Mortgage Calculator
Enter the home price, your down payment, the interest rate and the loan term to see your monthly payment. Add property tax, home insurance, HOA dues and private mortgage insurance for the full monthly cost, and try an extra monthly payment to see how much sooner the loan is paid off and how much interest you save. A yearly breakdown shows how the balance falls. Everything runs in your browser.
20.0% of the price
Only charged with under 20% down
The principal and interest payment comes from the standard loan formula: the loan times the monthly rate, divided by one minus (1 plus the monthly rate) raised to the power of minus the number of months. The monthly payment shown adds one twelfth of the yearly property tax and insurance, any HOA dues, and private mortgage insurance, which lenders usually charge when you put down less than 20% and drop once the balance reaches 80% of the purchase price. Extra payments go straight to principal, which shortens the loan and cuts the interest. Taxes, insurance and PMI vary by place and lender, so treat the totals as estimates. Everything is worked out in your browser.
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The principal and interest payment comes from the standard amortization formula: the loan amount times the monthly rate, divided by one minus (1 plus the monthly rate) raised to the power of minus the number of months. A $300,000 loan at 6.5% over 30 years is $1,896.20 a month, and a $200,000 loan at 6% over 30 years is $1,199.10 a month with $231,676.38 of interest in total. The full monthly cost adds one twelfth of the yearly property tax and home insurance, any HOA dues, and private mortgage insurance. Lenders usually charge PMI, commonly around 0.3% to 1.5% of the loan per year, when the down payment is under 20%, and conventional loans stop charging it once the balance falls to 80% of the original price, which the calculator models month by month. An extra payment goes entirely to principal, so each later month charges interest on a smaller balance. The result is a shorter loan and less interest, and the effect is largest early in the loan. Property taxes, insurance and PMI rates vary widely by location and lender, so treat the totals as estimates and check them against a loan estimate from your lender. Rates and terms are not advice or a quote.
How is a mortgage payment calculated?▾
The monthly principal and interest payment is the loan times the monthly rate, divided by one minus (1 plus the monthly rate) to the power of minus the number of months. Property tax, insurance, HOA dues and PMI are added on top for the full monthly cost.
What is PMI and when does it end?▾
Private mortgage insurance protects the lender when you put down less than 20%. On most conventional loans you can ask to drop it when the balance reaches 80% of the original value, and it ends automatically at 78%. The calculator stops it at 80%.
How much do extra mortgage payments save?▾
Extra payments go to principal, so they cut the interest charged in every later month and shorten the loan. On a $200,000 loan at 6% over 30 years, an extra $200 a month saves tens of thousands of dollars in interest and takes years off the term. Enter your own numbers to see the exact effect.
Should I choose a 15 year or 30 year mortgage?▾
A 15 year loan has a higher monthly payment but much less total interest, and usually a lower rate. A 30 year loan has a lower payment and more flexibility. Compare both, and consider a 30 year loan with extra payments as a middle path.
Is my data uploaded?▾
No. The calculation runs in your browser and nothing you enter is sent anywhere.