Calculate your monthly mortgage payment with principal, interest, taxes, insurance, PMI, and HOA. Model extra payments to see how fast you can pay off your loan.
Loan Details
20%+ avoids PMI
Recurring Costs
Leave at 0 if none
Extra Payments
Additional toward principal each month
Total Monthly Payment
$1,917
at 6.50%
$1,997
at 7.00%
$2,078
at 7.50%
Monthly Payment Breakdown
Principal & Interest
$1,597
Monthly Tax
$300
Monthly Insurance
$100
Loan Amount
$240,000
Down Payment
$60,000
Total Interest
$334,821
| Year | Principal | Interest | |
|---|---|---|---|
| 1 | $2,438 | $16,723 | |
| 2 | $2,614 | $16,547 | |
| 3 | $2,803 | $16,358 | |
| 4 | $3,006 | $16,155 | |
| 5 | $3,223 | $15,938 | |
| ··· | |||
| 30 | $18,454 | $707 | |
Will this property cash flow?
Search any address on PropMetrics to see what it would rent for — then compare to your mortgage payment.
Your monthly mortgage payment has up to five parts: principal, interest, taxes, insurance, and — if your down payment is below 20% — private mortgage insurance (PMI). Principal is the portion that pays down your loan balance. Interest is what the bank charges for lending you the money. Property taxes and homeowner's insurance are often escrowed into the monthly payment.
PMI protects the lender if you default and is required when your equity is below 20%. It typically costs between 0.3% and 1.5% of the original loan amount per year. The good news: PMI is automatically removed once your loan-to-value ratio drops to 80%, which happens through a combination of principal payments and property appreciation.
Even a small extra payment toward principal each month can dramatically reduce your total interest and shorten your payoff timeline. On a $240,000 loan at 7%, an extra $200/month saves over $80,000 in interest and pays off the loan nearly 8 years early. The savings compound because every dollar of extra principal reduces the balance that future interest is calculated on.
For investment properties, most lenders require a 20-25% down payment and charge interest rates 0.25% to 0.75% higher than owner-occupied loans. The monthly mortgage is your single largest expense as a rental property owner. If the rent does not comfortably cover the mortgage plus operating expenses, the deal does not work. Use our rental property calculator to see the full cash flow picture including vacancy, maintenance, taxes, and management fees.
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