Mortgage Calculator
Your mortgage payment information
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Estimate, not a loan offer. Your rate depends on credit, location, loan type and lender. We may earn a commission when you click. It does not change your estimate. How we make money
- PMI
- Down payment
- Loan payoff date
- Total interest paid
- Property tax
- Home insurance
- Annual payment
- Total of all payments
| Year | Ends | Principal | Interest | Balance |
|---|
| # | Date | Principal | Interest | Balance |
|---|
Your estimate uses an example rateYour real payment depends on the rate lenders offer you. Compare quotes to see your actual number.
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Compare today's rates
The rate in this calculator is an example. To see what lenders would offer you, compare quotes based on your own details. It's free and doesn't commit you to anything.
- Check rates from several lenders at once
- A quarter point lower saves about $60 a month on a $360,000 loan
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How this estimate works
Your loan amount is the home value minus your down payment. The calculator spreads that loan over your term with the standard amortization formula lenders use, M = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where r is the monthly rate and n is the number of payments. That gives your principal and interest, which stays the same each month on a fixed-rate loan.
Most lenders also collect property tax and home insurance each month and pay them from an escrow account. Those are added to the total, along with mortgage insurance and HOA dues when they apply.
Early payments go mostly to interest. The share that pays down principal grows every month, which you can see in the chart and the amortization tables.
- Down payment
- Cash you pay up front. Less than 20% down on a conventional loan usually means PMI.
- Loan term
- Years to repay. Shorter terms cost more per month and far less in total interest.
- PMI
- Private mortgage insurance on conventional loans. By law it ends automatically when your balance is scheduled to reach 78% of the home's original value, and you can request removal at 80%.
- FHA MIP
- Annual mortgage insurance on FHA loans. It lasts 11 years with 10% or more down, otherwise for the life of the loan. The upfront premium is not included here.
- VA and USDA
- VA loans have no monthly mortgage insurance but charge an upfront funding fee. USDA loans charge an annual fee for the life of the loan. Upfront fees are not included here.
- Biweekly payments
- Paying half your payment every two weeks adds up to 13 full payments a year, which pays the loan off years sooner.
Ways to lower your cost
Put more down to shrink the loan and remove PMI. Choose a 15-year term if the payment fits, since it cuts total interest sharply. Try biweekly payments above to see how much sooner the loan ends.
Property tax varies by county, so check your county appraiser's site for the real figure. Shop at least three lenders: rates for the same borrower can differ by a quarter point or more.