Mortgage Rate Calculator

Display currencyFormatting only. This does not change the calculation.

Home price

Down payment

Down payment is a percentage

Annual interest rate (%)The nominal annual rate (APR before fees), not the monthly rate.

Loan term (years)

Term - additional monthsAdded to the term in years, for terms such as 5 years and 6 months. To state a tenure purely in months, set the years to 0 and enter the whole tenure here.

Payment frequency

Annual property tax

Property tax is a percentage of the home price

Annual home insurance

Monthly HOA dues

PMI rate (%)Annual rate on the loan balance, charged while the loan-to-value ratio is above 80%.

Mortgage insurance runsUS conventional PMI falls away as the balance drops. Government-backed programmes set their own rule and some charge the annual premium for the life of the loan - check the programme handbook and pick the matching option.

Mortgage insurance scheduleFHA picks the annual premium and its duration from your loan amount, LTV and term under the published HUD table.

Upfront fee financed into the loan (%)A one-off premium charged as a percentage of the base loan and added to the amount borrowed: the VA funding fee, the FHA upfront MIP or the USDA guarantee fee. These rates are reset by the agency from time to time, so enter the rate currently published for your programme.

Target principal and interest payment Only used when solving for the rate: the principal-and-interest instalment you have been quoted or can afford.

Extra payment each period Additional principal paid on top of the scheduled payment.

Include the amortisation schedule

Total monthly payment

2,000

Mortgage Payment Calculator

Payment

2,000.00

Total interest

399,999.74

Total of payments

719,999.74

Number of payments

360

Payoff time

30 years

Rate per period

0.532689 %

Interest per unit borrowed

1.25

Interest saved by extra payments

Payments saved

Principal and interest

2,000

Property tax

Home insurance

PMI

Loan amount

320,000

Loan-to-value ratio

80 %

Total PMI paid

Upfront fee financed

Total amount financed

320,000

Rate implied by the target payment

6.392272 %

Worked out from HUD Mortgagee Letter 2023-05, Reduction of Federal Housing Administration (FHA) Annual Mortgage Insurance Premium (MIP) Rates and 9 other sources.

How this is worked out

6 steps

Loan amount = 400000 - 80000 down = 320000 (LTV 80%)
A payment of 2000 on 320000 over 360 payments implies 6.392272% a year.
Principal and interest = 2000
No escrow items entered.
No mortgage insurance on this loan.
Total monthly payment = 2000

Amortisation scheduletable

period	payment	interest	principal	balance
1	2,000	1,704.61	295.39	319,704.61
2	2,000	1,703.03	296.97	319,407.64
3	2,000	1,701.45	298.55	319,109.09
4	2,000	1,699.86	300.14	318,808.95
5	2,000	1,698.26	301.74	318,507.21
6	2,000	1,696.65	303.35	318,203.86
7	2,000	1,695.04	304.96	317,898.9
8	2,000	1,693.41	306.59	317,592.31
9	2,000	1,691.78	308.22	317,284.09
10	2,000	1,690.14	309.86	316,974.23
11	2,000	1,688.49	311.51	316,662.72
12	2,000	1,686.83	313.17	316,349.55
13	2,000	1,685.16	314.84	316,034.71
14	2,000	1,683.48	316.52	315,718.19
15	2,000	1,681.8	318.2	315,399.99
16	2,000	1,680.1	319.9	315,080.09
17	2,000	1,678.4	321.6	314,758.49
18	2,000	1,676.68	323.32	314,435.17
19	2,000	1,674.96	325.04	314,110.13
20	2,000	1,673.23	326.77	313,783.36
21	2,000	1,671.49	328.51	313,454.85
22	2,000	1,669.74	330.26	313,124.59
23	2,000	1,667.98	332.02	312,792.57
24	2,000	1,666.21	333.79	312,458.78
25	2,000	1,664.43	335.57	312,123.21
26	2,000	1,662.65	337.35	311,785.86
27	2,000	1,660.85	339.15	311,446.71
28	2,000	1,659.04	340.96	311,105.75
29	2,000	1,657.23	342.77	310,762.98
30	2,000	1,655.4	344.6	310,418.38
31	2,000	1,653.57	346.43	310,071.95
32	2,000	1,651.72	348.28	309,723.67
33	2,000	1,649.86	350.14	309,373.53
34	2,000	1,648	352	309,021.53
35	2,000	1,646.12	353.88	308,667.65
36	2,000	1,644.24	355.76	308,311.89
37	2,000	1,642.34	357.66	307,954.23
38	2,000	1,640.44	359.56	307,594.67
39	2,000	1,638.52	361.48	307,233.19
40	2,000	1,636.6	363.4	306,869.79
41	2,000	1,634.66	365.34	306,504.45
42	2,000	1,632.72	367.28	306,137.17
43	2,000	1,630.76	369.24	305,767.93
44	2,000	1,628.79	371.21	305,396.72
45	2,000	1,626.82	373.18	305,023.54
46	2,000	1,624.83	375.17	304,648.37
47	2,000	1,622.83	377.17	304,271.2
48	2,000	1,620.82	379.18	303,892.02
49	2,000	1,618.8	381.2	303,510.82
50	2,000	1,616.77	383.23	303,127.59
51	2,000	1,614.73	385.27	302,742.32
52	2,000	1,612.68	387.32	302,355
53	2,000	1,610.61	389.39	301,965.61
54	2,000	1,608.54	391.46	301,574.15
55	2,000	1,606.45	393.55	301,180.6
56	2,000	1,604.36	395.64	300,784.96
57	2,000	1,602.25	397.75	300,387.21
58	2,000	1,600.13	399.87	299,987.34
59	2,000	1,598	402	299,585.34
60	2,000	1,595.86	404.14	299,181.2
61	2,000	1,593.71	406.29	298,774.91
62	2,000	1,591.54	408.46	298,366.45
63	2,000	1,589.37	410.63	297,955.82
64	2,000	1,587.18	412.82	297,543
65	2,000	1,584.98	415.02	297,127.98
66	2,000	1,582.77	417.23	296,710.75
67	2,000	1,580.55	419.45	296,291.3
68	2,000	1,578.31	421.69	295,869.61
69	2,000	1,576.07	423.93	295,445.68
70	2,000	1,573.81	426.19	295,019.49
71	2,000	1,571.54	428.46	294,591.03
72	2,000	1,569.25	430.75	294,160.28
73	2,000	1,566.96	433.04	293,727.24
74	2,000	1,564.65	435.35	293,291.89
75	2,000	1,562.33	437.67	292,854.22
76	2,000	1,560	440	292,414.22
77	2,000	1,557.66	442.34	291,971.88
78	2,000	1,555.3	444.7	291,527.18
79	2,000	1,552.93	447.07	291,080.11
80	2,000	1,550.55	449.45	290,630.66
81	2,000	1,548.16	451.84	290,178.82
82	2,000	1,545.75	454.25	289,724.57
83	2,000	1,543.33	456.67	289,267.9
84	2,000	1,540.9	459.1	288,808.8
85	2,000	1,538.45	461.55	288,347.25
86	2,000	1,536	464	287,883.25
87	2,000	1,533.52	466.48	287,416.77
88	2,000	1,531.04	468.96	286,947.81
89	2,000	1,528.54	471.46	286,476.35
90	2,000	1,526.03	473.97	286,002.38
91	2,000	1,523.5	476.5	285,525.88
92	2,000	1,520.97	479.03	285,046.85
93	2,000	1,518.41	481.59	284,565.26
94	2,000	1,515.85	484.15	284,081.11
95	2,000	1,513.27	486.73	283,594.38
96	2,000	1,510.68	489.32	283,105.06
97	2,000	1,508.07	491.93	282,613.13
98	2,000	1,505.45	494.55	282,118.58
99	2,000	1,502.82	497.18	281,621.4
100	2,000	1,500.17	499.83	281,121.57
101	2,000	1,497.5	502.5	280,619.07
102	2,000	1,494.83	505.17	280,113.9
103	2,000	1,492.14	507.86	279,606.04
104	2,000	1,489.43	510.57	279,095.47
105	2,000	1,486.71	513.29	278,582.18
106	2,000	1,483.98	516.02	278,066.16
107	2,000	1,481.23	518.77	277,547.39
108	2,000	1,478.47	521.53	277,025.86
109	2,000	1,475.69	524.31	276,501.55
110	2,000	1,472.89	527.11	275,974.44
111	2,000	1,470.09	529.91	275,444.53
112	2,000	1,467.26	532.74	274,911.79
113	2,000	1,464.43	535.57	274,376.22
114	2,000	1,461.57	538.43	273,837.79
115	2,000	1,458.7	541.3	273,296.49
116	2,000	1,455.82	544.18	272,752.31
117	2,000	1,452.92	547.08	272,205.23
118	2,000	1,450.01	549.99	271,655.24
119	2,000	1,447.08	552.92	271,102.32
120	2,000	1,444.13	555.87	270,546.45

First 120 of 360 rows.

Yearly summarytable

year	interest	principal	endingBalance
1	20,349.55	3,650.45	316,349.55
2	20,109.23	3,890.77	312,458.78
3	19,853.11	4,146.89	308,311.89
4	19,580.13	4,419.87	303,892.02
5	19,289.18	4,710.82	299,181.2
6	18,979.08	5,020.92	294,160.28
7	18,648.52	5,351.48	288,808.8
8	18,296.26	5,703.74	283,105.06
9	17,920.8	6,079.2	277,025.86
10	17,520.59	6,479.41	270,546.45
11	17,094.06	6,905.94	263,640.51
12	16,639.44	7,360.56	256,279.95
13	16,154.9	7,845.1	248,434.85
14	15,638.49	8,361.51	240,073.34
15	15,088.05	8,911.95	231,161.39
16	14,501.37	9,498.63	221,662.76
17	13,876.07	10,123.93	211,538.83
18	13,209.63	10,790.37	200,748.46
19	12,499.32	11,500.68	189,247.78
20	11,742.25	12,257.75	176,990.03
21	10,935.32	13,064.68	163,925.35
22	10,075.29	13,924.71	150,000.64
23	9,158.63	14,841.37	135,159.27
24	8,181.65	15,818.35	119,340.92
25	7,140.33	16,859.67	102,481.25
26	6,030.48	17,969.52	84,511.73
27	4,847.54	19,152.46	65,359.27
28	3,586.74	20,413.26	44,946.01
29	2,242.99	21,757.01	23,189
30	810.74	23,189	0

Results are general information, not financial, tax, legal, medical or engineering advice.