Mortgage Calculator
Calculate your monthly mortgage payments, total interest, and view amortization schedule
Calculate with Mortgage Calculator
Your Monthly Payment
| Breakdown | Monthly | Total |
|---|---|---|
| Principal & Interest | $1,517 | $546,107 |
| Property Taxes | $300 | $146,045 |
| Home Insurance | $100 | $57,090 |
| Total Out-of-Pocket | $1,917 | $749,242 |
Loan Summary
First Year Amortization Schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Jun 2026 | $1516.96 | $216.96 | $1300.00 | $239,783 |
| 2 | Jul 2026 | $1516.96 | $218.14 | $1298.82 | $239,565 |
| 3 | Aug 2026 | $1516.96 | $219.32 | $1297.64 | $239,346 |
| 4 | Sep 2026 | $1516.96 | $220.51 | $1296.46 | $239,125 |
| 5 | Oct 2026 | $1516.96 | $221.70 | $1295.26 | $238,903 |
| 6 | Nov 2026 | $1516.96 | $222.90 | $1294.06 | $238,680 |
| 7 | Dec 2026 | $1516.96 | $224.11 | $1292.85 | $238,456 |
| 8 | Jan 2027 | $1516.96 | $225.32 | $1291.64 | $238,231 |
| 9 | Feb 2027 | $1516.96 | $226.55 | $1290.42 | $238,004 |
| 10 | Mar 2027 | $1516.96 | $227.77 | $1289.19 | $237,777 |
| 11 | Apr 2027 | $1516.96 | $229.01 | $1287.96 | $237,548 |
| 12 | May 2027 | $1516.96 | $230.25 | $1286.72 | $237,317 |
Assumptions
Use Mortgage Calculator for financial estimate planning when you need a clear estimate, transparent inputs, and a result you can review before taking the next step.
Worked example
When To Use Mortgage Calculator
- Start with a representative scenario in Mortgage Calculator so rates, dates, balances, or other key assumptions match the question you are comparing.
- Review whether the estimate matches the planning scenario before you use it for a budget, plan, or discussion.
Sample Input And Output Checks
- Start with inputs that match the real scenario, not only a rounded placeholder.
- Review amount, rate, term, timing, fees, tax treatment, and decision horizon before trusting the output.
- Use the result as an estimate to review against statements, lender terms, tax forms, quotes, or qualified advice when the decision is material.
About This Tool
Mortgage Payment Estimates and Assumptions
This mortgage calculator estimates monthly housing payments from the home price, down payment, interest rate, and loan term you enter. It can show principal and interest by itself or include entered assumptions for property tax, homeowners insurance, PMI, HOA fees, and other recurring costs. The result is useful for comparing purchase or refinance scenarios, but it is not a lender quote and it does not include closing costs, points, credits, escrow adjustments, or program-specific underwriting rules.
How the Calculator Builds the Monthly Payment
The loan amount is the home price minus the down payment. Principal and interest are calculated with a standard fixed-rate amortization formula, then optional monthly costs are added when you choose to include taxes and costs. PMI is estimated when the down payment is below 20%, but actual mortgage insurance can vary by loan type, credit profile, lender, and policy. Property tax, insurance, HOA, and other costs are user-entered assumptions, so update them with local estimates or actual quotes when you have them.
What to Review in the Results
- Monthly total: The estimated out-of-pocket amount based on the cost categories you included.
- Principal and interest: The loan-only payment before taxes, insurance, HOA, PMI, or other costs.
- Total interest: The estimated interest paid over the modeled loan schedule.
- Payoff date: The projected final payment month, which can change when extra payments are entered.
- First-year amortization: A month-by-month view of payment, principal, interest, extra payment, and remaining balance.
Common Mortgage Scenarios to Compare
Run several versions of the estimate before treating one number as your planning baseline. Compare a smaller down payment with PMI against a larger down payment, test 15-, 20-, and 30-year terms, and change the interest rate to see how sensitive the payment is to lender quotes. Existing homeowners can compare current payment assumptions with a refinance estimate using the Refinance Calculator. Buyers who are still setting a price range can use the Home Affordability Calculator to add income and debt context before returning to a specific mortgage scenario.
Extra Payments and Biweekly Payment Scenarios
Extra monthly, annual, and one-time payments are modeled as additional principal payments in the schedule. This can reduce estimated interest and move the payoff date earlier. The biweekly option estimates the effect of paying half the monthly payment every two weeks, which creates the equivalent of one extra monthly payment over a year. Actual results depend on whether the lender applies extra payments to principal immediately, whether there are prepayment limits, and whether biweekly payments are processed as true biweekly principal reductions or held until a full monthly payment is due.
Limitations of the Estimate
This calculator assumes a fixed interest rate and does not model adjustable-rate changes, tax deductions, lender fees, closing costs, buydown structures, escrow shortages, refinance break-even timing, or changes in home value. Treat the output as a scenario comparison and verify loan terms, taxes, insurance, and PMI with lender documents and local sources. To isolate loan amortization without home-cost fields, use the Loan Calculator; to estimate local tax cost separately, use the Property Tax Calculator.
Common result checks
Questions about this tool
- What is included in this mortgage payment estimate?
- The calculator estimates principal and interest from the home price, down payment, interest rate, and loan term. If enabled, it can also include entered assumptions for property tax, homeowners insurance, PMI, HOA fees, other monthly costs, and annual cost increases.
- Why is the payment different from a lender quote?
- A lender quote may include exact escrow rules, points, credits, closing costs, mortgage insurance pricing, rate locks, and loan program details. This calculator is an estimate based only on the assumptions entered.
- How does the extra payment option affect the result?
- Extra monthly, annual, or one-time payments are applied to principal in the estimate. This can shorten the projected payoff date and reduce estimated interest, but actual lender prepayment and posting rules can vary.
- Is this mortgage calculator financial advice?
- No. It is a planning estimate for comparing scenarios. Verify loan terms, taxes, insurance, PMI, fees, and affordability with qualified professionals or the lender before making financial decisions.