Mortgage Calculator
See your real monthly payment — not just principal and interest, but taxes, insurance, HOA, and PMI too — plus what the loan actually costs over its whole life and how fast a little extra each month changes the whole picture.
= $70,000 down · $280,000 loan
Total monthly payment
$2,219.79
Principal & interest
$1,769.79
Taxes, insurance & HOA
$450.00
PMI
None — 20%+ down
Total interest over the loan
$357,125
Paid off
July 2056
🐻 Bear math: every extra $100/mo on principal would save you roughly $60,213 in interest and pay the house off 4.3 years sooner.
Year-by-year amortization schedule
| Year | Principal paid | Interest paid | Remaining balance |
|---|---|---|---|
| 1 | $3,130 | $18,108 | $276,870 |
| 2 | $3,339 | $17,898 | $273,531 |
| 3 | $3,563 | $17,675 | $269,968 |
| 4 | $3,801 | $17,436 | $266,167 |
| 5 | $4,056 | $17,181 | $262,111 |
| 6 | $4,328 | $16,910 | $257,783 |
| 7 | $4,618 | $16,620 | $253,165 |
| 8 | $4,927 | $16,311 | $248,239 |
| 9 | $5,257 | $15,981 | $242,982 |
| 10 | $5,609 | $15,629 | $237,373 |
| 11 | $5,984 | $15,253 | $231,389 |
| 12 | $6,385 | $14,852 | $225,004 |
| 13 | $6,813 | $14,425 | $218,191 |
| 14 | $7,269 | $13,968 | $210,922 |
| 15 | $7,756 | $13,482 | $203,166 |
| 16 | $8,275 | $12,962 | $194,890 |
| 17 | $8,830 | $12,408 | $186,061 |
| 18 | $9,421 | $11,817 | $176,640 |
| 19 | $10,052 | $11,186 | $166,588 |
| 20 | $10,725 | $10,512 | $155,863 |
| 21 | $11,443 | $9,794 | $144,419 |
| 22 | $12,210 | $9,028 | $132,210 |
| 23 | $13,027 | $8,210 | $119,182 |
| 24 | $13,900 | $7,338 | $105,282 |
| 25 | $14,831 | $6,407 | $90,452 |
| 26 | $15,824 | $5,413 | $74,628 |
| 27 | $16,884 | $4,354 | $57,744 |
| 28 | $18,015 | $3,223 | $39,729 |
| 29 | $19,221 | $2,016 | $20,508 |
| 30 | $20,508 | $729 | $0 |
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How this is calculated
Your monthly principal & interest uses the standard amortization formula: M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the loan amount, r is your annual rate divided by 12, and n is the number of monthly payments.
Taxes, insurance, and HOA are added on top (lenders usually collect taxes and insurance monthly in escrow). If your down payment is under 20%, lenders typically require private mortgage insurance (PMI) — estimated here at 0.5% of the loan per year until you reach 20% equity.
Early payments are mostly interest by design: on a 30-year loan, it commonly takes 18+ years before more of your payment goes to principal than interest. That's why the extra-$100 effect in the results is so large — extra payments attack principal directly.
Common questions
How much house can I afford?
A common guideline is keeping your total housing payment (including taxes and insurance) under 28% of gross monthly income, and all debt payments under 36%. Work backwards: your comfortable monthly payment in this calculator tells you your price range.
What is PMI and how do I avoid it?
Private mortgage insurance protects the lender (not you) when you put down less than 20%. It typically costs 0.3–1.5% of the loan per year and can be removed once you reach 20% equity through payments or appreciation. Putting 20% down avoids it entirely.
Is a 15-year or 30-year mortgage better?
A 15-year loan has higher payments but dramatically less total interest and usually a lower rate. A 30-year loan is more flexible — you can always pay it like a 15 with extra principal payments, but you can't pay a 15 like a 30 when money gets tight.
Go deeper
Real estate, evaluated like a pro
This math is taught step-by-step in Module 7 of the Bear Bankroll Wealth System — with interactive worksheets that run the numbers on YOUR situation.
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