How to Use the Mortgage Payment Calculator
Use this mortgage calculator to estimate your monthly payment, total interest, payoff time, and other common housing costs. You can calculate from a home price and down payment or enter the mortgage loan amount directly.
Enter your interest rate and loan term, then add any estimated property taxes, homeowners insurance, PMI, HOA fees, or other monthly housing expenses that apply to you.
If you want to see how paying extra could affect your mortgage, enter an additional monthly principal payment. The calculator will compare the normal payoff schedule with the accelerated schedule and show the estimated time and interest you could save.
What Is Included in the Monthly Payment?
The calculator separates your estimated housing payment into:
• Principal and interest
• Property taxes
• Homeowners insurance
• Private mortgage insurance (PMI)
• HOA fees
• Other monthly housing costs
This can give you a more realistic estimate than looking at principal and interest alone.
Down Payment and Loan Amount
In Home Price and Down Payment mode, enter the purchase price of the home and either a dollar amount or percentage for your down payment. The calculator determines the resulting mortgage loan amount automatically.
If you already know how much you plan to borrow, select Loan Amount Only and enter the mortgage amount directly.
How Extra Mortgage Payments Can Help
An extra principal payment reduces your loan balance faster. Because future interest is calculated from the remaining balance, consistently paying extra principal can reduce both the length of the mortgage and the total amount of interest paid.
The calculator shows your estimated payoff time with and without extra payments, along with the estimated time and interest savings.
Understanding the Amortization Schedule
The year-by-year amortization table shows how your mortgage balance changes over time. For each year, it displays the beginning balance, scheduled principal paid, extra principal paid, interest paid, and ending balance.
Early in a typical fixed-rate mortgage, a larger portion of each payment goes toward interest. As the balance falls, more of the scheduled payment goes toward principal.
Remember That Mortgage Payments Can Change
A fixed interest rate does not necessarily mean your total housing payment will always stay the same. Property taxes, homeowners insurance, HOA fees, PMI, and other expenses can change over time.
This calculator provides an estimate for planning and comparison purposes. Actual lender calculations, escrow requirements, closing costs, fees, and payment schedules may differ.