Mortgage Calculator

Enter a home price or a loan amount, plus the rate and term. Add tax, insurance, or an extra payment if you want them. The payment and schedule update as you type.

Home Price ($)

Down Payment ($)

Loan Amount ($)

Interest Rate (%) *

Loan Term (Years)

Property Tax (Annual $)

Insurance (Annual $)

Extra Monthly Payment ($)

Smart Tips

• Enter a home price and a down payment to fill the loan amount, or type a loan amount and leave the price blank.

• A larger down payment means a smaller loan and a lower principal-and-interest payment.

• Property tax and insurance are annual amounts. Each month includes one-twelfth, and total cost counts every month until payoff.

• An extra monthly payment goes to principal. The schedule shows a shorter payoff and less interest.

• Compare 15, 20, and 30 years with the same price, down payment, and rate. A shorter term raises the monthly principal and interest and lowers total interest.

• These figures are estimates from the inputs on this form, not a loan offer.

The Formula

M = P × [r(1+r)^n] / [(1+r)^n − 1]
Payment = M + extra + (tax ÷ 12) + (insurance ÷ 12)

M = Principal and interest
Scheduled monthly amount, before tax, insurance, or extra principal

P = Loan amount
Home price minus down payment, or the loan amount you enter

r = Monthly interest rate
Annual rate ÷ 12, used every month

n = Scheduled months
Term in years × 12. Extra principal can end the loan sooner

Total cost is principal repaid, plus interest, plus property tax, plus insurance, for every month until the loan is paid off. Tax and insurance are the annual amounts divided by 12, once per month in the schedule. They are not a single year added on top of the loan. Total payments, shown separately, is principal plus interest only.

Key Insights

Interest Heavy Early

Early payments are mostly interest, with principal payments increasing over time.

Rate Impact

Small changes in interest rates significantly affect monthly payments and total cost.

Term Length

Shorter terms mean higher monthly payments but lower total interest paid.

Equity Building

Principal payments build home equity, while interest payments don't.

Frequently Asked Questions

The monthly payment is principal and interest on the fixed rate, plus one-twelfth of the annual property tax and insurance you enter, plus any extra monthly payment. Tax and insurance are $0 if you leave them blank. The extra amount is applied to principal and is included in the payment shown. The last month is smaller when the remaining balance is less than a full payment.

Enter a home price and a down payment and the loan amount is the price minus the down payment. You can also type a loan amount you already know and leave the home price blank. If you enter a home price and a loan amount, the down payment becomes the difference. A down payment needs a home price.

The extra amount is added to principal every month. The interest rate and the scheduled principal-and-interest payment stay the same. The balance falls faster, total interest is lower, and the loan can be paid off before the term you selected. The amortization schedule shows each year of that payoff.

Total cost is the principal repaid, plus the interest paid, plus property tax, plus insurance, for every month until the loan is paid off. Annual tax and insurance are divided by 12 and counted once per month in the schedule. They are not added as a single year on top of the loan. Total payments, the other figure, is principal plus interest only.

Each year row sums the months in that year: principal, including extra payments, interest, property tax, insurance, and the balance after the last month of the year. A final partial year shows how many months it contains. The schedule uses the standard fixed-rate formula and the extra payment you enter.

No. The rate you enter is used for every month. The term is 15, 20, or 30 years. The figures are estimates from these inputs, not a lender quote.

The formulas in the formula section on this page are the ones this calculator runs. No outside rate table is used unless the page says otherwise. Source: CFPB amortization schedule explainer: https://www.consumerfinance.gov/ask-cfpb/what-is-an-amortization-schedule-and-what-can-i-learn-from-it-en-2023/.

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Monthly Payment

Enter values to calculate

Principal & Interest

Total Interest

Total Payments

Total Cost

Note:Mortgage calculations are estimates based on standard formulas. Actual mortgage terms may vary based on credit history. Always consult with mortgage professionals for official quotes.