Mortgage calculator
Mortgage payments, itemized.
Estimate principal and interest with the standard amortization formula, then add taxes, insurance, PMI and HOA for a full monthly figure. A year-by-year summary shows how the balance falls.
Calculator
What this includes. Principal and interest use a fixed rate and a fully amortizing schedule. Taxes, insurance, PMI and HOA are added as flat monthly amounts you enter, and Total cost counts PMI only until the balance reaches 78% of the home price; they aren’t escrowed or adjusted for tax assessments. At a 0% rate, the payment is simply the loan amount divided by the number of months.
How a fixed-rate mortgage payment is set
A fixed-rate mortgage spreads the loan over a set number of months. Each payment covers that month’s interest first; the rest reduces the balance. Early payments are mostly interest; later ones are mostly principal. Property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues are separate monthly costs that many buyers budget alongside the loan payment.
Formula
Worked example
A $300,000 home with a $60,000 down payment leaves a $240,000 loan. At 6.5% APR for 30 years, the monthly principal and interest is $1,516.96. Over the full term you pay about $306,106 in interest. Adding $400 tax, $150 insurance, $100 PMI and $50 HOA brings the total monthly figure to $2,216.96.
Paying extra on a mortgage
Any extra amount you pay goes straight to principal. You can add a monthly extra, a one-time lump sum in a chosen month, or set the monthly payment you want to make. The calculator then shows the new payoff date, the time saved and the interest saved against the standard schedule, and updates the table to match.
Example: on the $240,000 loan above, paying an extra $200 a month pays the loan off in about 21 years and 10 months and saves roughly $96,270 in interest.
When to use it
- Comparing home prices, down payments and rates before you talk to a lender.
- Seeing how taxes, insurance, PMI or HOA change the monthly budget.
- Figures are estimates, not a loan offer. Rates, fees and escrow rules vary by lender and location; confirm them with a lender or the CFPB’s Owning a Home tools.
- Related: loan calculator for non-mortgage loans, and compound interest for savings growth.
Sources
- Consumer Financial Protection Bureau, Owning a Home
- Consumer Financial Protection Bureau, When can I remove private mortgage insurance (PMI) from my loan?
- Consumer Financial Protection Bureau, Explore rates and get the facts
- Consumer Financial Protection Bureau, What is amortization and how could it affect my auto loan?