Borrow
Mortgage calculator
Build a housing payment from a fixed-rate loan plus the yearly tax, yearly insurance, and monthly dues you type. Those extras are not looked up for you.
Results
- Monthly housing payment
- $2,800.44
- Principal and interest
- $2,275.44
- Tax, insurance, and dues
- $525.00
- Amount borrowed
- $360,000.00
- Total interest
- $459,164.00
- Time to pay off
- 30 years
Interest is rounded to the cent, yen, or won each month. The last payment is the remaining balance plus that month's interest, so it can differ by a small amount.
- Year 1$355,976.26
- Year 8$319,164.69
- Year 16$250,574.87
- Year 23$153,237.67
- Year 30$0.00
| Year | Paid on the loan | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $27,305.28 | $23,281.54 | $4,023.74 | $355,976.26 |
| 2 | $27,305.28 | $23,012.05 | $4,293.23 | $351,683.03 |
| 3 | $27,305.28 | $22,724.54 | $4,580.74 | $347,102.29 |
| 4 | $27,305.28 | $22,417.74 | $4,887.54 | $342,214.75 |
| 5 | $27,305.28 | $22,090.42 | $5,214.86 | $336,999.89 |
| 6 | $27,305.28 | $21,741.18 | $5,564.10 | $331,435.79 |
| 7 | $27,305.28 | $21,368.54 | $5,936.74 | $325,499.05 |
| 8 | $27,305.28 | $20,970.92 | $6,334.36 | $319,164.69 |
| 9 | $27,305.28 | $20,546.72 | $6,758.56 | $312,406.13 |
| 10 | $27,305.28 | $20,094.07 | $7,211.21 | $305,194.92 |
| 11 | $27,305.28 | $19,611.15 | $7,694.13 | $297,500.79 |
| 12 | $27,305.28 | $19,095.83 | $8,209.45 | $289,291.34 |
| 13 | $27,305.28 | $18,546.04 | $8,759.24 | $280,532.10 |
| 14 | $27,305.28 | $17,959.42 | $9,345.86 | $271,186.24 |
| 15 | $27,305.28 | $17,333.52 | $9,971.76 | $261,214.48 |
| 16 | $27,305.28 | $16,665.67 | $10,639.61 | $250,574.87 |
| 17 | $27,305.28 | $15,953.13 | $11,352.15 | $239,222.72 |
| 18 | $27,305.28 | $15,192.84 | $12,112.44 | $227,110.28 |
| 19 | $27,305.28 | $14,381.67 | $12,923.61 | $214,186.67 |
| 20 | $27,305.28 | $13,516.15 | $13,789.13 | $200,397.54 |
| 21 | $27,305.28 | $12,592.66 | $14,712.62 | $185,684.92 |
| 22 | $27,305.28 | $11,607.32 | $15,697.96 | $169,986.96 |
| 23 | $27,305.28 | $10,555.99 | $16,749.29 | $153,237.67 |
| 24 | $27,305.28 | $9,434.26 | $17,871.02 | $135,366.65 |
| 25 | $27,305.28 | $8,237.41 | $19,067.87 | $116,298.78 |
| 26 | $27,305.28 | $6,960.41 | $20,344.87 | $95,953.91 |
| 27 | $27,305.28 | $5,597.87 | $21,707.41 | $74,246.50 |
| 28 | $27,305.28 | $4,144.09 | $23,161.19 | $51,085.31 |
| 29 | $27,305.28 | $2,592.94 | $24,712.34 | $26,372.97 |
| 30 | $27,310.88 | $937.91 | $26,372.97 | $0.00 |
How to use this page
- Replace the sample numbers with your own. Nothing is sent to a server.
- Read the result. It changes as you type.
- Open the formula if you want to recompute the result by hand.
- Copy the result if you want to keep it. The numbers you type stay in this browser and are not added to the address.
Formula
Loan = price − down payment. Principal and interest use the level-payment loan formula on that loan. Monthly housing extras = yearly tax ÷ 12 + yearly insurance ÷ 12 + monthly dues. The headline payment adds them. A cash purchase with a 1,200 yearly tax and 50 of monthly dues is 150 a month and no loan interest.
What is included
The loan portion is a fixed nominal rate, compounded monthly, with level payments. The page does not model a rate that resets, a teaser rate, points, or mortgage insurance that falls off at a threshold. If you want to see a higher cost, raise the rate or add a monthly amount in the dues field and label it in your own notes.
Property tax, homeowners insurance, a management fee, and a repair reserve are whatever you type. Sumslip does not compute a US escrow, a Korean acquisition tax, a property holding tax, or a Japanese fixed-asset tax. Those rules depend on the property and the year. Type an annual estimate you already have, or leave the field at zero and add it later.
Down payment
The down payment is subtracted from the price. It is not a percent unless you typed the percent already converted into money. Closing costs are not in the price unless you included them in the price field.
If the down payment equals the price, the loan is zero and the monthly figure is only the extras. If the down payment is larger than the price, the page stops, because that is not a loan.
Easy mistakes
- Treating the sample price and rate as a market quote. They are round examples so the page is not empty.
- Forgetting that tax and insurance rise. The formula keeps the numbers you typed for the whole term.
- Comparing two terms by the monthly payment alone. A longer term lowers the payment and usually raises total interest. Read both lines.
Questions
Where is private mortgage insurance?
There is no PMI calculator. If a quote includes a monthly mortgage-insurance premium, add it to the monthly dues field so the headline payment matches the quote you are comparing.
Can I enter a rate that changes after five years?
Not as a schedule. Run the first five years here, note the remaining balance from the table, and start a second calculation with that balance and the new rate.
Does the interest total include tax and insurance?
No. Total interest is the cost of borrowing. Tax and insurance are housing costs you would think about even in a cash purchase. They are in the monthly payment, not in the interest total.
Related tools
These figures are estimates you can recompute from the formula on the page. They are not a lender quote, a tax bill, a payroll statement, or financial advice.