Mortgage Calculator
Find your true monthly payment — principal, interest, taxes and insurance — and see how extra payments shrink the loan.
Your numbers
Result
Yearly amortization schedule
| Period | Principal | Interest | Balance |
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A mortgage payment is more than principal and interest. This calculator adds property tax and homeowner's insurance to show the real monthly number, then reveals how a small extra payment can shorten a 30-year loan by years and save a fortune in interest.
How the payment is calculated
Principal and interest use the standard amortizing-loan formula on your loan amount (home price minus down payment), at your rate, over your term. Each month, interest is charged on the remaining balance and the rest of the payment reduces principal — so early payments are mostly interest and later ones mostly principal. Taxes and insurance are divided by twelve and added on top.
Why extra payments matter
Because interest compounds on the outstanding balance, every extra dollar of principal removes all the future interest that dollar would have generated. Add even a modest extra amount and watch the payoff time and total interest in the result drop immediately.
Questions, answered
Does this include PMI, HOA or closing costs?
No. It covers principal, interest, property tax and home insurance. Private mortgage insurance, HOA dues and one-time closing costs vary widely, so they are left out to keep the estimate clean. Add them separately if they apply to you.
Is the interest rate the APR?
Enter your loan's nominal annual interest rate. APR also bundles certain fees, so it is usually a touch higher. For the monthly payment itself, the note rate is the right input.
How much should my down payment be?
A 20% down payment typically avoids private mortgage insurance, but many loans allow far less. A larger down payment lowers both the loan amount and the monthly payment. The result panel shows your down payment as a share of the price.
Are the results financial advice?
No. They are educational estimates based on the figures you enter. Your lender's official quote is the binding number, and a licensed advisor can weigh the decision for your situation.