Real Estate & Utility
Home affordability, Rent vs Buy, Fuel cost
Mortgage Calculator
Calculate your true monthly cost
Loan Details
Additional Annual Costs
$3,840.00
0.47%
0.00%
0.00%
1.00%
Annual Tax & Cost Increase
Monthly Payment
$2,330
Loan Amount
$256,000
Total Interest
$326,514
Payoff Period
30y
Monthly Breakdown
Loan Strategy Insights
Interest Multiplier
1.28x
For every $1.00 borrowed, you pay $1.28 in interest.
Payoff Timeline
Jan 2056
Standard schedule
Total Loan Amount to be Paid
$582,513.89
Over 30y
Includes P&I + Extras
| Expense Component | First Month | Total Life of Loan |
|---|---|---|
| Mortgage Payment | ||
Required Mortgage (P&I) Total of 360 Mortgage Payments | $1,618.09 | $582,513.89 |
| Additional Costs | ||
| Property Tax | $320.00 | $115,200.00 |
| Home Insurance | $125.00 | $45,000.00 |
| Other Costs | $266.67 | $96,000.00 |
| Total Additional Costs | $711.67 | $256,200.00 |
| Total Out-of-Pocket | $2,329.76 | $838,713.89 |
Optional: Make Extra Payments
By adding extra payments, you can pay off your loan and save on interest
Balance & Schedule
How to Use the Mortgage Calculator
Our free mortgage calculator gives you an accurate, real-time estimate of your monthly payment, total interest paid, and payoff timeline—in under a minute.
Enter Your Loan Details
Start with the basics: your home price, down payment (as a dollar amount or percentage), annual interest rate, and loan term (15 or 30 years). The calculator instantly derives your loan amount and shows a real-time monthly P&I estimate.
Set Your Start Date
Choose the month your first mortgage payment begins. This anchors every date on the amortization schedule—from the first payment to the final payoff month—to real calendar dates.
Add Taxes, Insurance & HOA Fees
Toggle "Include Taxes, Insurance, HOA fees" to add Property Tax, Homeowners Insurance, HOA Fees, and Other Costs—each configurable as a fixed dollar amount or a percentage of home value. Add an "Annual Increase %" for each to model realistic 30-year cost inflation.
Simulate Extra Payments
Use the "Optional: Make Extra Payments" panel to add Monthly (recurring), Yearly (e.g., April tax refund), or One-Time (e.g., a 2028 windfall) extra principal payments—each with optional start and end dates.
Read Your Results
View summary cards for your total monthly cost, payoff period, saved interest, and loan amount. Dive into the Balance chart to see your principal-interest crossover and the full Amortization Schedule for a month-by-month breakdown.
How Mortgage Payments Are Calculated
A mortgage payment is made up of four components, commonly abbreviated as PITI. Understanding each helps you interpret your results and plan smarter.
Principal (P)
The original loan amount—home price minus your down payment. Every extra dollar paid toward principal reduces future interest.
Interest (I)
The lender's fee, calculated monthly on your remaining balance: Monthly Interest = Balance × (Annual Rate ÷ 12). Early payments are mostly interest; later payments heavily favor principal.
Taxes (T)
Annual property taxes, typically 1–2% of home value, divided by 12 and held in escrow. Toggle "Include Taxes, Insurance, HOA fees" to add these costs and model annual tax increases (e.g., 2%/year) for a realistic 30-year projection.
Insurance (I)
Homeowners insurance premium + Private Mortgage Insurance (PMI) if your down payment is below 20%. Our calculator automatically removes PMI once your loan-to-value (LTV) ratio drops to 80%.
The Monthly P&I Formula
EMI = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]- P = Loan Principal (Home Price − Down Payment)
- r = Monthly interest rate (Annual Rate ÷ 12)
- n = Total number of payments (Loan Term × 12)
Example: $360,000 loan at 6.5% for 30 years → r = 0.065/12 = 0.00542, n = 360 → EMI ≈ $2,275/month (P&I only).
What Is Amortization?
Amortization is the process of spreading a loan across fixed payments over time. In the early years, the majority of each payment covers interest. Over time, the balance shrinks, so more of each payment chips away at principal. This is why extra payments made early in a loan term save the most interest.
Our full amortization schedule shows you the exact principal, interest, and balance for every month—plus any extra payments you configure—so you can see precisely when your loan is paid off.
What Makes This Mortgage Calculator Different
Most mortgage calculators only compute a base monthly payment. This tool models the full financial picture—from inflation-adjusted costs to multiple extra payment strategies—so you can make confident, data-driven decisions.
Three Extra Payment Types
Add Monthly extra payments (e.g., $200 every month), Yearly lump sums (e.g., every April when your tax refund arrives), or a One-Time payment (e.g., $10,000 in March 2028). Each supports custom start and end dates.
💡 A $200/month extra payment on a $300K loan at 6.5% over 30 years saves ~$85,000 in interest and shaves 7+ years off your loan.
Annual Cost Inflation Modeling
Real estate costs rise over time. Toggle "Include Taxes, Insurance, HOA fees" to unlock fields for Property Tax, Homeowners Insurance, HOA Fees, and Other Costs. Each includes an annual increase percentage, and the amortization engine compounds these costs year-over-year—so your 30-year projection is realistic, not frozen at today's prices.
💡 A 2% annual property tax increase on a $5,000/year tax bill adds ~$70,000 in cumulative tax payments over 30 years vs. no increase.
Automatic PMI Removal at 80% LTV
Private Mortgage Insurance (PMI) is required when your down payment is less than 20%. Our calculator applies PMI month by month and automatically stops it the moment your remaining loan balance drops below 80% of the original home price—just like your lender would.
💡 Knowing your exact PMI removal date helps you understand when your real monthly payment drops.
Full PITI Amortization Schedule
Unlike basic calculators that only show P&I, our schedule tracks all six cost components month by month: Principal, Interest, Property Tax, Insurance, HOA, and any Extra Payments. Download or scroll through the full table to audit every dollar.
💡 Each row shows running totals so you can track cumulative interest paid and remaining balance at any point.
Visual Balance & Crossover Chart
The interactive area chart plots your Loan Balance, Cumulative Principal Paid, and Cumulative Interest Paid on the same timeline. Watch the curves cross—the moment you've paid more principal than interest is an important milestone in building real equity.
💡 On a 30-year loan at 6.5%, the principal-interest crossover typically happens around year 18–20.
Frequently Asked Questions
Common questions about mortgage calculations, extra payments, PMI, and amortization.
Related Mortgage & Loan Calculators
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Loan Comparison Calculator
Compare up to three loan scenarios side by side—different terms, rates, or down payments—to find the best deal.
Amortization Schedule Calculator
Generate a full payment-by-payment amortization table for any loan, including prepayment analysis.