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Mortgage Calculator

Calculate mortgage payments, view amortization schedules, and compare loan terms with detailed analysis

Loan Details

Home Price

Down Payment

Loan Term (Years)

Interest Rate (%)

Additional Monthly Costs

Property Tax (Annual)

Home Insurance (Annual)

HOA Fees (Monthly)

PMI (Monthly)

Extra Monthly Payment

Calculation Results

How the Mortgage Calculator Works

This calculator is built for home buyers who want to see the true monthly cost of a mortgage before they commit — not just the loan payment, but property tax, insurance, HOA fees and PMI combined. It also shows how extra payments shorten a loan and how much interest a 15-year term saves compared to a 30-year term.

Monthly Payment Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

Where P is the loan amount (home price minus down payment), r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (loan term in years × 12). This gives the principal-and-interest portion; property tax ÷ 12, home insurance ÷ 12, HOA fees, and PMI (only charged when the down payment is under 20%) are added on top for the total monthly payment.

Amortization & Extra Payments

Each month, interest is charged on the remaining balance and the rest of the payment reduces principal. Any extra monthly payment you add goes entirely toward principal, which shrinks the balance faster and reduces the total interest paid over the life of the loan — the amortization schedule and loan balance chart reflect this month by month.

Mortgage Calculator FAQs

What's included in the monthly payment shown here?

The total monthly payment combines principal and interest (P&I), 1/12th of your annual property tax, 1/12th of your annual home insurance, any monthly HOA fees, and PMI if your down payment is below 20% of the home price.

How does the down payment amount affect PMI?

Private Mortgage Insurance (PMI) is only applied in this calculator when your down payment is less than 20% of the home price. Once your down payment reaches 20% or more, the PMI field is ignored.

What does making an extra monthly payment actually do?

Any extra payment amount is applied directly to the loan principal in addition to your regular payment. Because interest is calculated on the remaining balance each month, reducing that balance faster means you pay less total interest and can pay off the loan before the original term ends.

How is the 15-year vs 30-year comparison calculated?

The calculator re-runs the same monthly payment formula and amortization logic using a 15-year term (180 payments) at the same interest rate and loan amount, then compares the resulting monthly payment and total interest against your 30-year loan to show the interest saved.

What is the loan-to-value (LTV) ratio?

LTV is the loan amount divided by the home price, expressed as a percentage. A lower LTV (larger down payment) typically avoids PMI and can qualify you for better interest rates.