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Mortgage Payment Calculator
Calculate monthly mortgage payments with detailed amortization schedule and extra payment analysis
Monthly P&I
$1,896
Principal & Interest
Total Monthly
$2,496
Including taxes & insurance
Total Interest
$382,633
Over 30 years
Loan-to-Value
85.71%
PMI Required
Loan Details
Property Information
Extra Payments
Additional payment each month
Additional payment each year (December)
Extra Payment Impact
Original payoff: 30 years
New payoff: 30 years
Time saved: 0 months
Interest saved: $0
Monthly Payment Breakdown
Principal & Interest: $1,896
Property Tax: $350
Home Insurance: $100
PMI: $150
Total Monthly: $2,496
Affordability Analysis
Key Metrics
Loan-to-Value: 85.71%
Down Payment %: 14.29%
PMI Required: Yes
Required Income: $106,980/year
Loan Summary
Loan Amount: $300,000
Total Payments: $682,633
Total Interest: $382,633
Interest as % of loan: 127.54%
💡 Quick Tips
- • Consider larger down payment to avoid PMI
- • Extra $100/month saves $0 in interest
- • Refinancing at 0.5% lower rate could save significant money
- • Bi-weekly payments can save years off your loan
Amortization Schedule (First 12 Months)
| Month | Date | Payment | Principal | Interest | Extra Payment | Balance |
|---|---|---|---|---|---|---|
| 1 | 7/17/2025 | $1,896 | $271 | $1,625 | - | $299,729 |
| 2 | 8/17/2025 | $1,896 | $273 | $1,624 | - | $299,456 |
| 3 | 9/17/2025 | $1,896 | $274 | $1,622 | - | $299,182 |
| 4 | 10/17/2025 | $1,896 | $276 | $1,621 | - | $298,906 |
| 5 | 11/17/2025 | $1,896 | $277 | $1,619 | - | $298,629 |
| 6 | 12/17/2025 | $1,896 | $279 | $1,618 | - | $298,351 |
| 7 | 1/17/2026 | $1,896 | $280 | $1,616 | - | $298,070 |
| 8 | 2/17/2026 | $1,896 | $282 | $1,615 | - | $297,789 |
| 9 | 3/17/2026 | $1,896 | $283 | $1,613 | - | $297,506 |
| 10 | 4/17/2026 | $1,896 | $285 | $1,611 | - | $297,221 |
| 11 | 5/17/2026 | $1,896 | $286 | $1,610 | - | $296,935 |
| 12 | 6/17/2026 | $1,896 | $288 | $1,608 | - | $296,647 |
Showing first 12 months of 360 total payments
Mortgage Payment Tips
Save Money Strategies
- • Make bi-weekly payments (26 payments = 13 months/year)
- • Add extra principal to each payment
- • Use windfalls for extra principal payments
- • Consider refinancing when rates drop
- • Remove PMI when you reach 20% equity
Important Considerations
- • Budget for property taxes and insurance increases
- • Factor in maintenance costs (1-3% of home value annually)
- • Keep emergency fund for home repairs
- • Consider opportunity cost of extra payments vs investing
- • Ensure mortgage payment is comfortable within your budget