Mortgage Calculator

How much would a mortgage cost each month?

Enter a $400,000 Home price, a 20% Down payment, a 6.5% Interest rate and a 30-year term. The deposit is $80,000, leaving a $320,000 loan. With no extra payments, principal and interest are $2,022.62 per month. These are the calculator's initial loan values; replace them with your own figures rather than treating them as an available loan offer.

For a complete example, keep property tax at 1.1% of the price per year and home insurance at 0.4%, with no HOA dues. Tax is $4,400 annually and insurance is $1,600 annually. The calculator divides both by 12. A 20% deposit means no PMI is added, even if the PMI field contains a rate.

Monthly breakdown for the example, with no extras or cost increases

Component	Monthly amount
Principal and interest	$2,022.62
Property tax	$366.67
Home insurance	$133.33
PMI and HOA	$0.00
Total monthly payment	$2,522.62

The first month's interest is $320,000 × 0.065 ÷ 12 = $1,733.33. About $289.28 of the scheduled payment reduces principal. Calculations retain full precision internally, so adding rounded figures can differ slightly from later schedule balances. The on-page amortization table rounds to whole dollars; download its CSV to inspect cents.

How is a monthly mortgage payment calculated?

The standard fixed-rate amortization formula is M = P × r(1+r)ⁿ / ((1+r)ⁿ − 1). P is the loan after the down payment, r is the annual interest rate expressed as a percentage divided by 1,200, and n is the term in years multiplied by 12. At 0% interest, the payment is simply P ÷ n. The entered interest rate stays constant throughout this model; it does not simulate future adjustable-rate resets.

Principal and interest are only part of housing expenditure. PITI means principal, interest, taxes and insurance. This tool also includes the PMI and HOA amounts you supply. Use the Loan Calculator when you need other payment frequencies rather than the mortgage page's monthly schedule.

What do the % and $ buttons mean?

Read the hint beneath each field before entering a number. Down payment is a percentage of home price or a dollar deposit. Property tax and home insurance percentages are annual percentages of home price; their dollar alternatives are dollars per year. PMI percentages use the initial loan amount per year, while PMI dollars are monthly. HOA percentages use home price per year, while HOA dollars are monthly.

Switching units converts a valid value using those bases, rounding dollar conversions to two decimal places and percentages to four. It preserves the intended amount approximately, rather than making a new cost estimate. A blank optional cost counts as zero. Use your tax assessment, insurance quote and association dues; the tool does not look up local charges or infer them from an address.

What is PMI and when does it end?

The model adds PMI when the deposit is below 20% of home price. It counts the premium through the payment whose ending balance first reaches 80% of the original price. Subsequent payments exclude PMI from housing costs. Extra principal can reach that threshold sooner. The percentage premium is based on the original loan, not recalculated from each month's declining balance.

This threshold is a modeling assumption, not an automatic cancellation instruction for your lender. The calculator has no separate controls for FHA mortgage insurance or VA funding fees, and it does not model a new appraisal changing the home's value. Check your loan's insurance terms before relying on the projected end of the premium.

How do extra payments shorten a mortgage?

Open Extra payments and start date to add monthly extras, a yearly extra in a chosen calendar month, or one-time amounts attached to payment numbers. Payment number 1 means the selected first payment month, not January by definition. If a recurring extra and one-time extra fall on the same payment, both are added. The interface allows up to 100 one-time entries, each requiring a whole payment number of at least 1 and an amount greater than zero.

Extras reduce principal after the scheduled principal and interest calculation. The scheduled payment is not recast downward; the smaller balance reduces later interest and brings payoff forward. An extra exceeding the unpaid principal is capped, preventing a negative balance. A one-time payment scheduled beyond payoff has no effect. Savings compare the plan against the same loan without extras, using total interest and the number of monthly payments.

Distinguish the result cards: Total monthly payment excludes extras, while First monthly outflow (includes all extra payments) includes extras due on the first scheduled payment. A yearly extra due later will appear in that later month's outflow. Changing the first payment month also changes when the chosen yearly extra first occurs.

How do yearly cost increases affect the estimate?

Yearly cost increases has separate rates for property tax, insurance and HOA. Each accepts 0% through 100%. Increases compound after each block of 12 payments, rather than at every January boundary. For example, a $100 monthly HOA amount with 3% yearly growth stays $100 for payments 1–12, becomes $103 for payments 13–24, and $106.09 for payments 25–36.

Expand Monthly housing costs and total outflow to inspect changing costs and use Download costs CSV for a separate export. Total remaining cost sums loan payments, extras, projected tax, insurance, HOA and modeled PMI over the repayment schedule. It excludes the initial down payment and stops at payoff: taxes, insurance and association dues after mortgage repayment are outside this total. Closing costs, maintenance and utilities have no dedicated inputs.

What does the amortization schedule show?

Expand Amortization schedule for the loan repayment breakdown. Yearly groups follow calendar years and expand into monthly rows; Monthly lists individual payments. Columns show the date, scheduled payment, principal, interest, balance and an Extra column when applicable. The first and last calendar years can contain fewer than 12 payments, unlike the 12-payment blocks used for cost growth.

Download CSV exports payment number, date, total payment amount including extras, principal, interest, extra and balance, each monetary value to two decimal places. Principal plus extra repays the original loan. Tax, insurance, HOA and PMI belong to the separate housing-cost export, so do not mistake the loan CSV's payment amount for the full housing budget.

How does the biweekly comparison work?

The comparison pays half the monthly principal and interest every two weeks. It uses 26 interest periods per year, with a periodic rate equal to the annual rate as a decimal divided by 26. That produces 26 half-payments, equivalent in amount to 13 monthly payments. Payoff dates advance in 14-day intervals from the selected first payment month.

This comparison excludes your monthly, yearly and one-time extras, and compares against the monthly loan without those extras. It does not convert the housing costs into biweekly bills. Actual lender posting rules can differ from this simulation, so a displayed saving does not establish how a specific mortgage servicer would handle partial payments.

Can I compare two loans or continue an existing mortgage?

Enable Compare a second scenario to change the second home's price, deposit, rate and term. Cost settings and extras are shared. Shared percentage settings are recalculated against each scenario's own home price or loan amount, so shared settings do not always mean identical dollar expenses. Compare monthly payment, principal and interest, total interest and payoff date side by side.

For an existing mortgage, choose Continue from current balance. Enter the outstanding balance and annual rate, then either the current monthly principal and interest payment or a remaining term in whole months. This separate mode assumes payments begin next month and excludes housing costs. It requires a plan that repays within 1,200 payments. Entering an escrow-inclusive amount as the loan payment would overstate principal repayment.

Is my data safe and what are the limits?

Calculations run in your browser, with no ZIP code field, sign-up or lender lead form. In new-loan mode, Copy link to this scenario includes the inputs in the address fragment after the hash symbol. Anyone you give that link can restore those inputs. The existing-balance mode uses separate component state and is not included in that scenario link.

The new-loan model accepts whole-year terms from 1 to 50, a positive home price and a nonnegative rate. The down payment must be smaller than the price; a fully cash purchase is not a mortgage scenario. Invalid entries suspend the results. Dollar labels use USD formatting, with no currency conversion or country-specific tax calculations. Use the Percentage Calculator to check individual rates and the Date Difference Calculator to compare calendar dates. These estimates depend on your inputs and do not constitute a loan offer.