
$0
Loan amount
Total interest paid
Total cost of home
Over 30 years: principal and interest $728,142, property tax $194,727, home insurance $73,023.
Most monthly mortgage payments include principal and interest, plus property tax and homeowners insurance, often collected through an escrow account. This calculator shows each part separately.
Yes, when your down payment is less than 20% of the home price. Private mortgage insurance (PMI) protects the lender and is added to your monthly payment. Enter the monthly PMI amount your lender quotes. PMI can usually be removed once your loan balance falls to about 80% of the home price.
A shorter term, such as 15 years, gives a higher monthly payment but much less total interest. A 30-year term lowers the monthly payment but costs more in interest over the life of the loan.