Principal and interest
The core mortgage payment is based on loan amount, interest rate, and term. Early payments usually contain more interest than principal.
Home loan payment calculator
Mortgage Calculator
Estimate your monthly mortgage payment, total interest, home ownership costs, payoff date, and amortization schedule with optional taxes, insurance, PMI, HOA, and extra payments.
Example monthly payment
$2,009
Principal and interest on a $320,000 loan at 6.5% for 30 years.
Loan details
Calculate monthly mortgage payment
Include taxes, insurance, PMI, HOA, and other costs
Extra payments and payoff options
Estimated monthly payment
Principal and interest
Loan amount
Total interest
Payoff date
Estimated taxes and costs
Total paid
Biweekly comparison
Formula used
Amortization schedule
Scroll inside the schedule to review monthly principal, interest, extra payment, and remaining balance without making the page too long.
| Payment | Date | Payment | Principal | Interest | Extra | Balance |
|---|
How to use this mortgage calculator
- Enter the home price, down payment, loan term, and interest rate.
- Add estimated property taxes, homeowners insurance, PMI, HOA, and other recurring housing costs if you want a fuller monthly housing estimate.
- Use extra monthly, yearly, or one-time payments to see how paying ahead may change payoff time and total interest.
- Review the amortization schedule to see how each payment is split between principal and interest.
Mortgage payment formula
The fixed-rate principal and interest payment uses this standard formula:
M = P x r(1 + r)^n / ((1 + r)^n - 1)
In this formula, M is the monthly principal and interest payment, P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments.
What this mortgage calculator includes
Taxes, insurance, PMI, and HOA
Recurring ownership costs can materially change the monthly housing budget, so this tool lets you estimate them separately.
Extra payment scenarios
Extra principal payments may shorten the loan and reduce interest, but actual lender rules and prepayment terms can vary.
Practical mortgage examples
Comparing 15-year vs. 30-year loans
A shorter term usually has a higher monthly payment but can reduce total interest. Use the loan term field to compare scenarios.
Checking a low down payment purchase
If your down payment is below 20%, PMI may apply. Add an estimated PMI amount to avoid underestimating monthly cost.
Testing extra payments
Try adding a monthly or yearly extra payment to estimate how much interest could be reduced over the life of the loan.
Related tools
- House Affordability Calculator for estimating a realistic home price range from income, debt, DTI, down payment, taxes, insurance, and HOA fees.
- Payment Calculator for general fixed-rate loan payment, payoff time, and loan amount estimates.
- Interest Calculator for compound interest, APY, contributions, taxes, and inflation-adjusted value.
- Auto Loan Calculator for car payment, tax, fees, trade-in equity, and amortization estimates.
- Discount Calculator for sale price, coupons, and tax estimates.
- Percentage Change Calculator for comparing price increases and decreases.
Method, assumptions, and limitations
This calculator uses standard fixed-rate amortization math and simple recurring cost estimates. It does not pull live mortgage rates, lender quotes, local property tax records, insurance premiums, or escrow rules.
Taxes, insurance, PMI, HOA, maintenance, and other costs are estimates. If PMI is entered, this calculator includes it while the estimated loan balance is above 80% of the home price. Actual monthly payment can differ because of lender rounding, escrow setup, closing date, prepayment rules, local taxes, insurance underwriting, and loan program requirements.
Editorial note: CalcToolBox shows the formula, inputs, assumptions, and limitations directly on the page so users can check the method instead of relying on a hidden calculation.
Last reviewed: July 1, 2026.
FAQ
What is included in a mortgage payment?
A basic mortgage payment includes principal and interest. Many homeowners also pay property taxes, insurance, PMI, HOA fees, or other costs each month.
How much down payment should I enter?
Enter the amount you expect to pay upfront. You can enter it as a percentage of the home price or as a dollar amount.
Does this calculator include PMI?
Yes. You can enter PMI as an annual dollar amount or as a percentage of the loan amount. PMI rules vary by lender and loan type.
Can extra payments pay off my mortgage faster?
Extra principal payments can reduce the balance faster and may shorten payoff time. Check your loan documents for prepayment rules.
Why is my lender estimate different?
Lenders may include escrow, fees, points, exact closing date interest, local taxes, insurance, and rounding rules that this simple calculator does not know.
Is this a mortgage approval or rate quote?
No. This is an educational estimate for planning and comparison, not a lender quote, approval, or financial advice.
This calculator is for general informational purposes and simple planning estimates. It does not provide mortgage, financial, tax, legal, insurance, or lending advice. Verify loan terms, costs, taxes, insurance, PMI, escrow, and prepayment rules with qualified professionals and your lender.