Mortgage Calculator
Calculate mortgage payments, compare extra principal payments, and download a monthly amortization schedule. Includes estimated taxes, insurance and PMI.
Enter the home price, down payment, rate and term. The calculator shows the principal-and-interest payment, the full monthly cost with taxes and insurance, how much interest you pay over the life of the loan, and how the balance falls year by year. Current national average rates are on the mortgage rates page.
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Quick answers
Common cases, computed by this calculator with the assumptions listed under the method. Select one to load it above.
- What is the payment on a $400,000 home with 20% down at 6.5% over 30 years?
- $2,023 per month Principal & interest Open in the calculator
- What is the payment on a $300,000 loan at 7% over 15 years?
- $2,696 per month Principal & interest Open in the calculator
- What does a $500,000 home with 10% down cost per month at 6.75%?
- $3,827 (tax $458, insurance $150, PMI $300) Total monthly payment Open in the calculator
What an extra $100, $200 or $500 a month changes
For a $360,000 fixed-rate loan at 6.7% over 30 years, with extra principal starting at the first payment. Figures are rounded estimates of loan interest; taxes, insurance and fees are excluded. Select an amount to try the scenario above.
| Extra principal | Payoff time | Total interest | Interest saved |
|---|---|---|---|
| $0/month | 30 yr 0 mo | $476,280 | $0 |
| $100/month | 26 yr 6 mo | $409,972 | $66,308 |
| $200/month | 23 yr 11 mo | $361,821 | $114,459 |
| $500/month | 18 yr 8 mo | $271,155 | $205,125 |
How the payment is calculated
The principal-and-interest payment is the standard amortization formula: loan × r / (1 − (1 + r)^−n), with r the monthly rate and n the number of payments. Property tax is estimated as a share of the home price, insurance and HOA are added as entered, and PMI is estimated at 0.8% of the loan per year whenever the down payment is under 20% (real PMI runs 0.3% to 1.5% depending on credit and LTV).
Extra payments
Anything you add to principal each month shortens the loan and cuts total interest disproportionately, because early payments are mostly interest. On a $360,000 loan at 6.7%, an extra $200 a month saves about $114,459 in interest and pays off the loan in 23 years and 11 months instead of 30 years.
What it leaves out
Closing costs, points, escrow cushions and rate changes on adjustable loans. For the price you can afford rather than the payment on a given price, use the affordability calculator.
Calculation notes updated .