Mortgage Calculator
Calculate monthly mortgage payments, total interest, view an amortization schedule, analyze payment breakdowns, and compare refinancing options. Includes property tax, insurance, down payment, and extra payment scenarios.
or 20%
Adjust numbers for your own scenario. Results are for estimation only.
Results Overview
Monthly Payment (PITI)
$0
Total Interest
$0
Payoff Time
0 years
Total Cost
$0
Payment Breakdown
Principal
Interest
Taxes
Insurance
- Monthly P&I: Principal & Interest (the main loan cost).
- Monthly Taxes & Insurance: Added by lender for property-related obligations.
- Extra Payments: Shorten loan duration, reduce lifetime interest.
- See detailed amortization and customize more options below.
Amortization Table
| Payment # | Payment | Principal | Interest | Taxes | Insurance | Extra | Balance |
|---|
* Table scrolls horizontally if needed. For PDF export, it will print fully.
Principal & Interest reduce the main loan balance. Taxes and Insurance are non-reducing costs.
Principal & Interest reduce the main loan balance. Taxes and Insurance are non-reducing costs.
What To Know About Mortgage Costs
- Principal is the amount you borrow from the lender.
- Interest is the yearly rate charged by the lender for borrowing.
- Property Tax is collected, held in escrow, and paid to your local government by your lender.
- Insurance (usually homeowners) is required by lenders and also escrowed in monthly payments.
- Down Payment upfront reduces the amount financed, which lowers your monthly payment and total interest.
- Extra Payments speed up payoff and reduce the total interest you pay—consider small extra amounts each month.
- The amortization schedule shows how each payment is apportioned and how your loan balance reduces.
Frequently Asked Questions
How is my mortgage payment calculated?
Payments are typically based on a fixed-rate loan with equal payments using the formula:[P × r × (1 + r)n] / [(1 + r)n – 1]
where P = loan amount, r = monthly interest rate, and n = total number of payments.
Payments are typically based on a fixed-rate loan with equal payments using the formula:
where P = loan amount, r = monthly interest rate, and n = total number of payments.
Why include property taxes and insurance?
Most lenders require escrow for tax/insurance to ensure ongoing coverage and compliance with local law.
Most lenders require escrow for tax/insurance to ensure ongoing coverage and compliance with local law.
Does making extra payments help?
Yes! Even small additional principal payments each month reduce both the interest you pay and the loan duration.
Yes! Even small additional principal payments each month reduce both the interest you pay and the loan duration.
How accurate are the results?
This tool provides an accurate estimate for standard fixed-rate loans, but does not account for closing costs, variable rates, or lender-specific fees.
This tool provides an accurate estimate for standard fixed-rate loans, but does not account for closing costs, variable rates, or lender-specific fees.