Mortgage Calculator
Estimate your monthly mortgage payment in seconds. Adjust the home price, down payment, interest rate, and loan term to see how each factor affects what you owe — and explore a complete amortization schedule.
Total purchase price of the property
20.0% of home price
Your fixed annual mortgage rate
Total duration of the loan
Homeowners association fee (if applicable)
Annual Breakdown
Bars = annual amounts paid · Lines = remaining balance & equity
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1(Yr 1) | $1,717.83 | $384.50 | $1,333.33 | $319,615.50 |
| 2(Yr 1) | $1,717.83 | $386.10 | $1,331.73 | $319,229.40 |
| 3(Yr 1) | $1,717.83 | $387.71 | $1,330.12 | $318,841.69 |
| 4(Yr 1) | $1,717.83 | $389.32 | $1,328.51 | $318,452.37 |
| 5(Yr 1) | $1,717.83 | $390.95 | $1,326.88 | $318,061.42 |
| 6(Yr 1) | $1,717.83 | $392.57 | $1,325.26 | $317,668.85 |
| 7(Yr 1) | $1,717.83 | $394.21 | $1,323.62 | $317,274.64 |
| 8(Yr 1) | $1,717.83 | $395.85 | $1,321.98 | $316,878.79 |
| 9(Yr 1) | $1,717.83 | $397.50 | $1,320.33 | $316,481.29 |
| 10(Yr 1) | $1,717.83 | $399.16 | $1,318.67 | $316,082.13 |
| 11(Yr 1) | $1,717.83 | $400.82 | $1,317.01 | $315,681.31 |
| 12(Yr 1) | $1,717.83 | $402.49 | $1,315.34 | $315,278.82 |
Results are estimates based on the values you enter and are for informational purposes only. They do not constitute financial or lending advice. Actual mortgage payments, rates, and terms vary by lender and individual circumstances. Always consult a qualified financial professional before making any borrowing decisions.
How to Use This Mortgage Calculator
Our mortgage calculator uses the standard amortizing loan formula to compute your fixed monthly payment. Enter the core inputs, then expand Additional Options to model property tax, home insurance, and annual loan forgiveness.
- Home Price – The total purchase price of the property.
- Down Payment – The upfront cash amount you pay. The calculator accepts both a dollar value and a percentage toggle. If your down payment is less than 20% (LTV above 80%), estimated PMI is automatically added to your monthly total.
- Annual Interest Rate – The fixed yearly rate your lender charges. Use your pre-approval letter or a current average rate if you're estimating.
- Loan Term – Choose 5, 10, 15, 20, or 30 years, or enter a custom term. Shorter terms mean higher monthly payments but significantly less total interest.
- Monthly HOA – If your property has a homeowners association fee, enter it here to include it in your monthly total.
- Additional Options – Expand this section to add annual property tax and homeowners insurance (both divided by 12 and added to your monthly PITI total), or to model annual loan forgiveness for family and private loans.
After entering your values, the results update in real time. Scroll down to the amortization schedule to see the exact principal and interest breakdown for every payment over the life of your loan.
Mortgage Formulas
Monthly Principal & Interest (P&I)
M = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ − 1]- P = Principal loan amount (home price − down payment)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (loan term in years × 12)
Total Monthly PITI
PITI = M + PMI + HOA + (Annual Tax ÷ 12) + (Annual Insurance ÷ 12)- M = Monthly P&I payment from the formula above
- PMI = Private mortgage insurance, estimated at 0.85%/yr of the loan amount, applied when LTV > 80%
- HOA = Monthly homeowners association fee (if applicable)
- Property tax and home insurance are annual amounts divided by 12 and held in escrow
Total Interest Paid
Total Interest = (M × n) − PTotal interest reflects the P&I loan cost only — property tax, insurance, HOA, and PMI are excluded since they are not interest charges.
Frequently Asked Questions
A mortgage is a loan secured by real estate. The borrower (homebuyer) receives funds from a lender to purchase a home and repays the loan with interest over an agreed term — commonly 15 or 30 years. If the borrower fails to repay, the lender can foreclose on the property.
The monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the principal loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. Every payment covers that month's interest charge plus a portion of the principal.
A 30-year mortgage has lower monthly payments but you pay significantly more interest over the life of the loan. A 15-year mortgage has higher monthly payments but you build equity faster and pay roughly half the total interest. Use this calculator to compare both scenarios side by side.
A down payment is the upfront cash you pay toward the home purchase. The remaining amount becomes your mortgage principal. Conventional loans typically require 3–20% down. Putting down less than 20% usually triggers a requirement for Private Mortgage Insurance (PMI), which adds to your monthly cost. FHA loans allow as little as 3.5% down.
PMI is insurance that protects the lender — not you — if you default on the loan. It is typically required when your loan-to-value (LTV) ratio exceeds 80%, meaning your down payment is less than 20% of the home price. PMI typically costs 0.5–1.5% of the loan amount per year. Once your equity reaches 20%, you can request its cancellation.
An amortization schedule is a complete table of every loan payment broken down into principal and interest components for each period. Early payments are mostly interest; later payments shift heavily toward principal. Our calculator generates a full month-by-month schedule so you can see exactly how your balance decreases over time.
No — this calculator computes principal and interest (P&I) only. Your actual monthly housing cost (often called PITI) also includes Property Taxes, Homeowners Insurance, and potentially HOA dues and PMI. For a full picture, add these additional costs to the monthly payment shown here.
Your credit score is one of the most important factors in determining your interest rate. Borrowers with scores above 740 typically receive the lowest rates. A difference of even 0.5% in your rate can mean tens of thousands of dollars over a 30-year loan. Use this calculator to model how different rate scenarios affect your total cost.
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