Mortgage Calculator
Calculate your monthly payment and total cost of a home loan.
▶ Add taxes, insurance & PMI (optional)
Monthly Payment (P&I)
Loan Amount
Total Interest
Total Cost
Payoff Date
💰 Extra Payment Savings
Payment Breakdown
▶ View full amortization schedule
| Year | Principal | Interest | Balance |
|---|
How Mortgage Payments Are Calculated
Monthly mortgage payments use the standard amortization formula:
Where M = monthly payment, P = principal loan amount, r = monthly interest rate, n = number of payments.
Frequently Asked Questions
What is included in a monthly mortgage payment? ▼
A basic mortgage payment covers principal and interest (P&I). You can also include property taxes, homeowner's insurance, and PMI (private mortgage insurance if your down payment is less than 20%) using the optional fields above.
How does a larger down payment affect my payment? ▼
A larger down payment reduces your loan amount, which lowers both your monthly payment and total interest paid. Putting down 20% also eliminates the need for PMI.
What is PMI? ▼
PMI (Private Mortgage Insurance) is required by most lenders when your down payment is less than 20% of the home price. It typically costs 0.5%–1.5% of the loan amount per year.
How much does an extra monthly payment save? ▼
Even small extra payments dramatically reduce your total interest paid and shorten your loan term. Use the 'Extra Monthly Payment' field to see your specific savings.
Should I choose a 15 or 30 year mortgage? ▼
A 15-year mortgage has higher monthly payments but significantly less total interest paid. A 30-year mortgage has lower monthly payments giving more flexibility. The best choice depends on your monthly budget and financial goals.