Mortgage Calculator
Estimate your monthly payment including taxes, insurance, and PMI. Switch between conventional and FHA loans instantly.
Estimated monthly payment
$2,799
Loan amount: $343,661 · 30-year FHA
Payment breakdown
Amortization schedule
Loan amount
$343,661
Total interest
$462,887
Total paid
$806,548
Payoff
30y 0m
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $3,628 | $23,257 | $340,033 |
| Year 2 | $3,882 | $23,003 | $336,151 |
| Year 3 | $4,155 | $22,730 | $331,996 |
| Year 4 | $4,446 | $22,439 | $327,550 |
| Year 5 | $4,758 | $22,127 | $322,792 |
| Year 6 | $5,092 | $21,793 | $317,700 |
| Year 7 | $5,449 | $21,436 | $312,251 |
| Year 8 | $5,831 | $21,054 | $306,420 |
| Year 9 | $6,240 | $20,644 | $300,179 |
| Year 10 | $6,678 | $20,207 | $293,501 |
| Year 11 | $7,147 | $19,738 | $286,354 |
| Year 12 | $7,648 | $19,237 | $278,706 |
| Year 13 | $8,185 | $18,700 | $270,521 |
| Year 14 | $8,759 | $18,126 | $261,762 |
| Year 15 | $9,374 | $17,511 | $252,388 |
| Year 16 | $10,031 | $16,854 | $242,357 |
| Year 17 | $10,735 | $16,150 | $231,622 |
| Year 18 | $11,488 | $15,397 | $220,134 |
| Year 19 | $12,294 | $14,591 | $207,839 |
| Year 20 | $13,157 | $13,728 | $194,682 |
| Year 21 | $14,080 | $12,805 | $180,602 |
| Year 22 | $15,068 | $11,817 | $165,534 |
| Year 23 | $16,125 | $10,760 | $149,409 |
| Year 24 | $17,256 | $9,629 | $132,153 |
| Year 25 | $18,467 | $8,418 | $113,686 |
| Year 26 | $19,763 | $7,122 | $93,923 |
| Year 27 | $21,149 | $5,736 | $72,774 |
| Year 28 | $22,633 | $4,252 | $50,141 |
| Year 29 | $24,221 | $2,664 | $25,920 |
| Year 30 | $25,920 | $965 | $0 |
Disclaimer: The results provided by this calculator are estimates for informational purposes only and do not constitute financial, legal, or tax advice. Actual loan terms, interest rates, monthly payments, and total costs will vary based on your credit profile, lender, and other factors. Property tax rates shown are state averages and may differ from your local rate. FHA mortgage insurance premiums (MIP) are based on current HUD guidelines and are subject to change. Always consult a licensed mortgage professional or financial advisor before making any borrowing decisions. HitCalc is not a lender and does not offer mortgage products.
Frequently asked questions
What is included in a monthly mortgage payment?
A monthly mortgage payment typically includes principal and interest, property taxes, homeowner's insurance, and PMI if your down payment is less than 20%. FHA loans also include an annual mortgage insurance premium (MIP).
What is the minimum down payment for an FHA loan?
The minimum down payment for an FHA loan is 3.5% for borrowers with a credit score of 580 or higher. Borrowers with scores between 500–579 are required to put down at least 10%.
What is FHA MIP and how is it calculated?
FHA MIP (Mortgage Insurance Premium) has two parts: an upfront premium of 1.75% of the loan amount, which is typically financed into the loan, and an annual premium of 0.55% paid monthly. Our calculator includes both automatically.
How much house can I afford?
A common guideline is to keep your total monthly housing payment below 28% of your gross monthly income. Use our mortgage calculator to estimate payments at different price points and find what fits your budget.
What is the difference between FHA and conventional loans?
FHA loans are government-backed and allow lower credit scores (580+) and down payments as low as 3.5%, but require mortgage insurance for the life of the loan. Conventional loans typically require a 620+ credit score and 3–20% down, but PMI can be removed once you reach 20% equity.
How does property tax affect my mortgage payment?
Property tax is collected monthly by your lender and held in escrow, then paid to your local government annually. Rates vary significantly by state — from 0.28% in Hawaii to 2.47% in New Jersey. Our calculator automatically applies your state's average rate.
Mortgage calculators by state
Get a more accurate estimate with your state's local property tax rate pre-filled.
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