FMFiscalModus
USUKCA
United States — fixed-rate mortgage math only; property tax and insurance optional

20 Year Mortgage Calculator — $400K

At 6.5% interest, principal and interest on $400K over 20 years is about $2,982.29/month.

This 20-year US mortgage calculator uses a $400K home. Adjust rate, taxes, and insurance to match your quote.

Loan amount

$400,000.00

Principal & interest

$2,982.29

Total monthly payment

$3,482.29

Total interest

$315,750.21

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30-yr $250K→
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US mortgage payment guide

Components of a US mortgage payment

Most US homeowners pay principal and interest (P&I) plus property taxes and homeowners insurance, often through an escrow account. This calculator focuses on the loan math; you can add tax and insurance estimates separately.

Fixed-rate mortgages use standard amortization: early payments are mostly interest, and later payments shift toward principal. A 30-year loan at 7% pays more interest over life than a 15-year loan at the same rate.

How to use these tools

Start with the full mortgage calculator for a complete picture including down payment, tax, and insurance. Use the payment-only tool when you already know your loan amount and want P&I quickly.

The amortization schedule shows how each payment splits between interest and principal — useful for understanding equity build-up and total interest paid.

  • A 20% down payment typically avoids private mortgage insurance (PMI).
  • Compare 15-year vs 30-year terms — shorter terms save interest but raise monthly P&I.
  • Rate quotes vary by credit score, loan type (conventional, FHA, VA), and points paid.

Limitations

Results are estimates, not loan offers. Lenders apply underwriting, appraisal, and closing costs not modeled here. Consult a licensed mortgage professional before committing.

Frequently asked questions

?What are my mortgage payments going to be?
Your payment depends on loan amount, interest rate, and term. Use this calculator with your home price, down payment, and rate quote — add property tax and insurance for a full housing payment estimate.
?How do I calculate my mortgage payment?
Monthly principal and interest uses the standard amortization formula: loan amount × [r(1+r)^n] ÷ [(1+r)^n − 1], where r is the monthly interest rate and n is the number of payments. Our calculator applies this automatically.
?What is P&I repayment?
P&I means principal and interest — the core loan payment before taxes, insurance, and PMI. It is the amount that pays down your mortgage balance plus lender interest each month.
?What will my mortgage payment be with taxes and insurance?
Add your annual property tax and homeowners insurance to the P&I result, then divide by 12. Use the full mortgage calculator mode to see P&I, tax, insurance, and total monthly housing cost together.
?Does this include PMI?
PMI is not auto-calculated on the main mortgage calculator. If your down payment is below 20%, use our mortgage insurance calculator or add PMI manually to your monthly estimate.
?What rate assumption is used on preset pages?
Preset scenario pages default to 6.5% annual interest unless you change the rate in the calculator.
?What is included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of many monthly housing payments. HOA fees and PMI are separate.
?How does down payment affect my loan?
A larger down payment reduces the loan principal, which lowers monthly P&I and may eliminate PMI if you reach 20% equity at closing.
?Are property tax estimates accurate?
Tax rates vary by county and assessment rules. Use local assessor data or your realtor's estimate rather than a national average.