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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.

Loan details

Taxes, extra payments & more
Start date

PMI is only added when your down payment is under 20%. Extra payments go straight to principal.

Estimated monthly payment
$2,573
  • Principal & interest
  • Property tax
  • Insurance
  • HOA + PMI
Loan amount
Total interest
Total of payments
Payoff date

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

Period Principal Interest Balance
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How it works

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

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

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%:

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.

Related calculators

Mortgage calculator by state

Property-tax rates and home prices vary widely by state. Pick yours for a payment estimate with local property taxes pre-filled.