Mortgage Calculator
Estimate payment, PMI timing, extra-principal payoff, and interest saved with a fixed-rate loan model.
Loan amount$315,000
Inputs
Taxes, insurance, HOA, and PMI affect payment but not loan amortization.
Down payment$35,000 down (10%)
Rate default: FRED MORTGAGE30US - 2026-07-16Tax default: TN median county ACS effective-rate estimate - acs2024_5yr
Escrows and Add-ons
PMI
Extra Principal
Results
With extra principal - paid off in 22 yr 2 mo
Monthly payment$2,391Before PMI drop
Principal and interest$2,001Loan payment only
Interest saved$123,8337 yr 10 mo sooner
PMI drops4 yr 9 mo$131.25/mo today
Payment Breakdown
Principal and interest$2,001.38
Taxes$136.25
Insurance$122.50
HOA$0.00
PMI$131.25
Balance Over Time
Base vs. extra principalAnnual Principal vs. Interest
With extra scheduleAmortization
| Year | Paid | Principal | Interest | End balance |
|---|---|---|---|---|
| Year 1 | $27,016.60 | $6,579.29 | $20,437.31 | $308,420.71 |
| Year 2 | $27,016.60 | $7,023.41 | $19,993.19 | $301,397.30 |
| Year 3 | $27,016.60 | $7,497.51 | $19,519.10 | $293,899.80 |
| Year 4 | $27,016.60 | $8,003.61 | $19,013.00 | $285,896.19 |
| Year 5 | $27,016.60 | $8,543.87 | $18,472.73 | $277,352.32 |
| Year 6 | $27,016.60 | $9,120.60 | $17,896.00 | $268,231.71 |
| Year 7 | $27,016.60 | $9,736.27 | $17,280.33 | $258,495.44 |
| Year 8 | $27,016.60 | $10,393.49 | $16,623.11 | $248,101.95 |
| Year 9 | $27,016.60 | $11,095.08 | $15,921.52 | $237,006.87 |
| Year 10 | $27,016.60 | $11,844.03 | $15,172.58 | $225,162.85 |
| Year 11 | $27,016.60 | $12,643.53 | $14,373.07 | $212,519.32 |
| Year 12 | $27,016.60 | $13,497.00 | $13,519.60 | $199,022.32 |
| Year 13 | $27,016.60 | $14,408.08 | $12,608.52 | $184,614.23 |
| Year 14 | $27,016.60 | $15,380.67 | $11,635.94 | $169,233.57 |
| Year 15 | $27,016.60 | $16,418.90 | $10,597.70 | $152,814.67 |
| Year 16 | $27,016.60 | $17,527.22 | $9,489.38 | $135,287.45 |
| Year 17 | $27,016.60 | $18,710.35 | $8,306.25 | $116,577.10 |
| Year 18 | $27,016.60 | $19,973.35 | $7,043.26 | $96,603.75 |
| Year 19 | $27,016.60 | $21,321.60 | $5,695.00 | $75,282.15 |
| Year 20 | $27,016.60 | $22,760.86 | $4,255.74 | $52,521.29 |
| Year 21 | $27,016.60 | $24,297.28 | $2,719.32 | $28,224.01 |
| Year 22 | $27,016.60 | $25,937.41 | $1,079.19 | $2,286.60 |
| Year 23 | $2,299.34 | $2,286.60 | $12.74 | $0.00 |
Estimates only. Actual payment, escrows, PMI, and cancellation timing vary by lender, loan type, taxes, insurance, HOA, and servicing guidelines.
Displayed interest for the selected schedule: $281,665.