How to use this calculator
- Enter the home price, your down payment as a percentage and the interest rate from your quote.
- Type your 5-digit ZIP code to fill in the local property tax rate from Census data, or enter your own rate.
- Pick a loan term: 30, 20, 15 or 10 years.
- Adjust insurance, PMI and HOA dues if you know them.
- Add an extra monthly or yearly payment to see the interest saved and the new payoff date.
- Open the amortization schedule or download it as a CSV file.
What your monthly payment includes
Most lenders collect four things each month, often called PITI: principal (paying down the loan), interest, property tax and homeowners insurance, the last two held in an escrow account. With less than 20% down on a conventional loan you usually also pay private mortgage insurance (PMI), and condos or planned communities may add HOA dues. The calculator above shows each part separately so you can see which one drives the total.
How each number is estimated
- Principal and interest: the standard amortization formula M = P × r ÷ (1 − (1 + r)−n), where P is the loan amount, r the monthly rate and n the number of payments. Example: $320,000 at 6.5% for 30 years gives $2,022.62 a month.
- Property tax: enter a ZIP and we look up the effective rate (median tax paid ÷ median home value) for that ZIP Code Tabulation Area from the Census Bureau's American Community Survey, 2020–2024. Coverage: 29,350 ZIP areas; if a ZIP has no estimate we use its 3-digit area median, then the U.S. rate of 0.94%.
- Homeowners insurance: defaults to $1,569 a year, the national average HO-3 premium reported by the NAIC (2022 data, published 2025 via the Insurance Information Institute). Replace it with your quote.
- PMI: if you leave it blank we estimate it from your down payment, from about 0.84% a year of the loan at 3% down to 0.36% just under 20% down, in line with Freddie Mac's guide of roughly $30–$70 a month per $100,000 borrowed. PMI is dropped when the balance reaches 78% of the original price, the automatic cancellation point under the Homeowners Protection Act. FHA loans use a different premium (MIP).
- Extra payments: extra money goes straight to principal, so every later payment carries less interest. The schedule recalculates month by month and shows the interest saved and the new payoff date.
15-year vs 30-year: what the term really costs
| Term | Payment on $320,000 at 6.5% | Total interest |
|---|---|---|
| 30 years | $2,022.62 | $408,142 |
| 20 years | $2,385.83 | $252,600 |
| 15 years | $2,787.54 | $181,758 |
| 10 years | $3,633.54 | $116,024 |
A shorter term means a higher payment but far less interest, because the balance falls faster. The calculator's term comparison does this for your own numbers.
Property tax by state
The ten states with the highest effective property tax rates (Census ACS 2020–2024). See all states and look up any ZIP on the property tax by state page.
| Rank | State | Effective rate | Median tax paid | Median home value | Tax on a $400k home |
|---|---|---|---|---|---|
| 1 | New Jersey | 2.11% | $9,590 | $454,400 | $8,440 |
| 2 | Illinois | 2.01% | $5,298 | $263,300 | $8,040 |
| 3 | Connecticut | 1.81% | $6,643 | $366,900 | $7,240 |
| 4 | New Hampshire | 1.66% | $6,667 | $402,500 | $6,640 |
| 5 | Vermont | 1.59% | $5,039 | $316,600 | $6,360 |
| 6 | New York | 1.55% | $6,582 | $423,800 | $6,200 |
| 7 | Nebraska | 1.49% | $3,549 | $238,600 | $5,960 |
| 8 | Texas | 1.49% | $4,232 | $283,800 | $5,960 |
| 9 | Wisconsin | 1.42% | $3,792 | $266,500 | $5,680 |
| 10 | Iowa | 1.39% | $2,897 | $208,000 | $5,560 |
Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates, tables B25103 (median real estate taxes paid) and B25077 (median value of owner-occupied homes). Effective rate = median tax ÷ median value; your bill depends on your assessment, exemptions and local levies.
Payment by loan amount
- $100,000 mortgage$632.07/mo at 6.5%
- $125,000 mortgage$790.09/mo at 6.5%
- $150,000 mortgage$948.10/mo at 6.5%
- $175,000 mortgage$1,106.12/mo at 6.5%
- $200,000 mortgage$1,264.14/mo at 6.5%
- $225,000 mortgage$1,422.15/mo at 6.5%
- $250,000 mortgage$1,580.17/mo at 6.5%
- $275,000 mortgage$1,738.19/mo at 6.5%
- $300,000 mortgage$1,896.20/mo at 6.5%
- $325,000 mortgage$2,054.22/mo at 6.5%
- $350,000 mortgage$2,212.24/mo at 6.5%
- $375,000 mortgage$2,370.26/mo at 6.5%
- $400,000 mortgage$2,528.27/mo at 6.5%
- $425,000 mortgage$2,686.29/mo at 6.5%
- $450,000 mortgage$2,844.31/mo at 6.5%
- $475,000 mortgage$3,002.32/mo at 6.5%
- $500,000 mortgage$3,160.34/mo at 6.5%
- $525,000 mortgage$3,318.36/mo at 6.5%
- $550,000 mortgage$3,476.37/mo at 6.5%
- $575,000 mortgage$3,634.39/mo at 6.5%
- $600,000 mortgage$3,792.41/mo at 6.5%
- $625,000 mortgage$3,950.43/mo at 6.5%
- $650,000 mortgage$4,108.44/mo at 6.5%
- $675,000 mortgage$4,266.46/mo at 6.5%
- $700,000 mortgage$4,424.48/mo at 6.5%
- $725,000 mortgage$4,582.49/mo at 6.5%
- $750,000 mortgage$4,740.51/mo at 6.5%
- $775,000 mortgage$4,898.53/mo at 6.5%
- $800,000 mortgage$5,056.54/mo at 6.5%
- $825,000 mortgage$5,214.56/mo at 6.5%
- $850,000 mortgage$5,372.58/mo at 6.5%
- $875,000 mortgage$5,530.60/mo at 6.5%
- $900,000 mortgage$5,688.61/mo at 6.5%
- $925,000 mortgage$5,846.63/mo at 6.5%
- $950,000 mortgage$6,004.65/mo at 6.5%
- $975,000 mortgage$6,162.66/mo at 6.5%
- $1,000,000 mortgage$6,320.68/mo at 6.5%
Rates in the tables are a range for comparison, not current market quotes. Payments are principal and interest only unless stated.
Frequently asked questions
What does a mortgage payment include?
Principal and interest, plus usually property tax and homeowners insurance collected through escrow, PMI if you put less than 20% down on a conventional loan, and any HOA dues.
How is property tax estimated from my ZIP?
We divide the median real estate taxes paid by the median owner-occupied home value for your ZIP Code Tabulation Area (Census ACS 2020–2024) and apply that rate to your home price. Your actual bill depends on your assessed value and exemptions.
When does PMI go away?
On a conventional loan, lenders must cancel PMI automatically when the balance is scheduled to reach 78% of the original value, and you can ask to cancel at 80%. The calculator shows the month it ends.
Do extra payments really save money?
Yes. Extra principal reduces the balance that interest is charged on. On a $320,000, 30-year loan at 6.5%, an extra $200 a month saves about $105,429 in interest and pays the loan off 6 years 7 months sooner.
Is a 15-year mortgage cheaper?
The monthly payment is higher, but total interest is much lower because you borrow for half the time.
Can I download the amortization schedule?
Yes. Use Download schedule (CSV) under the results to get every payment with date, principal, interest, extra principal, PMI and balance.