Mortgage Calculator
Calculate your monthly mortgage payment with taxes, insurance, and PMI. Check how much house you can afford or compare refinancing options.
Loan Details
= $70,000.00
Extra Payments
Loan Amount
$280,000.00
Total Interest
$357,125.12
Total Cost
$869,125.12
Payoff
30 years
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,769.79 | $253.12 | $1,516.67 | $279,746.88 |
| 2 | $1,769.79 | $254.49 | $1,515.30 | $279,492.39 |
| 3 | $1,769.79 | $255.87 | $1,513.92 | $279,236.52 |
| 4 | $1,769.79 | $257.26 | $1,512.53 | $278,979.26 |
| 5 | $1,769.79 | $258.65 | $1,511.14 | $278,720.61 |
| 6 | $1,769.79 | $260.05 | $1,509.74 | $278,460.56 |
| 7 | $1,769.79 | $261.46 | $1,508.33 | $278,199.10 |
| 8 | $1,769.79 | $262.88 | $1,506.91 | $277,936.22 |
| 9 | $1,769.79 | $264.30 | $1,505.49 | $277,671.92 |
| 10 | $1,769.79 | $265.73 | $1,504.06 | $277,406.19 |
| 11 | $1,769.79 | $267.17 | $1,502.62 | $277,139.02 |
| 12 | $1,769.79 | $268.62 | $1,501.17 | $276,870.40 |
Disclaimer: This calculator provides estimates for educational purposes only. It does not constitute financial advice. Actual mortgage rates, taxes, and insurance vary by lender and location. Consult a qualified mortgage professional for specific advice.
How to Use This Calculator
- Enter your home price and down payment amount.
- Set the interest rate and choose your loan term (15, 20, or 30 years).
- Add annual property tax and homeowner's insurance for the full PITI breakdown.
- View your monthly payment, amortization chart, and payment breakdown.
- Try adding extra payments to see how much time and interest you can save.
Real-World Examples
First-time buyer
Sarah is buying a $350,000 home with 10% down ($35,000) at 6.5% for 30 years. Property tax is $4,200/year and insurance is $1,200/year.
Result: Monthly payment of $2,439 (P&I $1,990 + tax $350 + insurance $100 + PMI $131). PMI drops off after about 9 years.
Upgrading with 20% down
Mark and Lisa are upgrading to a $550,000 home with 20% down ($110,000) at 6.0% for 15 years.
Result: Monthly payment of $4,171 (P&I $3,713 + tax $458). No PMI needed. Total interest: $228,340 — $200K less than a 30-year loan.
Extra payments impact
David has a $400,000 home with $80,000 down (20%) at 6.5% for 30 years. He adds $200/month in extra payments.
Result: Pays off 7 years early and saves over $90,000 in interest. Total payoff in about 23 years instead of 30.
Common Mistakes to Avoid
- Only looking at the principal and interest payment without including property tax and insurance — the true monthly cost (PITI) is always higher.
- Not accounting for PMI when putting less than 20% down, which adds $100-300/month to your payment.
- Comparing mortgages by monthly payment alone instead of total interest paid over the life of the loan.
- Ignoring closing costs when evaluating whether to refinance — you need to stay long enough to break even.
The Formula
M = P[r(1+r)^n] / [(1+r)^n - 1], where M = monthly payment, P = loan principal (home price minus down payment), r = monthly interest rate (annual rate / 12), n = total number of monthly payments (loan term in years × 12).Learn More
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Frequently Asked Questions
The standard amortization formula is M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of payments. This gives you the fixed principal and interest portion. Taxes, insurance, and PMI are added on top to get the full PITI payment.