Work out your monthly mortgage payment, total interest and full payoff schedule — with extra payments, taxes, insurance and PMI.
Change either box — the other updates automatically. Percent is of the home price.
PMI is charged only while the remaining balance is above 80% of the home price. Leave at 0 if you put 20% or more down.
total monthly payment
Yearly amortization summary
| Year | Interest paid | Principal paid | Balance left |
|---|
How to use this tool
Type the home price, then the down payment as an amount or a percent — changing one updates the other automatically.
Choose 10, 15, 20 or 30 years (or a custom term from 1 to 40 years) and enter the annual interest rate quoted by your lender.
Open Advanced options to add annual property tax, home insurance, a PMI rate and any extra monthly payment you plan to make.
Your total monthly payment is broken into principal and interest, tax, insurance and PMI, with total interest, total cost, payoff date and a yearly amortization summary below.
Formula & worked example
A $300,000 home with 20% down ($60,000) leaves a $240,000 loan. At 6.5% over 30 years (360 payments), the monthly principal-and-interest payment is $240,000 × 0.005417 × (1.005417)^360 ÷ ((1.005417)^360 − 1) = about $1,516.96. Add, say, $300 a month of tax and $100 of insurance and the total monthly payment is about $1,916.96, with about $306,107 of interest (total payments $546,107 minus the $240,000 loan) over the full 30 years.
Limitations — read this before you rely on it
This is an estimate, not a lender quote: real payments also depend on your credit, lender fees, escrow rules, rate changes on adjustable loans, and local tax and insurance figures, which change over time. PMI rules and the point at which it drops off vary by lender — check your loan estimate before deciding.
Frequently asked questions
A mortgage payment calculator should include more than principal and interest: property tax, home insurance and PMI all change the real monthly figure. This tool splits all four, so the total you see is the amount you would actually pay each month, not just the loan part.
They answer the same question from different angles. A home loan calculator focuses on the loan itself — amount, rate and term — while a house payment calculator adds the ownership costs on top. This tool does both: the loan maths first, then tax, insurance and PMI.
Yes, twice over. A bigger down payment shrinks the loan, so both the monthly payment and the total interest fall — and at 20% down you normally avoid PMI altogether. Try 10% versus 20% on the same price and compare the total interest row.
Extra payments go straight to principal, so they cut total interest and bring the payoff date forward — sometimes by years. Enter an extra amount under Advanced options and watch the payoff date and total interest move; keep an emergency fund first, and check your lender does not charge a prepayment penalty.
Interest is charged on the full balance, so early payments are interest-heavy and later ones are principal-heavy. The yearly amortization summary shows this shift: in year 1 most of what you pay is interest, while near the end almost all of it is principal.