Mortgage Calculator
Calculate your monthly payment and view complete amortization schedule
Loan Details
20.0% down payment
Payment Summary
Monthly Payment
$1,596.73
Principal
$240,000
Total Interest
$334,821
Total Payment
$682,821
Amortization Schedule
| Month | Payment | Principal | Interest | PMI | Remaining |
|---|---|---|---|---|---|
| 1 | $1,896.73 | $196.73 | $1,400.00 | $0.00 | $239,803.27 |
| 2 | $1,896.73 | $197.87 | $1,398.85 | $0.00 | $239,605.40 |
| 3 | $1,896.73 | $199.03 | $1,397.70 | $0.00 | $239,406.37 |
| 4 | $1,896.73 | $200.19 | $1,396.54 | $0.00 | $239,206.18 |
| 5 | $1,896.73 | $201.36 | $1,395.37 | $0.00 | $239,004.83 |
| 6 | $1,896.73 | $202.53 | $1,394.19 | $0.00 | $238,802.30 |
| 7 | $1,896.73 | $203.71 | $1,393.01 | $0.00 | $238,598.58 |
| 8 | $1,896.73 | $204.90 | $1,391.83 | $0.00 | $238,393.68 |
| 9 | $1,896.73 | $206.10 | $1,390.63 | $0.00 | $238,187.59 |
| 10 | $1,896.73 | $207.30 | $1,389.43 | $0.00 | $237,980.29 |
| 11 | $1,896.73 | $208.51 | $1,388.22 | $0.00 | $237,771.78 |
| 12 | $1,896.73 | $209.72 | $1,387.00 | $0.00 | $237,562.06 |
How This Calculator Works
US Standard Amortization Formula
This calculator uses the standard US mortgage amortization formula to compute your monthly payment:
- M = Monthly payment
- P = Principal loan amount (home price minus down payment)
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Total number of payments (loan term in years × 12)
Principal and Interest Allocation
Each monthly payment consists of two parts: principal (the amount borrowed) and interest (the cost of borrowing). During the early years of the loan, a larger portion of each payment goes toward interest. As the loan progresses, more of each payment is applied to the principal balance.
Private Mortgage Insurance (PMI)
PMI is required when the loan-to-value (LTV) ratio exceeds 80%, meaning your down payment is less than 20% of the home value. According to the Homeowners Protection Act of 1998, lenders must automatically cancel PMI when the LTV reaches 78% of the original home value through regular payments.
Property Tax
Annual property taxes are divided by 12 to determine the monthly tax payment. Property tax rates vary by location, with the US average ranging from 0.5% to 2% of the home's assessed value.
Official Standards & Authoritative Sources
Frequently Asked Questions
What is a mortgage amortization schedule?
How does PMI get cancelled automatically?
What is the difference between fixed-rate and adjustable-rate mortgages?
How does my credit score affect my mortgage rate?
Are mortgage payments tax-deductible?
Reviewed & verified by the RateFig Editorial Team. Data retrieved 2026-08-14. Estimates are planning aids, not financial advice — see our editorial standards.
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