Estimate principal, interest, taxes, insurance, PMI, and HOA dues, then compare 15-year and 30-year mortgages with extra or biweekly payments.
30-year payment estimate
Starting PITI + HOA
$2,916
$2,335 principal and interest
Loan amount
$360,000
80.0% loan-to-value
Payoff time
30 yr 0 mo
Total interest
$480,583
Estimated PMI
$0
No PMI at this loan-to-value
Strategy extra
$0
Additional principal per modeled month
15-year vs 30-year
| Term | Starting housing payment | P&I | Payoff | Interest |
|---|---|---|---|---|
| 30 years | $2,916 | $2,335 | 360 months | $480,583 |
| 15 years | $3,639 | $3,057 | 180 months | $190,326 |
The 15-year option costs $722 more per month initially and saves about $290,257 in modeled interest.
Remaining principal
- 30-year balance
- 15-year balance
Lifetime financing costs
- Interest
- PMI
First-year amortization
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $2,334.95 | $309.95 | $2,025.00 | $359,690 |
| 2 | $2,334.95 | $311.70 | $2,023.26 | $359,378 |
| 3 | $2,334.95 | $313.45 | $2,021.50 | $359,065 |
| 4 | $2,334.95 | $315.21 | $2,019.74 | $358,750 |
| 5 | $2,334.95 | $316.99 | $2,017.97 | $358,433 |
| 6 | $2,334.95 | $318.77 | $2,016.18 | $358,114 |
| 7 | $2,334.95 | $320.56 | $2,014.39 | $357,793 |
| 8 | $2,334.95 | $322.37 | $2,012.59 | $357,471 |
| 9 | $2,334.95 | $324.18 | $2,010.77 | $357,147 |
| 10 | $2,334.95 | $326.00 | $2,008.95 | $356,821 |
| 11 | $2,334.95 | $327.84 | $2,007.12 | $356,493 |
| 12 | $2,334.95 | $329.68 | $2,005.27 | $356,163 |
How this calculator works
Principal and interest use the standard fixed-rate amortization formula. Property tax, insurance, HOA dues, and PMI are added to show the starting housing payment; taxes and insurance are held constant and are not lender quotes.
PMI is estimated from the entered annual rate and stops when the scheduled balance reaches 80% of the original price. Actual cancellation rules, escrow changes, loan fees, points, and daily interest can change lender results.
Worked example: On the current $360,000 loan, the 30-year principal-and-interest payment is $2,335. Adding estimated taxes, insurance, HOA, and initial PMI produces $2,916 per month.
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