Calculate your monthly mortgage payment with taxes, insurance and extra payments. See a full amortization schedule and total interest.
How to use this mortgage calculator
Enter your home price and down payment to set your loan amount, then add the interest rate and term your lender offered. The calculator instantly shows your estimated monthly payment broken down into principal, interest, property tax, and insurance, along with the total interest you'll pay over the life of the loan.
Understanding your amortization schedule
In the early years of a mortgage, most of each payment goes toward interest rather than principal. The year-by-year schedule above shows this shift over time — as your balance falls, more of every payment chips away at the principal. This is why paying extra early in the loan has such an outsized effect.
The power of extra payments
Because extra payments apply directly to principal, they remove future interest entirely. For example, on a $320,000 loan at 6.5% over 30 years, an extra $200 per month can save well over $80,000 in interest and pay the loan off years early. Use the "Extra monthly payment" field to model your own scenario.
This calculator provides estimates for educational purposes only and is not financial advice. Actual loan terms, taxes, insurance, and PMI vary by lender and location. Confirm figures with a licensed mortgage professional.
Frequently asked questions
How is my monthly mortgage payment calculated?
Your principal and interest payment uses the standard amortization formula: M = P · r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. We then add monthly property tax, home insurance, and any HOA fees to estimate your full payment.
How much can I save with extra mortgage payments?
Adding even a small amount to your monthly payment goes entirely toward principal, which reduces the balance that interest is charged on. Over a 30-year loan this can save tens of thousands of dollars in interest and shave years off your term. Enter an amount in the 'Extra monthly payment' field to see your exact savings.
What is included in PITI?
PITI stands for Principal, Interest, Taxes, and Insurance — the four parts of a typical mortgage payment. This calculator includes all four, plus optional HOA dues, so the estimate reflects what you'll actually pay each month.
Does this calculator include PMI?
Yes. When your down payment is under 20% of the home price, the calculator automatically adds private mortgage insurance (PMI) using the PMI rate you set (0.5% per year by default). At 20% equity or more, PMI is not applied. PMI typically drops off once you reach 20% equity.
Can I compare a 15-year and 30-year mortgage?
Yes. Tick 'Compare with another term / rate' to see a second scenario side by side — monthly payment, total interest, and payoff — so you can weigh a shorter term against a longer one.
What are biweekly mortgage payments?
Accelerated biweekly payments mean paying half your monthly amount every two weeks. That results in 26 half-payments — equal to 13 monthly payments — each year, which pays the loan off sooner and cuts total interest. Enable the biweekly option to see the savings.
Is my data private?
Yes. Every calculation runs entirely in your browser using JavaScript. None of your numbers are sent to a server, logged, or stored.