Mortgage Calculator

How to Use This Mortgage Calculator

Enter your home price, down payment, interest rate, and loan term. The calculator instantly returns your estimated monthly payment, including principal, interest, property taxes, and homeowners insurance. You'll also see a breakdown of how much goes toward interest versus principal over the life of the loan, plus a month-by-month amortization schedule for the first year.

What Goes Into a Monthly Mortgage Payment?

A standard mortgage payment has four parts, often called PITI: Principal (the amount you borrowed), Interest (the cost of borrowing), Taxes (property taxes), and Insurance (homeowners insurance). This calculator includes all four so you get a realistic picture of your monthly obligation—not just the loan payment.

Why the Amortization Schedule Matters

Early in a mortgage, most of your payment goes toward interest. Over time, the balance shifts toward principal. The chart above visualizes that crossover point. Seeing it can help you decide whether to make extra payments, choose a shorter term, or refinance later. Even small extra principal payments can dramatically reduce total interest.

Frequently Asked Questions

What is the formula behind the calculator? The principal-and-interest portion uses the standard PMT formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments.

Does this include PMI? No—private mortgage insurance depends on your down payment and lender. If your down payment is below 20%, ask your lender about PMI and add it to the result manually.

Is this calculator accurate? It uses the standard amortization formula and gives a close estimate. Your actual payment may differ slightly due to lender fees, HOA dues, or exact tax assessments.

Mortgage Calculators by State

Select your state to see local property tax rates and calculate your monthly payment.