Mortgage Calculator
Calculate your full monthly mortgage payment including principal & interest, property tax, insurance, PMI, and HOA. Includes extra payment savings and amortization table.
Total Monthly Payment
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Monthly breakdown
Extra Payment Impact
Yearly Amortization Summary
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What is Mortgage Calculator?
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
- 1 Enter the home price and your down payment amount.
- 2 Input the annual interest rate and select the loan term.
- 3 Add your annual property tax and home insurance estimates.
- 4 PMI appears automatically if your down payment is under 20% — adjust the PMI rate if needed.
- 5 Add any HOA or extra monthly payment amounts.
- 6 Review the total monthly payment breakdown, interest savings from extra payments, and the yearly amortization table.
Formula
Example calculation
A $400,000 home, $80,000 down (20%), 6.5% rate, 30 years: P&I ≈ $2,023/mo. Add $500/mo tax and $150/mo insurance = total $2,673/mo. Adding $300/mo extra payment saves about $89,000 in interest and pays off 7 years early.
Frequently asked 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.