Finance
See your monthly payment, total interest, and a year-by-year payoff schedule for a fixed-rate mortgage.
| Year | Principal paid | Interest paid | Remaining balance |
|---|
Principal & interest use the standard fixed-rate amortization formula, splitting each monthly payment between interest (based on the remaining balance) and principal, so more of your payment goes to principal over time. Property tax, insurance, PMI, and HOA are added on top as typical monthly costs, but they don't reduce your loan balance.
PMI (Private Mortgage Insurance) usually applies only when your down payment is under 20% of the home price, and is typically removed once you've built up 20% equity — this calculator applies it as a flat estimate for the life of the loan for simplicity.