Mortgage Calculator

Estimate your monthly mortgage payment, including property taxes, homeowners insurance and PMI, and see exactly how much interest you'll pay over the life of the loan.

Pay off your mortgage faster

Switch to biweekly payments

Half your payment every 2 weeks = one extra payment a year.

$1,011 every 2 weeks

Add an extra payment

Set an "extra payment / mo" above to see the impact here.

Enter an extra monthly amount to see how much interest you'd save.

Amortization schedule

Show monthly

Period	Principal	Interest	Balance

How it works

The monthly principal & interest payment uses the standard amortizing-loan formula:

M = P × [ r(1 + r)ⁿ ] / [ (1 + r)ⁿ − 1 ]

M = monthly principal & interest payment
P = loan amount (home price − down payment)
r = monthly interest rate (annual rate ÷ 12)
n = number of payments (years × 12)

Monthly property tax, homeowners insurance and HOA are added on top of M to get your total monthly housing payment.

Worked example

On a $400,000 home with 20% down ($80,000), a 30-year loan at 6.5%:

Loan amount P = $320,000
Monthly rate r = 0.065 / 12 = 0.005417
Payments n = 360
Principal & interest M ≈ $2,022/mo
Total interest over 30 years ≈ $408,142

How we check this calculator

We recompute the standard amortization formula against the CFPB's published mortgage-payment methodology and spot-check monthly payments with independent worked examples (e.g. a $320,000 loan at 6.5% over 30 years must give $2,022.62 in principal & interest). Property-tax and insurance defaults on the state pages are re-checked against Tax Foundation, U.S. Census and Insurance.com figures each time the data files are refreshed, and edge cases — 0% down, 15- vs 30-year terms, tax-only changes — are re-run after every code change to the widget.

Frequently asked questions

What is included in a monthly mortgage payment?

A typical payment has four parts, often called PITI: Principal, Interest, property Taxes and homeowners Insurance. If your down payment is under 20%, private mortgage insurance (PMI) is usually added, and some homes also carry HOA dues.

How much should I put as a down payment?

20% lets you avoid PMI and lowers your monthly payment, but many buyers put down less. Conventional loans can start at 3% and FHA loans at 3.5%. A larger down payment reduces both your loan amount and total interest.

What is PMI and when does it go away?

Private mortgage insurance protects the lender when your down payment is below 20%. On most conventional loans it can be removed once you reach 20% equity, and it automatically ends at 22% equity based on the original schedule.

Should I choose a 15-year or 30-year mortgage?

A 15-year loan has higher monthly payments but a lower rate and far less total interest. A 30-year loan has lower, more affordable monthly payments but costs much more over time. Use the calculator to compare both for your numbers.

How can I pay off my mortgage faster?

Two easy strategies: add a fixed extra amount to each monthly payment, or switch to biweekly payments (half your payment every two weeks, which adds up to one extra payment a year). Both go straight to principal and can save tens of thousands in interest — use the 'Pay off your mortgage faster' section above to see your numbers.