Free Mortgage Calculator
Monthly payment, PMI, property tax, insurance, and a full amortization schedule — see the real cost of a home loan, updated as you type.
Estimates only, not financial advice. Confirm exact figures with your lender.
| Year | Principal paid | Interest paid | Remaining balance |
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Frequently Asked Questions
How is my monthly mortgage payment calculated?
Principal and interest use the standard amortization formula: M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is your loan amount, r the monthly interest rate (APR ÷ 12), and n the number of monthly payments. Property tax, home insurance, PMI, and HOA dues are added on top to estimate your full monthly payment.
What is PMI and when do I have to pay it?
Private Mortgage Insurance protects the lender, not you, and typically applies when your down payment is below 20% of the home price. It's usually charged as a percentage of the loan balance per year, split into your monthly payment, and can often be cancelled once you reach 20% equity.
Does this include property tax and homeowners insurance?
Yes — enter your property tax rate and annual insurance premium and this calculator adds them to principal and interest for a full PITI (principal, interest, taxes, insurance) estimate, plus PMI and HOA dues if you enter them.
How much can extra payments actually save me?
Extra principal payments reduce your balance faster, which cuts the interest that accrues every month after. Enter an extra monthly amount to see the reduced payoff time and total interest saved compared to the standard schedule.
Is this exact enough to use for a loan application?
No — this is an estimate for planning purposes only, not financial advice. Actual lender quotes vary with closing costs, exact tax assessments, insurance shopping, and underwriting terms. Always confirm final numbers with your lender before committing.