Mortgage Payment Calculator
Estimate principal, interest, taxes, insurance, PMI, HOA costs and extra-payment savings.
Modify the values and select Calculate.
Mortgage details
Monthly payment: $2,069.35
- House price
- $400,000.00
- Loan amount
- $320,000.00
- Down payment
- $80,000.00
- Total interest
- $424,965.66
- Mortgage payoff date
- Aug 2056
Accelerated biweekly estimate
Equivalent to one extra monthly payment each year.
Amortization schedule
| Year | Through | Interest | Principal | Costs | Ending balance |
|---|---|---|---|---|---|
| 1 | Jul 2027 | $21,402.84 | $3,429.35 | $10,300.00 | $316,570.65 |
| 2 | Jul 2028 | $21,165.12 | $3,667.07 | $10,300.00 | $312,903.58 |
| 3 | Jul 2029 | $20,910.92 | $3,921.27 | $10,300.00 | $308,982.31 |
| 4 | Jul 2030 | $20,639.10 | $4,193.09 | $10,300.00 | $304,789.22 |
| 5 | Jul 2031 | $20,348.43 | $4,483.75 | $10,300.00 | $300,305.46 |
| 6 | Jul 2032 | $20,037.62 | $4,794.57 | $10,300.00 | $295,510.90 |
| 7 | Jul 2033 | $19,705.27 | $5,126.92 | $10,300.00 | $290,383.98 |
| 8 | Jul 2034 | $19,349.87 | $5,482.32 | $10,300.00 | $284,901.66 |
| 9 | Jul 2035 | $18,969.84 | $5,862.35 | $10,300.00 | $279,039.31 |
| 10 | Jul 2036 | $18,563.46 | $6,268.73 | $10,300.00 | $272,770.58 |
| 11 | Jul 2037 | $18,128.92 | $6,703.27 | $10,300.00 | $266,067.31 |
| 12 | Jul 2038 | $17,664.25 | $7,167.94 | $10,300.00 | $258,899.37 |
| 13 | Jul 2039 | $17,167.37 | $7,664.82 | $10,300.00 | $251,234.56 |
| 14 | Jul 2040 | $16,636.05 | $8,196.14 | $10,300.00 | $243,038.42 |
| 15 | Jul 2041 | $16,067.90 | $8,764.29 | $10,300.00 | $234,274.13 |
| 16 | Jul 2042 | $15,460.36 | $9,371.83 | $10,300.00 | $224,902.30 |
| 17 | Jul 2043 | $14,810.71 | $10,021.48 | $10,300.00 | $214,880.83 |
| 18 | Jul 2044 | $14,116.03 | $10,716.16 | $10,300.00 | $204,164.67 |
| 19 | Jul 2045 | $13,373.19 | $11,459.00 | $10,300.00 | $192,705.67 |
| 20 | Jul 2046 | $12,578.86 | $12,253.33 | $10,300.00 | $180,452.33 |
| 21 | Jul 2047 | $11,729.46 | $13,102.73 | $10,300.00 | $167,349.61 |
| 22 | Jul 2048 | $10,821.19 | $14,011.00 | $10,300.00 | $153,338.60 |
| 23 | Jul 2049 | $9,849.95 | $14,982.24 | $10,300.00 | $138,356.37 |
| 24 | Jul 2050 | $8,811.39 | $16,020.80 | $10,300.00 | $122,335.57 |
| 25 | Jul 2051 | $7,700.83 | $17,131.35 | $10,300.00 | $105,204.21 |
| 26 | Jul 2052 | $6,513.30 | $18,318.89 | $10,300.00 | $86,885.32 |
| 27 | Jul 2053 | $5,243.44 | $19,588.75 | $10,300.00 | $67,296.57 |
| 28 | Jul 2054 | $3,885.56 | $20,946.63 | $10,300.00 | $46,349.94 |
| 29 | Jul 2055 | $2,433.55 | $22,398.64 | $10,300.00 | $23,951.30 |
| 30 | Jul 2056 | $880.88 | $23,951.30 | $10,300.00 | $0.00 |
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What does the Mortgage Payment Calculator calculate?
The Mortgage Payment Calculator converts the values you enter into a structured estimate using the formulas and assumptions documented on this page. Use the result to compare scenarios, review the calculation details, and identify sensitive inputs. Check the guide and formula sections before using the estimate for an important decision.
Mortgage Payment Calculator at a Glance
- Calculates fixed-rate monthly principal and interest from the home price, down payment, rate and term.
- Adds optional property tax, homeowners insurance, PMI, HOA dues and other recurring costs.
- Models annual cost increases plus monthly, yearly and one-time extra principal payments.
- Shows total interest, payoff timing, ownership costs, charts and a monthly or annual amortization schedule.
History
Home loans did not always look like the long-term mortgages familiar to U.S. buyers today. The U.S. Department of Housing and Urban Development notes that, before the Federal Housing Administration was created in 1934, many mortgages covered no more than half of a property's value, ran for only three to five years and ended with a balloon payment. The National Housing Act helped popularize long-term, amortizing home loans.
Mortgage calculators grew from the same need that produced printed payment tables: buyers and lenders had to turn a loan amount, interest rate and term into a repeatable payment schedule. Modern tools can go further by rebuilding hundreds of monthly rows in an instant. Read more about this change in the Federal Housing Administration history from HUD.
What Is This Mortgage Payment Calculator?
This mortgage payment calculator estimates the scheduled principal-and-interest payment for a fixed-rate home loan. It can also estimate the broader monthly housing cost by adding property tax, homeowners insurance, private mortgage insurance, HOA dues and other recurring expenses entered by the user.
It also works as a mortgage calculator with extra payments. Add a recurring monthly amount, a yearly payment or dated one-time principal payments to see how the projected payoff date and total interest change. The annual and monthly views then show how each payment is divided among interest, scheduled principal and extra principal.
Who Should Use It?
The calculator is designed for home buyers, current homeowners, real estate professionals and anyone comparing fixed-rate mortgage scenarios. First-time buyers can estimate a more complete monthly cost before speaking with a lender. Existing homeowners can test extra-payment plans or review how the principal and interest portions change over time.
It is also useful when comparing homes with different taxes, insurance costs or HOA dues. A lower purchase price does not always produce the lower monthly housing cost when those property-specific expenses differ.
What Problems Does It Solve?
For “What Problems Does It Solve?,” the Mortgage Calculator organizes the relevant inputs, applies the documented method, and shows a result that can be compared across scenarios. The points below identify the specific considerations and assumptions users should review before relying on the estimate.
- Payment uncertainty: estimate principal and interest before requesting a formal loan quote.
- Incomplete online estimates: include taxes, insurance, PMI, HOA dues and other ownership costs instead of viewing principal and interest alone.
- Term comparisons: see how the selected repayment period affects the scheduled payment and total interest.
- Extra-payment questions: estimate the time and interest saved when additional money is applied to principal.
- Changing ownership costs: model annual increases in taxes, insurance, HOA dues and other expenses.
- Amortization confusion: follow the balance, interest and principal month by month or year by year.
Key Benefits
The main benefit is a fuller view of the payment. The Consumer Financial Protection Bureau explains that a total monthly mortgage payment commonly includes principal, interest, property taxes, homeowners insurance and, when applicable, mortgage insurance. This calculator keeps those parts separate so you can see what repays the loan and what pays an ownership expense. See the CFPB explanation of principal and interest versus the total monthly payment.
The calculator also keeps assumptions visible. Rates, annual costs, increases and extra payments are not hidden inside a preset. You can change each value, compare scenarios and download the resulting payment details. The result remains an estimate, but the calculation is easier to inspect and reproduce.
Mortgage Terms and Definitions
- Principal
- The amount borrowed. In this calculator, principal begins as the home price minus the down payment.
- Interest
- The borrowing cost calculated from the outstanding principal and the entered fixed annual rate.
- Loan term
- The planned repayment period. A 30-year mortgage with monthly payments has 360 scheduled payment periods.
- Down payment
- The portion of the purchase price paid upfront rather than financed.
- PITI
- Principal, interest, taxes and insurance. The CFPB describes these as the four basic elements of a monthly mortgage payment.
- Escrow
- An account a servicer may use to collect part of the expected property-tax and insurance bills with each mortgage payment.
- Private mortgage insurance (PMI)
- Insurance that protects a conventional mortgage lender, not the borrower, when PMI applies to the loan.
- Loan-to-value ratio (LTV)
- The mortgage balance divided by the property value used for the comparison. This calculator uses the original home price when applying its PMI stopping assumption.
- Amortization
- The process of paying down a loan through scheduled payments. Each row shows how much goes to interest, principal and the remaining balance.
- HOA dues
- Payments to a homeowners association. They affect the housing budget but do not reduce the mortgage balance.
When to Use It
Use the calculator early in a home search to set a payment range, after receiving rate quotes to compare terms, and before making extra payments to test the possible payoff effect. It is also useful during an annual budget review when property taxes, insurance or HOA dues change.
Do not use the estimate as a substitute for a lender's documents. The calculator does not determine approval, APR, points, lender fees, prepaid items or cash to close. When comparing real offers, use the figures on each Loan Estimate. The CFPB's Loan Estimate explainer shows where to find payment, closing-cost and comparison details.
How Mortgage Payments Are Calculated
A standard fixed-rate mortgage uses a level-payment amortization formula. The monthly rate equals the entered annual interest rate divided by 12, and the number of payments equals the loan term in years multiplied by 12. Review the Mortgage Calculator assumptions before relying on this result for decisions.
M = P × [r(1 + r)n] ÷ [(1 + r)n - 1]
M is monthly principal and interest, P is the amount borrowed, r is the monthly interest rate and n is the number of monthly payments.
Taxes, insurance, PMI, HOA dues and other costs are calculated separately from the fixed loan payment. Extra principal reduces the balance used for later interest calculations. Review the dedicated mortgage payment formula page for the full notation and calculation sequence.
Common Mortgage Calculator Mistakes
- Entering an advertised rate instead of a realistic rate from a current scenario or lender quote.
- Comparing principal and interest for one home with the full housing payment for another.
- Leaving annual tax or insurance values in a field intended for monthly amounts, or doing the reverse.
- Treating HOA dues, maintenance or utilities as amounts that reduce the loan balance.
- Assuming the calculator's PMI stopping point guarantees cancellation on the same date.
- Ignoring closing costs, prepaid escrow, inspections, repairs and moving expenses that are outside this calculation.
This calculator stops the entered PMI estimate when the projected balance reaches 80% of the original home price. Actual cancellation depends on the loan and applicable requirements. The CFPB explains when a borrower may request PMI cancellation.
Frequently Asked Questions
How much mortgage can I afford?
Affordability depends on income, existing debts, down payment, interest rate, taxes, insurance, HOA dues, cash reserves, and lender underwriting. Use the monthly total as a planning estimate, then request a lender preapproval. Review the Mortgage Calculator assumptions before relying on this result for decisions.
What is included in the monthly mortgage estimate?
Principal and interest are always included. When ownership costs are enabled, the estimate can also include property tax, homeowners insurance, PMI, HOA dues, and other annual costs. Use realistic inputs and review the Mortgage Calculator assumptions before relying on this result for decisions.
When does PMI stop in this calculator?
Entered PMI costs stop when the projected loan balance reaches 80% of the original home price. Actual cancellation rules depend on the loan, appraisal, payment history, and applicable law. Review the Mortgage Calculator assumptions before relying on this result for decisions.
How does a larger down payment change the mortgage?
A larger down payment reduces the amount borrowed and generally lowers monthly principal and interest. It may also reduce or eliminate mortgage insurance. For a useful Mortgage Calculator result, use realistic inputs, compare relevant scenarios, and review the stated assumptions before making a decision.
Do extra payments reduce interest?
Yes. Extra principal reduces the balance used for later interest calculations, which can shorten the payoff period and lower total interest when the loan permits prepayment without a penalty. Review the Mortgage Calculator assumptions before relying on this result for decisions.
What is the accelerated biweekly estimate?
The comparison models the common effect of paying one extra monthly mortgage payment per year. A lender's true biweekly program may use different posting and interest rules. Use realistic inputs and review the Mortgage Calculator assumptions before relying on this result for decisions.
Does this calculator include closing costs?
No. Closing costs, points, lender fees, prepaid escrow, inspections, and initial repairs are not included unless you add an annual estimate under Other costs. Use realistic inputs and review the Mortgage Calculator assumptions before relying on this result for decisions.
Why can my lender's payment be different?
Differences can come from interest conventions, escrow analysis, tax assessments, insurance premiums, PMI rules, payment dates, rounding, fees, and lender-specific servicing rules. For a useful Mortgage Calculator result, use realistic inputs, compare relevant scenarios, and review the stated assumptions before making a decision.
One Fun Fact About This Calculator
A 30-year monthly mortgage contains 360 scheduled payment periods. The principal-and-interest payment can stay level for all 360 periods while its internal mix changes every month: interest generally starts larger, then principal takes a growing share as the balance falls. The amortization schedule lets you watch that shift one row at a time.
Conclusion
A useful mortgage estimate should show more than one monthly number. Start with the home price, down payment, fixed rate and term, then add the property costs that apply to the home. Review the initial monthly out-of-pocket estimate, total interest, payoff date and amortization schedule together. Change one assumption at a time so you can see what actually drives the result.
Use this mortgage payment calculator for planning and scenario comparison, then confirm the final terms, escrow amounts, fees and cash needed at closing with the lender and other qualified professionals. Browse the Personal Finance Calculators for the next step in your home-financing research.
Mortgage Calculator Disclaimer
This calculator provides general estimates, not financial advice, a loan approval or a lender disclosure. Verify rates, fees, taxes, insurance, escrow requirements, PMI rules and payment timing with qualified professionals.