Estate Tax Calculator
Estimate potential estate-tax exposure using gross estate value, deductions, lifetime taxable gifts, the remaining exemption, and an optional flat state estate-tax rate.
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Mortgage Calculator
Calculate your monthly mortgage payment including principal, interest, property tax, homeowners insurance, PMI, and HOA fees. View a full amortization schedule, balance chart, extra payment savings, term comparison, and total loan cost.
Loan Details
$
%
LTV:
80.00%
%
Estimated Monthly Payment
$3,580.44
P&I: $2,955.44 + taxes/insurance/fees
P & I82.5%
Tax14.0%
Insurance3.5%
Monthly Breakdown
Principal & Interest$2,955.44
Property Tax$500.00
Home Insurance$125.00
Total Monthly$3,580.44
Loan Summary
Loan Amount$480,000.00
Down Payment$120,000.00 (20%)
Total Interest$583,961.05
Total Repayment$1,063,961.05
Payoff30 yrs
Term Comparison — Same Rate & Loan Amount
| Term | Monthly P&I | Total Interest | Total Paid |
|---|---|---|---|
| 10 years | $5,389.44 | $166,732.80 | $646,732.80 |
| 15 years | $4,115.63 | $260,813.40 | $740,813.40 |
| 20 years | $3,508.46 | $362,030.40 | $842,030.40 |
| 25 years | $3,166.41 | $469,923.00 | $949,923.00 |
| 30 years(selected) | $2,955.44 | $583,958.40 | $1,063,958.40 |
What Is a Mortgage Calculator?
A mortgage calculator helps you estimate your monthly home loan payment before you apply. It calculates your principal and interest payment using the standard amortization formula, and can include property taxes, homeowners insurance, PMI, and HOA fees so you see your true total monthly housing cost — not just the loan payment.
Use it to compare loan terms (15 vs 30 years), evaluate the impact of a larger down payment, see how much interest you'll pay over the life of the loan, and model the effect of making extra principal payments each month.
Key insight: On a $480,000 mortgage at 6.25% for 30 years, you pay approximately $583,800 in interest over the life of the loan — more than the original loan amount. Choosing a 15-year term cuts total interest by ~60%.
How Mortgage Payments Are Calculated
The standard monthly principal and interest payment uses the amortization formula:
M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where:
P = loan amount (home price − down payment)
r = monthly interest rate (annual rate ÷ 12 ÷ 100)
n = total number of payments (years × 12)Example: $480,000 at 6.25% for 30 years
Loan Amount P = $600,000 − $120,000 = $480,000Monthly rate r = 6.25 / 12 / 100 = 0.005208Payments n = 30 × 12 = 360Monthly P&I M = 480,000 × 0.005208 × (1.005208)^360 / ((1.005208)^360 − 1)Result M ≈ $2,955 / monthPrincipal vs Interest — How Amortization Works
In an amortized mortgage, your monthly payment amount is fixed. But the split between principal and interest changes every month. In the early years, most of your payment goes to interest. As the balance decreases, more shifts to principal.
| Payment | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $455 | $2,500 | $479,545 |
| 12 | $511 | $2,444 | $468,945 |
| 60 | $587 | $2,368 | $453,897 |
| 120 | $793 | $2,163 | $414,816 |
| 180 | $1,069 | $1,886 | $361,694 |
| 240 | $1,441 | $1,514 | $289,876 |
| 300 | $1,942 | $1,013 | $193,773 |
| 360 | $2,940 | $15 | $0 |
Based on $480,000 at 6.25% over 30 years. Payment #360 pays off the remaining balance.
PMI, Property Tax, Insurance & Extra Payments
🛡️
PMI — Private Mortgage Insurance
Charged when your down payment is less than 20%. Typically 0.5–1.5% of the loan annually. Removed once your LTV ratio drops below 80% (loan balance ÷ home value).
🏛️
Property Tax
Charged by your local government. Typically 0.5–2.5% of assessed home value per year, added to your monthly escrow payment. Varies significantly by location.
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Homeowners Insurance
Required by all lenders. Averages $1,000–$2,000/year depending on home value, location, and coverage. Covers fire, theft, natural disasters.
💸
Extra Monthly Payments
Paying even $200 extra per month on a $480,000 mortgage at 6.25% saves ~$89,000 in interest and cuts ~5.5 years off the loan. Use the extra payment field above to model your scenario.
Down payment tip: Going from 10% to 20% down on a $600,000 home ($60,000 more upfront) eliminates PMI, reduces total interest by ~$47,000 over 30 years, and lowers your monthly payment. Most lenders also offer better rates at 20%+ down.
Frequently Asked Questions
Explore This Tool in Context
Mortgage Calculator is part of the Financial Calculators collection. If you want a broader view of similar workflows, open the Financial Calculators category page or browse all QuickTools categories.
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