Calculator
Sort Your Mortgage Payment
Before you chase listings, sort the monthly housing number. Enter price, down payment, rate, and term, then optionally add tax, insurance, and HOA so you see more than principal and interest alone.
Built for buyers who need to sort a housing payment before touring seriously—price ranges, down-payment tradeoffs, and whether a quoted rate still fits after tax and insurance.
Loan details
20% down
Annual rate
Annual amount
Annual amount
Monthly amount
Results
Total monthly payment
$2,572.62
Principal & interest
$2,022.62
Property tax
Monthly escrow estimate
$400.00
Insurance
Monthly escrow estimate
$150.00
HOA
$0.00
Loan amount
$320,000.00
Total interest
$408,140.64
Total cost
Price plus interest, tax, insurance, and HOA over the full term
$1,006,140.64
Yearly amortization
Principal and interest by year. Monthly rows are grouped to keep the table lightweight.
| Year | Principal paid | Interest paid | Ending balance |
|---|---|---|---|
| 1 | $3,576.76 | $20,694.68 | $316,423.24 |
| 2 | $3,816.28 | $20,455.16 | $312,606.96 |
| 3 | $4,071.88 | $20,199.56 | $308,535.08 |
| 4 | $4,344.57 | $19,926.87 | $304,190.51 |
| 5 | $4,635.54 | $19,635.90 | $299,554.97 |
| 6 | $4,946.00 | $19,325.44 | $294,608.97 |
| 7 | $5,277.22 | $18,994.22 | $289,331.75 |
| 8 | $5,630.65 | $18,640.79 | $283,701.10 |
| 9 | $6,007.75 | $18,263.69 | $277,693.35 |
| 10 | $6,410.11 | $17,861.33 | $271,283.24 |
| 11 | $6,839.41 | $17,432.03 | $264,443.83 |
| 12 | $7,297.46 | $16,973.98 | $257,146.37 |
| 13 | $7,786.17 | $16,485.27 | $249,360.20 |
| 14 | $8,307.62 | $15,963.82 | $241,052.58 |
| 15 | $8,864.02 | $15,407.42 | $232,188.56 |
| 16 | $9,457.63 | $14,813.81 | $222,730.93 |
| 17 | $10,091.05 | $14,180.39 | $212,639.88 |
| 18 | $10,766.86 | $13,504.58 | $201,873.02 |
| 19 | $11,487.93 | $12,783.51 | $190,385.09 |
| 20 | $12,257.30 | $12,014.14 | $178,127.79 |
| 21 | $13,078.20 | $11,193.24 | $165,049.59 |
| 22 | $13,954.06 | $10,317.38 | $151,095.53 |
| 23 | $14,888.61 | $9,382.83 | $136,206.92 |
| 24 | $15,885.71 | $8,385.73 | $120,321.21 |
| 25 | $16,949.60 | $7,321.84 | $103,371.61 |
| 26 | $18,084.76 | $6,186.68 | $85,286.85 |
| 27 | $19,295.92 | $4,975.52 | $65,990.93 |
| 28 | $20,588.22 | $3,683.22 | $45,402.71 |
| 29 | $21,967.04 | $2,304.40 | $23,435.67 |
| 30 | $23,435.67 | $833.21 | $0.00 |
Sorted Finance is an education site. Our tools and writing help you organize questions—they do not replace advice from a licensed professional.
Modeling notes: methodology.
How to use this calculator
- Start with a realistic purchase price and the cash you can put down so the financed amount is honest.
- Plug in a rate you could actually get from a recent quote or pre-approval, not a headline “from” rate.
- Layer annual property tax and homeowners insurance when you want the payment that hits cash flow—not only principal and interest.
- Sort one variable at a time (down payment, rate, or term) so you know which change actually moves the needle.
What this estimate includes
- Fixed-rate principal and interest on a fully amortizing schedule
- Optional tax and insurance averaged monthly from annual inputs
- Optional HOA as a flat monthly add-on
- A year-level peek at how interest vs. principal rebalances over time
What it leaves out
- PMI, MIP, and other mortgage insurance products
- Points, lender fees, and cash due at closing
- ARMs, interest-only stretches, and negative amortization
- Flood coverage, escrow cushions, and one-off lender surcharges
How this calculation works
Financed amount is purchase price minus down payment. Principal and interest follow the standard fully amortizing formula after converting the annual rate to a monthly rate. At 0% interest, payment is simply the loan divided by months.
Annual tax and homeowners insurance are averaged into monthly lines; HOA is a flat monthly add-on. Those extras sit on top of P&I for a fuller housing total—they are not part of the amortization math itself.
Mortgage insurance, discount points, and most closing costs stay outside this sorter. When a lender’s Loan Estimate disagrees with our figure, trust the disclosure. For the schedule behind the payment, see how amortization works. To compare term length, read 30-year vs 15-year mortgages.
M = P × [r(1 + r)^n] / [(1 + r)^n − 1]
M is monthly principal and interest, P is the loan amount, r is the monthly interest rate, and n is the number of months.
Worked example
A $425,000 home with $85,000 down leaves a $340,000 loan. At 6.8% for 30 years, principal and interest come to about $2,217 per month. $5,100 in annual tax and $1,920 in annual insurance add $585. With no HOA, the sorted housing total is about $2,802.
Early years lean toward interest. The on-page table shows how that mix shifts toward principal later. Extra principal (not modeled here) would shorten the term and cut total interest when your loan allows it.
Quick comparison
Round-number scenarios for orientation only—not quotes or approvals.
| Scenario | Loan | Rate / term | Approx. P&I |
|---|---|---|---|
| Baseline | $360,000 | 6.75% / 30 yr | ~$2,335 |
| Larger down | $315,000 | 6.75% / 30 yr | ~$2,043 |
| Faster payoff | $360,000 | 6.25% / 15 yr | ~$3,087 |
Practical tips
Sort payment from lifestyle cost
A comfortable P&I can still squeeze the month once utilities, upkeep, and insurance renewals show up. Re-run with a slightly higher rate and tax line before you lock a price band.
Cash down changes the loan—and sometimes the product
More equity shrinks the payment here and may change whether a lender wants mortgage insurance. This page sorts the payment math; it does not certify PMI rules.
Term is a cash-flow choice
Fifteen years usually means a higher monthly hit and less interest overall. Hold price and rate fixed when you compare 15 vs. 30 so you are sorting term—not mixed quotes.
Bottom line
Treat this as homework for lender conversations—not as approval. Final numbers belong on a written Loan Estimate that covers insurance, fees, and anything this model leaves out.
Frequently asked questions
Can I add tax and insurance to the housing total?
Yes. Enter annual property tax and homeowners insurance; the tool divides each by 12. HOA can be added as a monthly amount. Principal and interest stay visible on their own so you can sort each piece.
Does a result here mean I am approved?
No. Lenders weigh credit, income, other debts, down-payment source, and the property. This page only sorts a payment from the inputs you type.
Why might a lender’s number look different?
Their quote may fold in mortgage insurance, different escrow, points, or another rate. Local tax and insurance also vary. Use a written Loan Estimate when decisions matter.
Does the schedule include extra principal payments?
Not in this version. It assumes the standard amortizing payment. Extra principal (when allowed) would cut interest and shorten the term—recalculate with a lender tool if you need that path.
What counts as the down payment input?
Cash you plan to put toward equity at purchase—not closing costs. To sort 10% vs. 20%, keep price and rate the same so the payment difference is clean.
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Related guides
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