Mortgage Calculator — Monthly Payment, Amortization & Extra Payment Savings
Calculate your full monthly mortgage payment including principal & interest, property tax, insurance, PMI, and HOA. Includes extra payment savings and amortization table.
How to use this calculator
👉 Fill in the boxes below and your answer appears instantly — no maths needed, we do it all for you! 🎉
In plain English — what does this do?
🏠 You want to buy something big (like a house or car) but you don’t have all the money right now. A bank gives you the money today, and you pay it back little by little every month. This tool tells you ‘how much do I pay each month?’
A mortgage calculator estimates your complete monthly housing payment including principal and interest (P&I), property taxes, homeowner's insurance, private mortgage insurance (PMI if down payment is under 20%), and HOA fees. It also shows how making extra monthly payments reduces your total interest and shortens your payoff date, and generates a yearly amortization summary.
Your Total Monthly Payment is 💳
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Monthly breakdown
Extra Payment Impact
Yearly Amortization Summary
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What is Mortgage Calculator — Monthly Payment, Amortization & Extra Payment Savings?
A mortgage calculator estimates your complete monthly housing payment including principal and interest (P&I), property taxes, homeowner's insurance, private mortgage insurance (PMI if down payment is under 20%), and HOA fees. It also shows how making extra monthly payments reduces your total interest and shortens your payoff date, and generates a yearly amortization summary.
How to use it
- 1️⃣ Enter the home price and your down payment amount.
- 2️⃣ Input the annual interest rate and select the loan term.
- 3️⃣ Add your annual property tax and home insurance estimates.
- 4️⃣ PMI appears automatically if your down payment is under 20% — adjust the PMI rate if needed.
- 5️⃣ Add any HOA or extra monthly payment amounts.
- 6️⃣ Review the total monthly payment breakdown, interest savings from extra payments, and the yearly amortization table.
Formula
💡 See it in action — a real example
❓ Common questions
- What is PMI and when do I need it?
- Private Mortgage Insurance (PMI) protects the lender if you default when your equity is below 20%. Once your loan balance drops to 80% of the original home value, you can typically request PMI cancellation. PMI typically costs 0.5–1.5% of the loan amount annually.
- How much do extra payments save?
- Extra principal payments reduce the outstanding balance directly, cutting all future interest charges. Even $100–$200 extra per month on a 30-year mortgage can save tens of thousands of dollars and cut years off the loan.
- What is included in a full PITI payment?
- PITI stands for Principal, Interest, Taxes, and Insurance. This calculator covers all four plus PMI and HOA, giving you a realistic estimate of your true monthly housing cost — not just the loan payment.
- How much down payment do I need?
- Conventional loans typically require 3–20%. Putting down at least 20% eliminates PMI. FHA loans allow as little as 3.5% down with a credit score of 580+.
- Can I pay off a mortgage early?
- Yes. Check with your lender about prepayment penalties — most modern mortgages do not have them. Making extra payments toward principal is one of the highest guaranteed returns available.