Mortgage Calculator
Estimate your monthly payment, total interest and full loan cost — including property tax, insurance, PMI and HOA fees — then see your amortization schedule, principal-vs-interest charts and how much faster extra payments pay off your home.
Extra payments (optional)
| Year | Date | Payment | Principal | Interest | Balance |
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| Down payment | Loan amount | Monthly P&I | Total interest |
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| Extra / month | Interest saved | Time saved | New payoff |
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| Horizon | Projected value | Gain |
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| Year | Cumulative rent | Net cost of buying | Buying advantage |
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How to calculate your mortgage payment
Three quick steps from a home price to a full monthly payment, interest total and payoff timeline.
Type the home price and down payment (the loan amount fills in automatically), then add your interest rate and loan term. Pick Fixed, ARM, Refinance or Extra Payments at the top.
Enter annual property tax and insurance, any PMI and monthly HOA fees so the payment reflects your true cost. Optionally add extra payments to see how much faster you'd be debt-free.
See your monthly payment, total interest, principal-vs-interest charts and full amortization schedule. Download a clean PDF report or copy the summary in one tap.
Built for real home-buying decisions
Not just a payment number — a full planning tool that shows where every dollar goes.
Principal, interest, property tax, insurance, PMI and HOA — separated clearly so you know your true monthly housing cost, not just principal and interest.
View the whole schedule month-by-month or year-by-year, watching principal grow and the balance fall on every single payment.
Add an extra monthly, annual or one-time payment and instantly see the interest you'd save and how many years sooner you'd own your home.
Compare a fixed-rate loan, model an adjustable-rate mortgage, or check whether refinancing pays off with a clear break-even point.
Everything runs in your browser — no sign-up, no data sent anywhere, and results update the moment you press Calculate.
Export a polished, branded report with your summary, payment breakdown, charts and amortization — perfect for comparing offers or sharing with a partner.
Related finance calculators
Round out your planning with these companion tools.
The mortgage payment formula
Every fixed-rate monthly payment comes from one standard equation. Here's exactly how it works.
Because most of your balance is unpaid early on, the interest portion is largest at the start and shrinks over time — which is why early extra payments save so much. This calculator runs that equation for every month to build your full schedule.
First-time home buyer guide
The loan types and terms worth understanding before you start shopping for a mortgage.
Backed by the Federal Housing Administration, FHA loans allow down payments as low as 3.5% and more flexible credit requirements, making them popular with first-time buyers. The trade-off is mortgage insurance premiums (MIP) that often last the life of the loan.
Available to eligible veterans, active-duty service members and some spouses, VA loans can offer 0% down and no monthly mortgage insurance. They're among the most affordable options if you qualify, though a one-time funding fee usually applies.
Not government-backed, conventional loans typically need a higher credit score but offer competitive rates. You can put down as little as 3–5%, and once you reach 20% equity you can request to cancel PMI — unlike most FHA loans.
Private mortgage insurance protects the lender (not you) when your down payment is under 20%. It's added to your monthly payment and typically costs 0.3–1.5% of the loan per year. On conventional loans it falls off automatically once you reach 22% equity.
You don't actually need 20% down to buy a home — plenty of buyers purchase with 3–5%. The 20% figure simply lets you avoid PMI and borrow less. Putting down less means buying sooner and keeping cash on hand, at the cost of a higher payment and some mortgage insurance. Use the Down Payment Scenarios below to see the real trade-offs for your numbers.
Mortgage glossary
The key terms behind every mortgage, in plain language.
Frequently asked questions
The short, practical answers to the questions home buyers ask most.
Your monthly principal & interest payment comes from the standard amortization formula M = P · r · (1+r)n ÷ ((1+r)n − 1), where P is the loan amount, r is the monthly rate (annual rate ÷ 12 ÷ 100) and n is the number of payments (years × 12). On a $320,000 loan at 6.5% over 30 years that's about $2,023/month in principal & interest. Property tax, insurance, PMI and HOA fees are then added on top to give your full monthly housing cost.
PMI (Private Mortgage Insurance) is an extra monthly charge lenders require when your down payment is under 20% of the home price. It protects the lender if you default — not you. PMI typically runs 0.3%–1.5% of the loan per year and, by law, automatically drops off once your balance reaches 78–80% of the original home value. The calculator stops adding PMI at that point, so it isn't charged for the full loan term.
A bigger down payment lowers your loan amount, which reduces both your monthly payment and the total interest you'll pay over the life of the loan. Reaching 20% down also lets you skip PMI entirely, and a lower loan-to-value ratio often qualifies you for a better interest rate. Try raising the down payment in the calculator and watch the total interest fall — the effect over 30 years is usually larger than people expect.
It depends on the loan amount, rate and term. On a long loan, interest can add up to a large share of the original principal — a 30-year loan at typical rates can mean total interest close to or exceeding the amount you borrowed. Shortening the term or making extra payments cuts that figure dramatically. The calculator shows your exact total interest plus a principal-vs-interest chart so you can see the split at a glance.
Every extra dollar goes straight to principal, so the balance shrinks faster, you pay less interest, and the loan is gone sooner. Even a modest extra $100–$200 a month can save tens of thousands in interest and shave years off a 30-year mortgage. Use the Extra Payments tab (or the optional extra-payment fields) to add a monthly amount, an annual lump sum or a one-time payment — the payoff summary shows the interest saved and your new payoff date.
A full payment is often called PITI plus extras: Principal and Interest (the loan repayment), property Taxes, homeowners Insurance, plus PMI when applicable and any HOA fees. Only principal and interest actually pay down the loan; taxes and insurance are usually collected into an escrow account and paid on your behalf. This calculator separates each piece so you can see exactly where your money goes.