Estimate your monthly mortgage payment, view the full amortization schedule, and see how extra payments cut your loan term.
Fill out your home price and down payment to see your estimated monthly cost and amortization schedule.
| Year/Mo | Payment | Principal | Interest | Balance |
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A Mortgage Calculator estimates your total monthly home loan payment including Principal, Interest, Property Taxes, Homeowners Insurance, and Private Mortgage Insurance (PMI).
An online real estate financial tool that computes total monthly housing expenses and lifetime interest costs based on home purchase price, down payment %, interest rate, and loan term.
Calculated for a $400,000 home purchase with 20% ($80,000) down payment, borrowing $320,000 at 6.50% over 30 years:
Input home price and down payment savings %.
Select loan interest rate % and term (15, 20, or 30 years).
Review monthly breakdown pie chart and full CSV amortization ledger.
An Equated Monthly Installment (EMI) is a fixed payment amount made by a borrower to a lender at a specified date each calendar month. The EMI is structured to pay off both the int...
A mortgage payment is typically made up of four parts: principal, interest, property taxes, and homeowners insurance (often called PITI). Understanding each component helps you estimate the true cost of homeownership beyond just the loan amount.
A larger down payment reduces the amount you need to borrow, resulting in lower monthly payments and less interest paid over the life of the loan. Putting down at least 20% may also help you avoid Private Mortgage Insurance (PMI).
Shorter loan terms, such as 15 years, usually come with lower interest rates and help you build equity faster. Longer terms, such as 30 years, reduce monthly payments but typically result in significantly higher total interest costs.
Even small extra payments made toward your principal can substantially reduce the total interest paid and shorten your loan term. Consistent extra payments may save thousands of dollars and help you become mortgage-free years earlier.
Quick answers about how this tool works.
An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off. In the early years, most of your payment goes toward interest, while in later years, most goes toward the principal.
A standard mortgage payment consists of Principal, Interest, Taxes, and Insurance (often abbreviated as PITI).
Making extra payments directly towards the principal reduces the remaining balance, saving significant interest and shortening the loan term.
PMI is a monthly lender fee required if your down payment is less than 20% of the home purchase price. It protects the lender from default.
Plain-language explainers that sit next to this tool.
Understand the math behind monthly mortgage payments. Learn how to calculate Principal and Interest (P&I) manually, evaluate the costs of PMI, estimate escrow expenses, and discover strategies to save over $200,000 in lifetime interest.
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