Mortgage Calculator

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$
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Monthly Payment Breakdown

Principal & Interest$0.00
Property Tax$0.00
Home Insurance$0.00
PMI$0.00
HOA Fee$0.00
Other Costs$0.00

Total Monthly Payment$0.00

Loan Summary

Loan Amount$0.00
Total Interest Paid$0.00
Total Cost$0.00
Mortgage Payoff Date

Payment Breakdown

Amortization Schedule

YearInterestPrincipalBalance

Mortgage Calculator – Estimate Monthly Payment, Interest, Taxes & Total Cost

A mortgage calculator helps you estimate your monthly home loan payment based on your home price, down payment, interest rate, and loan term. This calculator can also include common monthly housing costs like property tax, home insurance, PMI, HOA fees, and other recurring costs — so you can see a more realistic “total monthly payment”.

Use it to compare different loan terms (10/15/20/25/30 years), down payment options, and extra payments — and to view an amortization schedule (monthly or yearly) plus a printable PDF report.

Table of Contents

How This Mortgage Calculator Works

The calculator first finds your loan amount: Home Price − Down Payment = Loan Amount. Then it estimates the monthly principal & interest payment using standard amortization math (fixed-rate mortgage formula).

If you enable Include Taxes & Costs, it adds estimated monthly amounts for property tax, insurance, PMI, HOA, and other costs to show your full estimated monthly housing payment.

Key idea: Early mortgage payments are interest-heavy. Over time, a bigger share goes toward principal.

What’s Included in Your Monthly Mortgage Payment

Many people focus only on “principal & interest”, but real monthly costs can be higher. This calculator can show a full breakdown:

  • Principal & Interest (P&I): The core loan payment.
  • Property Tax: Often collected monthly (escrow) even if billed yearly.
  • Home Insurance: Typically escrowed monthly.
  • PMI: May apply when down payment is below 20% (depends on loan type).
  • HOA Fee: Common in apartments/communities.
  • Other Costs: Any recurring monthly costs you want to add.

Down Payment: Amount vs Percent

You can enter down payment as either a dollar amount or a percentage. The calculator auto-syncs both fields. A larger down payment reduces your loan amount, lowers your monthly payment, and can reduce or eliminate PMI.

Common reference points

  • 20% down is often a milestone because PMI may not be required in many cases.
  • Lower down payments can make homeownership easier to start, but usually increase monthly cost and total interest.

Loan Term & Interest Rate: How They Change Your Payment

Loan term (10–30 years)

A longer term usually means a lower monthly payment, but higher total interest over the life of the loan. A shorter term increases monthly payment but often saves significant interest and can sometimes come with a lower interest rate.

Interest rate (%)

Small changes in interest rate can significantly affect your monthly payment and total interest. Use the calculator to compare scenarios before choosing a lender or deciding to refinance.

Taxes, Insurance, PMI, HOA & Other Costs

Turning on Include Taxes & Costs helps you estimate a realistic monthly housing payment (not just the loan payment). You can enter taxes/insurance either as a percent (%) or a dollar amount ($), depending on what you know.

PMI (Private Mortgage Insurance)

PMI may apply when down payment is under 20%. This tool can estimate PMI to help you see the impact on monthly cost. Actual PMI depends on credit score, lender rules, and loan type.

Annual increases (optional)

Taxes, insurance, HOA, and other costs can rise over time. If you use the “More Options” section, you can model increases for better long-term estimates.

Note: Your lender may collect escrow and adjust it yearly based on actual bills.

Extra Payments: Monthly, Yearly, One-Time (and Multiple One-Time Payments)

Extra payments typically reduce principal faster, which can reduce total interest and move your payoff date earlier. This calculator supports:

  • Extra monthly: Start from a chosen month/year.
  • Extra yearly: Often used for bonuses/refunds.
  • One-time extra: A lump sum in a specific month/year.
  • Additional one-time payments: Multiple lump sums across different months/years.
Tip: Extra payments are most powerful earlier in the loan because interest is calculated on a higher principal balance.

Amortization Schedule: Monthly vs Yearly

The amortization schedule shows how your balance decreases over time and how each payment is split between interest and principal. Use:

  • Monthly schedule for detailed tracking (month-by-month).
  • Yearly schedule for a faster overview (year-by-year totals).

The schedule in this tool is an estimate and can differ slightly from lender schedules due to rounding, escrow, or payment posting rules.

Mortgage Payment Formula (Fixed-Rate)

This calculator uses the standard fixed-rate amortization formula. Your monthly principal and interest payment is based on the loan amount, interest rate, and loan term. Taxes, insurance, PMI, HOA, and other costs are then added (if enabled) to estimate your total monthly payment.

Formula (P&I)
Payment = P × r × (1 + r)^n / ((1 + r)^n − 1)
Where P = loan amount, r = monthly interest rate, n = number of monthly payments.

A Real-Style Scenario: Comparing 30-Year vs 15-Year

Priya is buying a home and wants to compare monthly affordability vs long-term interest savings. She tries two options in the calculator:

  • 30-year term: Lower monthly payment, higher total interest.
  • 15-year term: Higher monthly payment, lower total interest and faster payoff.

After seeing the monthly breakdown (P&I + taxes + insurance + PMI), she chooses the plan that fits her cash flow — and adds a small extra monthly payment to reduce interest without refinancing.

Example scenario for education only. Always verify with your lender.

FAQs – Mortgage Calculator

1. What’s the difference between “Principal & Interest” and “Total Monthly” Payment?

Principal & Interest is the loan payment only. Total monthly payment can include property tax, insurance, PMI, HOA, and other costs — which gives a more realistic monthly housing estimate.

2. Why does my lender’s payment differ from this calculator?

Differences can happen due to rounding, escrow changes, HOA billing timing, PMI rules, and lender-specific payment posting methods.

3. Is PMI always required under 20% down?

Often, yes — but it depends on loan type and lender. Some programs structure insurance differently. Use this calculator for estimates, then confirm with your lender.

4. What happens if I make extra payments?

Extra payments generally reduce principal faster, which reduces interest over time and can move your payoff date earlier. Always ensure the lender applies extra as “principal only”.

5. Should I choose a shorter loan term?

Shorter terms usually save interest but increase monthly payment. Use this calculator to compare total cost vs monthly affordability.

6. Does this include closing costs?

This calculator focuses on monthly payment and loan costs. Closing costs vary by lender and location and are usually paid upfront or rolled into the loan (if allowed).

About This Mortgage Calculator

  • Estimates principal & interest using fixed-rate amortization math.
  • Optionally adds taxes, insurance, PMI, HOA, and other costs.
  • Supports extra payments and shows a payoff date estimate.
  • Downloadable PDF summary + amortization schedule.
  • Last updated: 2/4/2026

Financial Disclaimer

This mortgage calculator is for educational and informational purposes only and does not provide financial, legal, tax, or investment advice. Results are estimates and may differ from your lender’s actual payment schedule due to fees, escrow adjustments, rounding, and loan-specific terms. Always confirm details with your lender or a qualified professional.

Mortgage Tips

  • A 20% down payment helps avoid PMI
  • Compare lenders for better rates
  • Refinance when rates drop
  • Make part prepayments regularly
  • Consider shorter terms to save on interest
  • Make a larger down payment to lower your monthly payment
  • A shorter period, such as 15 or 20 years, typically includes a lower interest rate.