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Mortgage Calculator

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Calculate monthly mortgage payments with full amortization schedule, extra payment savings, and PITI estimate.

Our advanced mortgage calculator estimates monthly principal and interest, full amortization schedule, and the impact of extra payments — one of the highest-traffic finance tools online. Enter home price, down payment, rate, and term to see P&I, total interest, and payoff timeline.

Add optional extra monthly payments to see exactly how much interest you save and how many months you shave off the loan. The printable-style amortization table breaks down every payment into principal, interest, and remaining balance.

Include property tax and insurance estimates for a PITI (Principal, Interest, Taxes, Insurance) total — closer to your real monthly housing bill. Compare 15-year vs. 30-year terms side by side before pre-approval.

Example: a $350,000 home with 20% down at 6.5% for 30 years yields roughly $1,770/month P&I. Adding $200/month extra can save tens of thousands in interest and cut years off the term — the calculator shows the exact numbers for your scenario.

Free, private, no sign-up. All math runs in your browser; nothing is sent to a server. Bookmark to model scenarios with your mortgage broker, realtor, or partner before making the largest purchase of your life.

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Formula

Monthly P&I = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1] · P = loan amount (price − down payment) · PITI = P&I + taxes + insurance

Common Uses

  • ✓Full amortization schedule before closing on a home
  • ✓Model extra $100–$500/mo principal payments and interest saved
  • ✓Compare 15-year vs. 30-year fixed-rate mortgages
  • ✓Estimate PITI including taxes and insurance
  • ✓Decide whether to buy down points or increase down payment
  • ✓Share numbers with a mortgage broker or realtor
  • ✓Refinance break-even analysis with new rate and closing costs

How to Use the Mortgage Calculator

  1. 1

    Enter home price

    Input the purchase price of the home you are buying.

  2. 2

    Enter down payment

    Specify your down payment amount or percentage.

  3. 3

    Set loan details

    Enter the interest rate and loan term (typically 15 or 30 years).

  4. 4

    Review monthly payment

    See your estimated monthly payment and total cost breakdown.

💡 Tips & Tricks

  • •A 30-year mortgage has lower monthly payments but costs more in total interest than a 15-year mortgage.
  • •Improving your credit score before applying can secure a significantly lower rate.
  • •Factor in property taxes and insurance when budgeting for your home.

Frequently Asked Questions

What does a mortgage calculator include?
A mortgage calculator estimates your monthly payment including principal, interest, property taxes, and homeowner's insurance (PITI).
What is a good mortgage interest rate?
A good mortgage rate depends on market conditions, your credit score, and loan type. Generally, rates below the national average are considered favorable.
How much down payment do I need?
Most conventional loans require 5–20% down. FHA loans allow as low as 3.5%. A 20% down payment avoids private mortgage insurance (PMI).
What is PMI?
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. It protects the lender if you default and typically costs 0.5–1% of the loan annually.

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