Finance
Mortgage Calculator
Calculate mortgage payments, taxes, insurance, PMI, HOA fees, payoff date, total interest, and an amortization schedule.
Last updated July 9, 2026
About This Tool
Use this mortgage calculator to estimate principal and interest, recurring homeownership costs, total interest, payoff date, and how the loan balance falls over time. It supports extra payments and monthly, biweekly, or weekly payment schedules.
Mortgage Payment Formula
payment = P x r(1 + r)^n / ((1 + r)^n - 1)P is the loan principal, r is the interest rate per payment period, and n is the total number of payments. Taxes, insurance, PMI, HOA fees, and extra payments are added separately for planning.
Understanding Your Mortgage Result
The principal and interest payment is only one part of the monthly cost of owning a home. Property tax, insurance, PMI, HOA dues, and escrow rules can change the real cash flow by hundreds of dollars per month.
Total interest shows the long-term cost of borrowing. Extra payments reduce principal earlier, so they usually save more interest when made near the beginning of the loan.
Common Mistakes
Do not compare homes using principal and interest alone. Include recurring ownership costs and leave room for maintenance, utilities, repairs, and closing costs.
If your down payment is below 20%, check whether PMI applies and whether it can be removed later. The calculator models PMI as a monthly input because lender rules vary.
Examples
30-year fixed mortgage
$350,000 loan, 6.5% interest, 30 years
Result: Monthly principal and interest plus estimated taxes and insurance.
Extra payment strategy
$200 extra monthly payment
Result: Payoff date moves earlier and total interest falls.
FAQ
Does this calculator include taxes and insurance?
Yes. Property tax, home insurance, PMI, and HOA fees are included as recurring monthly ownership costs, separate from principal and interest.
How are extra payments handled?
Extra monthly payments are converted to the selected payment frequency and applied directly to principal in the amortization schedule.
Is this a loan approval estimate?
No. It is a planning calculator. Lenders may use different assumptions for escrow, interest accrual, fees, taxes, insurance, and qualification.
References
Important Note
Results are estimates for planning and education. They do not replace financial, tax, legal, or professional advice. Review assumptions before making decisions.
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