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Mortgage Calculator

Calculate your monthly mortgage payment including principal, interest, property taxes, insurance, PMI, and HOA fees. View amortization schedule and see how extra payments can save you money.

Home Price ($)

Down Payment ($) (20.0%)

Loan Term

Interest Rate (%)

Start Date

Include Taxes & Costs Below

Property Tax ($/year)

Home Insurance ($/year)

PMI Rate (% of loan)

HOA Fee ($/year)

Other Costs ($/year)

Extra Payments

Monthly Pay:

$2,880.95

P&I 70% Property Tax 14% Insurance 4% Other 12%

	Monthly	Total
Mortgage Payment (P&I)	$2,022.62	$728,142.36
Property Tax	$400.00	$144,000.00
Home Insurance	$125.00	$45,000.00
Other Costs	$333.33	$120,000.00
Total Out-of-Pocket	$2,880.95	$1,037,142.36

House Price

$400,000.00

Loan Amount

$320,000.00

Down Payment

$80,000.00(20%)

Total Interest

$408,142.36

Total of 30 Mortgage Payments

$728,142.36

Mortgage Payoff Date

Jun 2056

Formula

\text{PMT} = P \times \frac{r(1+r)^t}{(1+r)^t - 1}

Where $P$ = loan amount, $r$ = monthly rate, $t$ = total months

Amortization Schedule

Year	Date	Interest	Principal	Ending Balance
1	Jun 2027	$20,694.69	$3,576.72	$316,423.28
2	Jun 2028	$41,149.84	$7,392.98	$312,607.02
3	Jun 2029	$61,349.41	$11,464.83	$308,535.17
4	Jun 2030	$81,276.28	$15,809.37	$304,190.63
5	Jun 2031	$100,912.19	$20,444.87	$299,555.13
6	Jun 2032	$120,237.65	$25,390.82	$294,609.18
7	Jun 2033	$139,231.87	$30,668.02	$289,331.98
8	Jun 2034	$157,872.66	$36,298.63	$283,701.37
9	Jun 2035	$176,136.37	$42,306.34	$277,693.66
10	Jun 2036	$193,997.73	$48,716.40	$271,283.60
11	Jun 2037	$211,429.79	$55,555.74	$264,444.26
12	Jun 2038	$228,403.81	$62,853.14	$257,146.86

How to Use

1
Enter the home price and your down payment amount — the calculator shows the down payment percentage
2
Select your loan term (10, 15, 20, or 30 years) and enter the annual interest rate
3
Optionally set a start date for the amortization schedule
4
Check "Include Taxes & Costs" to add property tax, homeowner's insurance, PMI, HOA fees, and other annual costs
5
Check "Extra Payments" to add recurring extra payments and see how much interest you can save
6
View your total monthly payment, cost breakdown chart, amortization schedule, and payoff date

Examples

Good Examples

$400,000 home, 20% down, 6.5% for 30 years

Loan: $320,000. Monthly P&I: $2,022.84. Total interest: $408,222

Same mortgage with $4,800/yr property tax and $1,500/yr insurance

Monthly payment: $2,547.84. Total out-of-pocket: $916,222

FHA loan: $300,000 home, 3.5% down, 7% for 30 years

Loan: $289,500. Monthly P&I: $1,926.13. PMI required (down < 20%)

Bad Examples

Forgetting property tax and insurance

Your actual monthly payment is much higher than just P&I — budget for all costs

Ignoring PMI with low down payment

Down payments under 20% require PMI, adding $50-$200+/month to your payment

Not comparing 15-year vs 30-year terms

A 15-year term has higher payments but can save $100,000+ in total interest

Common Mistakes

Only looking at the P&I payment — property tax, insurance, and PMI significantly increase the total monthly cost
Forgetting about PMI — required when down payment is less than 20% of home price
Not accounting for HOA fees — these can add $100-$500+ per month
Ignoring the amortization schedule — early payments are mostly interest, very little goes to principal
Not considering extra payments — even small extra payments can save tens of thousands in interest
Confusing property tax and insurance costs — these are annual amounts, not monthly

Frequently Asked Questions

What is included in my monthly mortgage payment?

Your monthly payment typically includes four components: Principal & Interest (P&I), property taxes, homeowner's insurance, and PMI (if your down payment is less than 20%). This is often called PITI. Some homeowners also pay HOA fees separately.

What is PMI and when do I need it?

PMI (Private Mortgage Insurance) is required when your down payment is less than 20% of the home price. It protects the lender if you default. PMI typically costs 0.3% to 1.9% of the loan amount per year and can be removed once your loan-to-value ratio reaches 80%.

Should I choose a 15-year or 30-year mortgage?

A 15-year mortgage has higher monthly payments but significantly lower total interest. A 30-year mortgage offers lower payments but costs much more in interest over time. Choose 15 years if you can comfortably afford the higher payment; choose 30 years for lower monthly obligations and more flexibility.

How do extra payments help?

Extra payments go directly toward principal, reducing your balance faster. This means less interest accrues each month, saving you money and shortening your loan term. Even $100 extra per month can save tens of thousands in interest over the life of the loan.

Should I pay extra each month or invest the money?

This depends on your mortgage rate vs expected investment returns. If your mortgage rate is 6.5% and you expect 7-10% from investing, investing may be better financially. However, paying off your mortgage provides guaranteed savings and peace of mind. Consider your risk tolerance and financial goals.