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Mortgage Payment Calculator
Full monthly cost of a home — principal & interest, property tax, insurance, HOA, and PMI — with the income the 28% rule says you'd need.
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Your mortgage bill is rarely just principal and interest — property tax, homeowners insurance, HOA dues, and sometimes PMI (extra insurance lenders require until you have 20% equity) all get bundled into one monthly payment, often called PITI. Drag the home price and down payment sliders to see how they move that number, and what income a lender would expect you to have.Total monthly payment
$2,800
Principal & interest
$2,275
Taxes, insurance, HOA & PMI
$525
the part that never builds equity
Income needed (28% rule)
$120,019/yr
All-in this home costs $2,800/mo — $525 of that (taxes, insurance, HOA, PMI) never builds equity. The 28% rule says this fits a $120,019/yr income.
Principal & interest: $2,275Property tax: $375Insurance: $150HOA: $0PMI: $0
EquityLoan balance
View as table
| Year | Balance | Equity | Interest paid (cumulative) |
|---|---|---|---|
| 0 | $360,000 | $90,000 | $0 |
| 1 | $355,976 | $94,024 | $23,282 |
| 2 | $351,683 | $98,317 | $46,294 |
| 3 | $347,102 | $102,898 | $69,018 |
| 4 | $342,214 | $107,786 | $91,436 |
| 5 | $337,000 | $113,000 | $113,526 |
| 6 | $331,435 | $118,565 | $135,267 |
| 7 | $325,498 | $124,502 | $156,636 |
| 8 | $319,164 | $130,836 | $177,607 |
| 9 | $312,405 | $137,595 | $198,153 |
| 10 | $305,194 | $144,806 | $218,247 |
| 11 | $297,500 | $152,500 | $237,859 |
| 12 | $289,290 | $160,710 | $256,954 |
| 13 | $280,531 | $169,469 | $275,500 |
| 14 | $271,185 | $178,815 | $293,460 |
| 15 | $261,213 | $188,787 | $310,793 |
| 16 | $250,573 | $199,427 | $327,459 |
| 17 | $239,221 | $210,779 | $343,412 |
| 18 | $227,108 | $222,892 | $358,604 |
| 19 | $214,184 | $235,816 | $372,986 |
| 20 | $200,395 | $249,605 | $386,502 |
| 21 | $185,682 | $264,318 | $399,094 |
| 22 | $169,984 | $280,016 | $410,701 |
| 23 | $153,234 | $296,766 | $421,257 |
| 24 | $135,363 | $314,637 | $430,691 |
| 25 | $116,295 | $333,705 | $438,928 |
| 26 | $95,950 | $354,050 | $445,889 |
| 27 | $74,242 | $375,758 | $451,486 |
| 28 | $51,081 | $398,919 | $455,630 |
| 29 | $26,368 | $423,632 | $458,223 |
| 30 | $0 | $450,000 | $459,160 |
Methodology & assumptions
- Fixed-rate loan: principal & interest is the standard amortization payment on the home price minus the down payment, at the given APR and term.
- PMI is estimated at 0.6%/yr of the loan amount — a common approximation — and is modeled dropping off once the amortization schedule reaches 20% equity of the ORIGINAL home price, not current market value.
- Property tax is modeled as a flat percentage of the home price each year; actual local assessments and reassessments vary.
- No closing costs, origination fees, or rate changes are included — insurance and HOA are held constant for the life of the loan.
- The 28% rule (total housing payment at or below 28% of gross monthly income) is a common lender heuristic, not personalized advice — real qualification also depends on debt-to-income, credit, and the specific lender.
Educational only
This simulator is for education. It uses simplified assumptions, is not financial, tax, or investment advice, and no result here is a prediction or a recommendation. Talk to a licensed professional before acting.More debt & payoff tools
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