Calculators
Mortgage Payment Calculator
Estimate your full monthly payment in Virginia, Maryland or DC: principal and interest, property taxes, homeowners insurance, mortgage insurance and HOA dues.
Estimated monthly payment
$4,166
- Principal and interest $3,377
- Property tax $458
- Homeowners insurance $125
- Mortgage insurance (PMI) $206
- HOA dues $0
- Loan amount
- $495,000
- Total interest
- $720,638
- PMI ends (estimated)
- After 9 years, 10 months
Your loan over time
How much of each year’s payments goes to principal and how much to interest.
Amortization schedule by year
| Year | Principal | Interest | Remaining balance |
|---|---|---|---|
| 1 | $4,791 | $35,730 | $490,209 |
| 2 | $5,150 | $35,371 | $485,059 |
| 3 | $5,536 | $34,985 | $479,523 |
| 4 | $5,951 | $34,570 | $473,572 |
| 5 | $6,397 | $34,124 | $467,175 |
| 6 | $6,877 | $33,645 | $460,298 |
| 7 | $7,392 | $33,129 | $452,906 |
| 8 | $7,946 | $32,575 | $444,960 |
| 9 | $8,542 | $31,979 | $436,418 |
| 10 | $9,182 | $31,339 | $427,236 |
| 11 | $9,870 | $30,651 | $417,366 |
| 12 | $10,610 | $29,911 | $406,756 |
| 13 | $11,406 | $29,116 | $395,350 |
| 14 | $12,260 | $28,261 | $383,090 |
| 15 | $13,179 | $27,342 | $369,910 |
| 16 | $14,167 | $26,354 | $355,743 |
| 17 | $15,229 | $25,292 | $340,513 |
| 18 | $16,371 | $24,150 | $324,142 |
| 19 | $17,598 | $22,923 | $306,544 |
| 20 | $18,917 | $21,604 | $287,627 |
| 21 | $20,335 | $20,186 | $267,292 |
| 22 | $21,859 | $18,662 | $245,432 |
| 23 | $23,498 | $17,023 | $221,934 |
| 24 | $25,259 | $15,262 | $196,675 |
| 25 | $27,153 | $13,368 | $169,522 |
| 26 | $29,188 | $11,333 | $140,334 |
| 27 | $31,376 | $9,145 | $108,958 |
| 28 | $33,728 | $6,793 | $75,230 |
| 29 | $36,256 | $4,265 | $38,974 |
| 30 | $38,974 | $1,547 | $0 |
How we estimate your payment
- Principal and interest: the standard payment for a fixed-rate loan at the rate and term you choose.
- Property tax: your yearly property tax, in dollars or as a percent of the home price, divided by 12. Check your county’s assessment for a closer estimate.
- Homeowners insurance: your annual premium divided by 12.
- Mortgage insurance (PMI): added when your down payment is less than 20% of the price. It usually ends automatically once your balance reaches 78% of the home’s original value.
- HOA or condo dues: added as entered.
Not included: closing costs, flood insurance, and program-specific costs such as FHA mortgage insurance premiums or the VA funding fee, which are calculated differently.
FAQ
Payment questions
How accurate is this estimate?
It’s a close estimate for a fixed-rate loan based on the numbers you enter. Your actual payment depends on your interest rate, your property tax assessment, your insurance quote and the loan program. Your Loan Estimate will show exact figures.
What does a monthly mortgage payment include?
Most payments include principal and interest, plus an escrow amount for property taxes and homeowners insurance. Many loans also include mortgage insurance, and some homes have HOA or condo dues paid separately.
How can I lower my monthly payment?
A larger down payment, a lower interest rate (for example, by paying discount points), a less expensive home, or removing mortgage insurance once you have enough equity can all lower your payment. We can compare the trade-offs with you.
Calculators
More ways to run the numbers
This calculator is for illustration only. It is not an offer of credit, a pre-qualification or a commitment to lend. The example interest rate is not an APR, may not be available to you and changes daily. Actual payments depend on your loan program, credit, property and other factors.
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