Monthly payment calculator
What would my monthly payment actually be?
Most payment calculators show you principal and interest and stop there, which is how buyers end up surprised by a number several hundred dollars higher than they planned for.
Monthly payment calculator
Estimated monthly payment
$2,823/mo
$356,250 conventional loan over 30 years at 6.375%
- Principal & interest$2,22378.7%
- Property tax$31311.1%
- Homeowners insurance$1545.5%
- Mortgage insurance$1344.7%
- HOA dues$0-
Cash needed at closing is roughly $28,125: your down payment plus about 2.5% of the price in Georgia closing costs.
Get a real quote- Principal and interest
- $2,2236.375% for 30 years
- Loan amount
- $356,2505% down, $18,750
- Loan-to-value
- 95%Above 80%, so mortgage insurance applies
- Total interest
- $443,863Over 30 years
- Total cost of the loan
- $986,015Principal, interest, insurance, tax and dues
- Payoff date
- Sep 2056360 payments
- Mortgage insurance
- Ends Dec 2037Drops automatically at 78% loan-to-value
- Cash to close, estimated
- $28,125Down payment plus closing costs
Balance and equity over time
What you still owe each year, and what you have paid in principal and interest so far.
- Remaining balance
- Interest paid to date
- Principal paid to date
Where each year's payments go
Early payments are mostly interest. The balance tips toward principal as the loan ages.
- Principal
- Interest
Amortization schedule
Totals for each year of the loan. Open a year to see every monthly payment.
| Year | Principal | Interest | Mortgage ins. | Total paid | Balance |
|---|---|---|---|---|---|
| $4,077 | $22,593 | $1,603 | $28,274 | $352,173 | |
| $4,345 | $22,326 | $1,603 | $28,274 | $347,828 | |
| $4,630 | $22,040 | $1,603 | $28,274 | $343,198 | |
| $4,934 | $21,736 | $1,603 | $28,274 | $338,264 | |
| $5,258 | $21,412 | $1,603 | $28,274 | $333,006 | |
| $5,603 | $21,067 | $1,603 | $28,274 | $327,402 | |
| $5,971 | $20,699 | $1,603 | $28,274 | $321,431 | |
| $6,363 | $20,307 | $1,603 | $28,274 | $315,068 | |
| $6,781 | $19,890 | $1,603 | $28,274 | $308,288 | |
| $7,226 | $19,445 | $1,603 | $28,274 | $301,062 | |
| $7,700 | $18,970 | $1,603 | $28,274 | $293,362 | |
| $8,206 | $18,465 | $267 | $26,938 | $285,156 | |
| $8,744 | $17,926 | $0 | $26,670 | $276,412 | |
| $9,318 | $17,352 | $0 | $26,670 | $267,094 | |
| $9,930 | $16,740 | $0 | $26,670 | $257,164 | |
| $10,582 | $16,089 | $0 | $26,670 | $246,582 | |
| $11,277 | $15,394 | $0 | $26,670 | $235,305 | |
| $12,017 | $14,654 | $0 | $26,670 | $223,288 | |
| $12,806 | $13,865 | $0 | $26,670 | $210,483 | |
| $13,646 | $13,024 | $0 | $26,670 | $196,836 | |
| $14,542 | $12,128 | $0 | $26,670 | $182,294 | |
| $15,497 | $11,174 | $0 | $26,670 | $166,797 | |
| $16,514 | $10,156 | $0 | $26,670 | $150,283 | |
| $17,598 | $9,072 | $0 | $26,670 | $132,685 | |
| $18,753 | $7,917 | $0 | $26,670 | $113,932 | |
| $19,985 | $6,686 | $0 | $26,670 | $93,947 | |
| $21,296 | $5,374 | $0 | $26,670 | $72,651 | |
| $22,694 | $3,976 | $0 | $26,670 | $49,956 | |
| $24,184 | $2,486 | $0 | $26,670 | $25,772 | |
| $25,772 | $899 | $0 | $26,670 | $0 |
Estimates only. Principal and interest use the standard fixed-rate amortization formula. Mortgage insurance, FHA and VA fees, tax and insurance figures are sample assumptions; FHA loans include a 1.75% upfront premium and VA loans a funding fee, both financed. Your Loan Estimate is the only binding figure.
Estimates only. Results depend on the assumptions you enter and are not a quote, a rate lock or an offer to lend.
How to read the result
This one includes the other three pieces: property taxes, homeowners insurance and mortgage insurance where it applies. Georgia property tax rates and typical Atlanta insurance premiums are pre-filled, and you can change any of them.
Principal and interest is the smaller story
On a typical metro Atlanta purchase, taxes and insurance add 20% to 30% on top of the principal and interest figure. Budget against the total, not the headline.
Mortgage insurance is temporary on conventional loans
Once you reach 20% equity you can request removal, which lowers the payment without refinancing. On most FHA loans it stays.
Escrow is your money
The tax and insurance portion goes into an escrow account the servicer holds on your behalf. It is not a lender fee.
About this calculator
Usually HOA dues, which vary too much to estimate, or a property tax assessment that changed after a recent sale. Send us the listing and we will build an exact figure.
Metro Atlanta counties generally run between 0.85% and 1.15% of assessed value annually. We default to 1.0%, which is a reasonable planning figure for Fulton and DeKalb.
No. The exemption reduces your assessed value once you occupy the home and apply, so your actual tax bill after the first year is usually somewhat lower than shown.
Magnolia Lending Group
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