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
Estimated Monthly Payment
$3,580.44
P&I: $2,955.44 + taxes/insurance/fees
Monthly Breakdown
Loan Summary
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.
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.
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.
Frequently Asked Questions
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