Mortgage calculator

A mortgage payment is more than principal and interest - taxes, insurance, HOA dues, and PMI decide what actually leaves your account each month. This calculator shows the full PITI picture, the total interest over the life of the loan, your payoff date, a year-by-year amortization schedule you can expand to months, and what an extra monthly payment would save.

Dollar and percent stay in sync.

Used only when term is "Custom".

Typically ~0.3–1.5% when down payment is under 20%; drops off near 20% equity.

How the math works

Principal & interest come from the standard amortization formula M = P·r·(1+r)ⁿ ÷ ((1+r)ⁿ − 1). Early payments are mostly interest; the balance tips toward principal over time - expand the schedule above and watch year 1 versus year 20. PMI is modeled until the balance reaches 80% of the home price, which is when lenders typically allow removal. The extra-payment comparison reruns the whole schedule, which is why small extras produce outsized interest savings: every early dollar of principal stops compounding against you for the rest of the loan.

Start with what credit score you need to buy a house and how much to budget for closing costs. If PMI is in your numbers, can you remove PMI early explains the removal rules, and 15-year vs 30-year mortgages covers the term trade-off this calculator makes visible.

Sources & further reading

This tool is a general educational estimate, not financial advice or a loan offer. Real quotes vary by credit, location, points, and fees. See our disclaimer.