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 & Variables
Variable Definitions:
💡 See it in action — a real example
📊 30-Year vs 15-Year Fixed Mortgage Comparison ($400,000 Home, 20% Down)
Financial comparison illustrating how loan terms drastically impact monthly cost vs total interest paid.
| Mortgage Term | Typical Interest Rate | Monthly Payment (P&I) | Total Interest Paid | Lifetime Loan Cost |
|---|---|---|---|---|
| 30-Year Fixed | 6.75% | $2,076 / mo | $427,360 | $747,360 |
| 20-Year Fixed | 6.50% | $2,386 / mo | $252,640 | $572,640 |
| 15-Year Fixed | 6.00% | $2,700 / mo | $166,000 | $486,000 |
| 10-Year Fixed | 5.85% | $3,530 / mo | $103,600 | $423,600 |
* Choosing a 15-year term over a 30-year term saves over $261,000 in interest for an extra $624/month.
📊 Down Payment Percentage Impact on $400,000 Purchase
Comparing required cash to close, initial loan amount, and PMI requirement by down payment bracket.
| Down Payment % | Cash Down | Loan Principal | Monthly PMI Required? | Monthly P&I (at 6.5%) |
|---|---|---|---|---|
| 3.0% (Min Conventional) | $12,000 | $388,000 | Yes (~$225 / mo) | $2,452 / mo |
| 5.0% (Standard) | $20,000 | $380,000 | Yes (~$190 / mo) | $2,402 / mo |
| 10.0% (Moderate) | $40,000 | $360,000 | Yes (~$120 / mo) | $2,275 / mo |
| 20.0% (Optimal) | $80,000 | $320,000 | No PMI ($0) | $2,023 / mo |
| 30.0% (Substantial) | $120,000 | $280,000 | No PMI ($0) | $1,770 / mo |
* Once loan-to-value (LTV) reaches 80% through principal payments or market appreciation, PMI can be cancelled.
❓ 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.