Mortgage Calculator
Work out your full monthly mortgage payment with property tax, insurance, PMI and HOA, see when PMI drops off, and test extra payments on the amortization schedule.
The interactive tool loads here when JavaScript runs.
About this toolWhat is the Mortgage Calculator?
The Mortgage Calculator turns a home price, down payment, rate and term into the number you will actually pay each month: principal and interest plus property tax, homeowners insurance, private mortgage insurance (PMI) and HOA dues. It then shows the payoff date, the total interest, the month PMI stops, and a balance chart.
Below the results is a full amortization schedule with a yearly and a monthly view and a CSV download. Add an extra amount every month, once a year or as a one-time lump sum and the calculator re-runs the schedule, reports how much interest you save, how many months earlier you finish, and how much sooner PMI goes away.
Everything runs in your browser. Inputs are stored in the page address, so Share copies a link that reopens the same scenario, and the currency selector changes only the symbol.
- Full PITI payment: principal, interest, tax, insurance, PMI and HOA
- PMI drop-off month at 78% plus the 80% request date
- Extra monthly, yearly and one-time payments with interest and time saved
- Yearly and monthly amortization schedule with CSV export
- Balance chart comparing with and without extra payments
- Down payment and property tax as a percent or an amount; shareable link
How to use the Mortgage Calculator
- Enter the Home price and the Down payment, either as a percentage or as an amount (the toggle under the field converts between them).
- Set the Interest rate and the Loan term in years.
- Fill in property tax (as a percent of the price or a yearly amount), home insurance per year, the PMI rate and any HOA dues.
- Optionally add an extra payment every month, once a year, or a one-time amount with the payment number it goes with, and pick the month of your first payment.
- Read the total monthly payment and its breakdown, then check the payoff date, PMI drop-off and the amortization schedule. Use Copy results or Share to keep the scenario.
Worked examples
The default: 10% down on a 400,000 home
Input
Price 400,000; 10% down; 6.5% for 30 years; tax 1.1%; insurance 1,800 a year; PMI 0.5%
Output
Total 2,942.11 a month (P&I 2,275.44); PMI ends after payment 109; total interest 459,160
PMI adds 150 a month until the balance falls to 312,000, which is 78% of the price. That takes just over nine years and costs 16,350 in total. You could ask to cancel it from payment 95, when the balance reaches 80%.
Adding 200 a month
Input
Same loan with 200 extra every month
Output
Interest saved 108,917; paid off 73 months sooner; PMI ends after payment 75
Extra principal compounds in your favour: every dollar paid early stops accruing 6.5% interest for the rest of the loan. Because automatic PMI cancellation follows the original schedule, send the lender a written request once the balance is below 80%.
15 years against 30 with 20% down
Input
Price 400,000; 80,000 down; 6.5%; 15 years versus 30 years
Output
15 years: P&I 2,787.54, interest 181,758. 30 years: P&I 2,022.62, interest 408,142
The shorter term costs 764.92 more a month but saves about 226,000 of interest. 20% down also removes PMI entirely.
Background and insight
The principal and interest payment comes from the standard annuity formula M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r the annual rate divided by 12 and n the number of monthly payments. Each month the lender charges interest on the balance you still owe, so early payments are mostly interest. On the default 360,000 loan at 6.5%, the first payment of 2,275.44 includes 1,950.00 of interest and only 325.44 of principal.
PMI protects the lender when a conventional loan exceeds 80% of the home's value. The US Homeowners Protection Act requires the servicer to cancel it automatically when the balance is first scheduled to reach 78% of the original value, lets you ask for cancellation at 80% (the lender may want proof the home has not lost value), and ends it at the loan's midpoint in any case. The calculator charges PMI as an annual percentage of the original loan until the balance reaches 78% of the purchase price, and also prints the 80% request date. FHA loans use a separate mortgage insurance premium with different removal rules, so this PMI model fits conventional loans.
Property tax, insurance and HOA dues are entered as today's figures and held flat. In real life they usually rise, and many lenders collect tax and insurance through an escrow account that is re-analysed each year, so treat the escrow part of the payment as a starting estimate.
Common use cases
Budgeting before house hunting
See the full payment including tax, insurance and PMI rather than the lender's headline principal and interest.
Checking a Loan Estimate
Reproduce the projected payments table on a lender's Loan Estimate to make sure the rate and escrow figures add up.
Planning extra payments
Compare a monthly top-up, a yearly bonus payment or a one-off windfall and see which saves the most interest.
Timing PMI removal
Find the month you can ask the servicer to drop PMI, and how much sooner extra payments bring it.
Choosing a loan term
Weigh the lower payment of a 30-year loan against the interest saved on a 15 or 20-year loan.
Tips and limitations
- The interest rate is not the APR. Use the note rate here and the APR Calculator to see what fees add.
- A yearly extra payment equal to one monthly payment (the "13th payment" idea) cut 68 months and about 100,800 of interest from the default loan.
- Before prepaying, check your loan has no prepayment penalty and tell the servicer the extra amount should go to principal.
- Property tax rates vary widely by county; use the figure from the listing or the county assessor rather than a national average.
- Results are estimates for planning, not a loan offer. Rounding by your lender can move the payment by a cent or two.
Frequently asked questions
What is included in a monthly mortgage payment?
Usually four parts known as PITI: principal, interest, property taxes and homeowners insurance. Many borrowers also pay PMI when they put down less than 20% on a conventional loan, and HOA dues if the home is in an association. On the default 400,000 home with 10% down, principal and interest is 2,275.44 and the full payment is 2,942.11.
When does PMI come off a mortgage?
Under the Homeowners Protection Act, PMI on a conventional loan must end automatically when the balance is scheduled to reach 78% of the home's original value, and you can request cancellation at 80% if you are current and the value has not fallen. It also ends at the midpoint of the loan term. The calculator shows the payment number and date for both thresholds.
How much do extra mortgage payments save?
It depends on the rate and how early you pay. On a 360,000 loan at 6.5% for 30 years, an extra 200 a month saves about 108,900 of interest and ends the loan six years and one month early. Enter your own numbers in the extra payment fields to see the exact figure for your loan.
Is it better to pay extra monthly or once a year?
Monthly saves slightly more for the same total because each dollar stops earning interest sooner. The difference is small, so choose whichever schedule you can keep up. A one-time payment early in the loan saves the most per dollar.
How is the mortgage payment formula calculated?
M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is the amount borrowed, r is the annual rate divided by 12 (as a decimal) and n is the number of monthly payments. For 200,000 at 6% over 30 years that is 1,199.10. The How this was calculated panel shows the formula with your own values.
Why is most of my early mortgage payment interest?
Interest is charged on the outstanding balance, which is largest at the start. With a fixed payment, the interest share falls and the principal share grows every month. On the default loan, payment 1 is about 86% interest; by year 20 the split has reversed.
Does this mortgage calculator work for FHA or VA loans?
The principal and interest maths is identical. Mortgage insurance is not: FHA charges an up-front and annual premium that often lasts for the life of the loan, and VA loans have a funding fee instead of monthly insurance. Set PMI to 0 and add the FHA premium as a monthly amount in HOA dues if you want an approximate FHA payment.
Is there an in-depth guide to the Mortgage Calculator?
Yes. “Mortgage Maths: Payments, PMI, Affordability, Refinancing and APR” covers the background, how it works, common pitfalls and worked examples. Read the full guide.
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