Mortgage Calculator
Work out your monthly mortgage payment with tax, insurance, PMI and HOA, see exactly where every dollar goes, and walk the year-by-year payoff.
Runs entirely on your device - nothing is ever uploaded.
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How to use the mortgage calculator
- Enter the home price and your down payment, as a percent or an amount.
- Set the interest rate and loan term, plus yearly tax, insurance, PMI, HOA and any other costs - and the month the loan starts. Add an optional extra monthly payment to see the earlier payoff.
- Read the monthly payment, its monthly-vs-total breakdown, the payoff date, the balance curve and the yearly schedule.
What PITI means
Your real monthly housing cost is PITI: principal, interest, taxes and insurance. Principal and interest follow the amortization formula; tax and insurance are simply their yearly figures divided by 12. Early payments are mostly interest - the schedule table shows the crossover year when principal takes the lead.
Extra payments and early payoff
Early mortgage payments are almost all interest, so any extra you pay goes straight at the principal - and every dollar of principal you retire early stops earning interest for the rest of the loan. That is why even a modest extra monthly payment shortens the term by years and compounds into large interest savings; the payoff date and interest-saved figures above update live as you type. The trade-off: cash tied up in the house can't be invested elsewhere, and some lenders charge prepayment penalties, so check your loan terms first.
PMI in one paragraph
Lenders usually require private mortgage insurance when the down payment is under 20% of the price, and it stays until the balance drops to about 80% of the home's original value. Enter your yearly PMI figure and it folds into the monthly payment and totals like any other recurring cost.
Worked example
A $450,000 home with 20% down ($90,000) leaves a $360,000 loan. At 6.5% over 30 years, principal and interest are about $2,275 a month; with $4,500 tax and $1,800 insurance the full PITI payment is about $2,800.