{"tool":{"slug":"mortgage-payment","name":"Mortgage payment calculator","version":"2026-08-21","canonicalUrl":"https://carlo.finance/tools/mortgage-payment","jsonUrl":"https://carlo.finance/tools/mortgage-payment.json","pageUrl":"https://carlo.finance/tools/mortgage-payment","parameters":[{"key":"price","label":"Home price","unit":"usd","min":0,"max":100000000,"default":400000,"sourceId":null,"help":"The purchase price. The default is an example, not a statistic."},{"key":"down","label":"Down payment","unit":"usd","min":0,"max":100000000,"default":80000,"sourceId":null,"help":"Cash toward the price. Under 20% of the price adds private mortgage insurance."},{"key":"rate","label":"Mortgage rate","unit":"percent","min":0,"max":30,"default":6.65,"sourceId":"pmms","help":"Annual interest rate on the loan."},{"key":"term","label":"Loan term","unit":"years","min":1,"max":40,"default":30,"sourceId":null,"integer":true,"help":"Years to repay. 30 and 15 are the common choices."},{"key":"taxRate","label":"Property tax rate","unit":"percent","min":0,"max":10,"default":0.888,"sourceId":"property-tax","help":"Annual property tax as a percent of the home's value."},{"key":"insurance","label":"Homeowners insurance","unit":"usd","min":0,"max":1000000,"default":1600,"sourceId":"insurance","help":"Annual premium."},{"key":"hoa","label":"HOA dues","unit":"usd-per-month","min":0,"max":100000,"default":0,"sourceId":null,"help":"Monthly association dues, if any."},{"key":"pmiRate","label":"PMI rate","unit":"percent","min":0,"max":5,"default":0.6,"sourceId":"pmi","help":"Annual private mortgage insurance as a percent of the loan. Charged only while the down payment is under 20% of the price, and modeled to end when the scheduled balance reaches 78% of the price. Default is the middle of Freddie Mac's published range."},{"key":"extra","label":"Extra principal each month","unit":"usd-per-month","min":0,"max":10000000,"default":0,"sourceId":null,"help":"Optional. Paid on top of the regular payment every month; shortens the loan instead of lowering the payment."}]},"inputs":{"price":400000,"down":80000,"rate":6.65,"term":30,"taxRate":0.888,"insurance":1600,"hoa":0,"pmiRate":0.6,"extra":0},"result":{"loanAmount":320000,"downPayment":80000,"ltv":0.8,"monthly":{"principalAndInterest":2054.29,"propertyTax":296,"insurance":133.33,"pmi":0,"hoa":0,"extra":0,"total":2483.62},"monthlyAfterPmi":2483.62,"pmiApplies":false,"pmiEndsMonth":null,"pmiTotal":0,"months":360,"totalInterest":419544,"totalPrincipalAndInterest":739544,"totalCost":894104,"baseline":{"months":360,"totalInterest":419544},"interestSaved":0,"monthsSaved":0,"yearly":[{"year":1,"paid":24651.45,"interest":21175.32,"principal":3476.13,"balance":316523.87},{"year":2,"paid":24651.45,"interest":20936.98,"principal":3714.47,"balance":312809.4},{"year":3,"paid":24651.45,"interest":20682.3,"principal":3969.15,"balance":308840.24},{"year":4,"paid":24651.45,"interest":20410.15,"principal":4241.3,"balance":304598.94},{"year":5,"paid":24651.45,"interest":20119.35,"principal":4532.1,"balance":300066.84},{"year":6,"paid":24651.45,"interest":19808.61,"principal":4842.84,"balance":295224},{"year":7,"paid":24651.45,"interest":19476.56,"principal":5174.89,"balance":290049.1},{"year":8,"paid":24651.45,"interest":19121.74,"principal":5529.71,"balance":284519.39},{"year":9,"paid":24651.45,"interest":18742.6,"principal":5908.85,"balance":278610.54},{"year":10,"paid":24651.45,"interest":18337.46,"principal":6313.99,"balance":272296.55},{"year":11,"paid":24651.45,"interest":17904.54,"principal":6746.91,"balance":265549.64},{"year":12,"paid":24651.45,"interest":17441.94,"principal":7209.51,"balance":258340.13},{"year":13,"paid":24651.45,"interest":16947.62,"principal":7703.83,"balance":250636.31},{"year":14,"paid":24651.45,"interest":16419.41,"principal":8232.04,"balance":242404.27},{"year":15,"paid":24651.45,"interest":15854.98,"principal":8796.47,"balance":233607.8},{"year":16,"paid":24651.45,"interest":15251.86,"principal":9399.59,"balance":224208.21},{"year":17,"paid":24651.45,"interest":14607.38,"principal":10044.08,"balance":214164.13},{"year":18,"paid":24651.45,"interest":13918.71,"principal":10732.74,"balance":203431.39},{"year":19,"paid":24651.45,"interest":13182.82,"principal":11468.63,"balance":191962.75},{"year":20,"paid":24651.45,"interest":12396.47,"principal":12254.98,"balance":179707.78},{"year":21,"paid":24651.45,"interest":11556.21,"principal":13095.24,"balance":166612.54},{"year":22,"paid":24651.45,"interest":10658.34,"principal":13993.11,"balance":152619.43},{"year":23,"paid":24651.45,"interest":9698.91,"principal":14952.54,"balance":137666.89},{"year":24,"paid":24651.45,"interest":8673.69,"principal":15977.76,"balance":121689.13},{"year":25,"paid":24651.45,"interest":7578.18,"principal":17073.27,"balance":104615.85},{"year":26,"paid":24651.45,"interest":6407.55,"principal":18243.9,"balance":86371.96},{"year":27,"paid":24651.45,"interest":5156.66,"principal":19494.79,"balance":66877.17},{"year":28,"paid":24651.45,"interest":3820.01,"principal":20831.44,"balance":46045.73},{"year":29,"paid":24651.45,"interest":2391.71,"principal":22259.75,"balance":23785.98},{"year":30,"paid":24651.45,"interest":865.47,"principal":23785.98,"balance":0}]},"drivers":[{"key":"price","label":"Home price","step":10000,"monthlyDelta":236.5999999999999,"interestDelta":13110,"sentence":"Each $10,000 of price adds $237 to the monthly payment and adds $13,110 of interest over the loan."},{"key":"taxRate","label":"Property tax rate","step":0.25,"monthlyDelta":83.32999999999993,"interestDelta":0,"sentence":"Each 0.25 point of property tax adds $83 to the monthly payment."},{"key":"down","label":"Down payment","step":10000,"monthlyDelta":-64.19999999999982,"interestDelta":-13111,"sentence":"Each $10,000 of down payment takes $64 off the monthly payment and saves $13,111 of interest over the loan."},{"key":"rate","label":"Mortgage rate","step":0.25,"monthlyDelta":53.23000000000002,"interestDelta":19163,"sentence":"Each 0.25 point on the rate adds $53 to the monthly payment and adds $19,163 of interest over the loan."},{"key":"extra","label":"Extra principal","step":100,"monthlyDelta":100,"interestDelta":-64166,"sentence":"Each $100 of extra principal a month pays the loan off 46 months sooner and saves $64,166 of interest."}],"sensitivity":{"byRate":[{"rate":5.65,"monthlyTotal":2276.49,"totalInterest":344976},{"rate":6.15,"monthlyTotal":2378.86,"totalInterest":381831},{"rate":6.65,"monthlyTotal":2483.62,"totalInterest":419544},{"rate":7.15,"monthlyTotal":2590.63,"totalInterest":458069},{"rate":7.65,"monthlyTotal":2699.78,"totalInterest":497361}],"byTerm":[{"term":15,"monthlyTotal":3243.33,"totalInterest":186520},{"term":20,"monthlyTotal":2843.51,"totalInterest":259402},{"term":30,"monthlyTotal":2483.62,"totalInterest":419544}],"byExtra":[{"extra":0,"months":360,"totalInterest":419544},{"extra":100,"months":314,"totalInterest":355378},{"extra":250,"months":266,"totalInterest":292040},{"extra":500,"months":215,"totalInterest":227714},{"extra":1000,"months":158,"totalInterest":160244}]},"assumptions":[{"key":"price","label":"Home price","value":400000,"unit":"usd","provided":false,"source":null},{"key":"down","label":"Down payment","value":80000,"unit":"usd","provided":false,"source":null},{"key":"rate","label":"Mortgage rate","value":6.65,"unit":"percent","provided":false,"source":{"id":"pmms","name":"Freddie Mac Primary Mortgage Market Survey","url":"https://www.freddiemac.com/pmms","asOf":"2026-08-20","note":"30-year fixed-rate mortgage average 6.65%; 15-year 5.95%."}},{"key":"term","label":"Loan term","value":30,"unit":"years","provided":false,"source":null},{"key":"taxRate","label":"Property tax rate","value":0.888,"unit":"percent","provided":false,"source":{"id":"property-tax","name":"NAHB Eye On Housing, Property Taxes by State, 2024 (American Community Survey)","url":"https://eyeonhousing.org/2025/11/property-taxes-by-state-2024/","asOf":"2025-11-26","note":"National effective property tax rate $8.88 per $1,000 of home value (0.888%)."}},{"key":"insurance","label":"Homeowners insurance","value":1600,"unit":"usd","provided":false,"source":{"id":"insurance","name":"NAIC, Examining Homeowner Property Insurance Market Dynamics, 2018 to 2024","url":"https://content.naic.org/sites/default/files/mcas-homeowners-property-insurance-market-dynamics-report.pdf","asOf":"2026-07-31","note":"2024 average homeowners premium per policy: $1,600 countrywide."}},{"key":"hoa","label":"HOA dues","value":0,"unit":"usd-per-month","provided":false,"source":null},{"key":"pmiRate","label":"PMI rate","value":0.6,"unit":"percent","provided":false,"source":{"id":"pmi","name":"Freddie Mac, Breaking down PMI","url":"https://myhome.freddiemac.com/buying/breaking-down-pmi","asOf":"2026-08-21","note":"Private mortgage insurance typically costs $30 to $70 per month for every $100,000 borrowed (0.36% to 0.84% of the loan per year). Required on conventional loans with less than 20% down."}},{"key":"extra","label":"Extra principal each month","value":0,"unit":"usd-per-month","provided":false,"source":null}],"sources":[{"id":"pmms","name":"Freddie Mac Primary Mortgage Market Survey","url":"https://www.freddiemac.com/pmms","asOf":"2026-08-20","note":"30-year fixed-rate mortgage average 6.65%; 15-year 5.95%."},{"id":"property-tax","name":"NAHB Eye On Housing, Property Taxes by State, 2024 (American Community Survey)","url":"https://eyeonhousing.org/2025/11/property-taxes-by-state-2024/","asOf":"2025-11-26","note":"National effective property tax rate $8.88 per $1,000 of home value (0.888%)."},{"id":"insurance","name":"NAIC, Examining Homeowner Property Insurance Market Dynamics, 2018 to 2024","url":"https://content.naic.org/sites/default/files/mcas-homeowners-property-insurance-market-dynamics-report.pdf","asOf":"2026-07-31","note":"2024 average homeowners premium per policy: $1,600 countrywide."},{"id":"pmi","name":"Freddie Mac, Breaking down PMI","url":"https://myhome.freddiemac.com/buying/breaking-down-pmi","asOf":"2026-08-21","note":"Private mortgage insurance typically costs $30 to $70 per month for every $100,000 borrowed (0.36% to 0.84% of the loan per year). Required on conventional loans with less than 20% down."},{"id":"hpa","name":"CFPB, When can I remove private mortgage insurance (PMI) from my loan?","url":"https://www.consumerfinance.gov/ask-cfpb/when-can-i-remove-private-mortgage-insurance-pmi-from-my-loan-en-202/","asOf":"2023-08-28","note":"Under the Homeowners Protection Act a servicer must automatically terminate PMI on the date the principal balance is scheduled to reach 78% of the home's original value; the borrower may request cancellation at 80%."}],"warnings":[],"disclaimer":"This models a fixed-rate mortgage with published defaults for rate, tax, insurance, and mortgage insurance. It is not a rate quote, a loan estimate, or financial advice. Your lender's Loan Estimate is the figure that counts."}